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Cofle Earnings Release 2025
4082_rns_2026-05-25_38cfd6bd-18e0-407e-934a-e9caf70b0094.pdf
Earnings Release
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| Informazione Regolamentata n. 20232-6-2026 | Data/Ora Inizio Diffusione 25 Maggio 2026 19:20:15 | Euronext Growth Milan |
|---|---|---|
Societa': COFLE
Utenza - referente : COFLEN02 - BARBIERI ALESSANDRA
Tipologia : 1.1
Data/Ora Ricezione : 25 Maggio 2026 19:20:15
Data/Ora Inizio Diffusione : 25 Maggio 2026 19:20:15
Oggetto : THE BOARD OF DIRECTORS OF COFLE S.P. A. APPROVED THE DRAFT SEPARATE FINANCIAL STATEMENTS AND THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2025
Testo del comunicato
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Press release
THE BOARD OF DIRECTORS OF COFLE S.P.A.
APPROVED THE DRAFT SEPARATE FINANCIAL STATEMENTS AND THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CONSOLIDATED FIGURES:
- FY2025 REVENUES OF € 48.6 MILLION (€ 59.9 MILLION FY2024)
- FY2025 ADJUSTED EBITDA OF € 8.0 MILLION (€ 6.8 MILLION FY2024)
- FY2025 ADJUSTED EBITDA MARGIN OF 15.7% (11% FY2024)
- NET FINANCIAL DEBT OF € 11.8 MILLION (€ 13.9 MILLION FY2024)
- SHAREHOLDERS' MEETING CALLED FOR JUNE 25, 2026
THE COFLE GROUP SHIFTS GEAR
- REORGANIZATION COMPLETED FOR A FUTURE OF PROFITABILITY AND SUSTAINABILITY
- IRREVOCABLE BINDING COMMITMENT BY THE SHAREHOLDER VALFIN S.R.L TO PAY EURO 1 MILLION TOWARDS A FUTURE CAPITAL INCREASE
Trezzo sull'Adda (MI), 25 May 2026 – The Board of Directors of Cofle S.p.A. (EGM: CFL) – a global leader in the design, production and marketing of control cables and remote-control systems, operating worldwide through two divisions: Original Equipment (OE), dedicated to customised systems for the Agritech, Luxury Automotive and off-road vehicle sectors, and Independent After Market (IAM), which produces control cables, brake hoses and EPB for the automotive aftermarket – met today and reviewed and approved the draft separate financial statements and the consolidated financial statements as at 31 December 2025.
Walter Barbieri, Chairman and CEO of Cofle, commented:
"2025 was a year of profound transformation for the Group, during which, together with management, we completed a corporate reorganisation and rationalisation plan aimed at maximising operational efficiency and ensuring solid long-term economic stability.
The actions undertaken mainly concerned industrial rationalisation, through the optimisation of the organisational structure and production plants; the strengthening of competitiveness, through the gradual transfer of certain activities to more efficient areas; and a focus on margins, with maximum attention to industrial profitability at global level.
At the same time, the Group launched a structural review of its operating and commercial processes. This simplification made it possible to eliminate non-recurring costs recorded in 2025 for approximately €4.5 million, whose structural economic benefits are expected to fully materialise from 2026 and in subsequent financial years.
The 2026 financial year therefore marks the beginning of a new phase: the initiatives completed in 2025 provide a solid foundation for improving the economic performance of the current year and for the Group's sustainable growth in the years ahead."
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CONSOLIDATED ECONOMIC AND FINANCIAL DATA AS AT 31 DECEMBER 2025
The following economic results include the impacts of IAS 29 applied to the financial statements of Turkish investee companies operating in a hyperinflation environment.
| SUMMARY ECONOMIC AND FINANCIAL RESULTS
(AMOUNTS IN MILLIONS OF EURO) | 31/12/2025 | 31/12/2024 | CHANGE | % CHANGE |
| --- | --- | --- | --- | --- |
| REVENUE | 48,6 | 59,8 | (11,2) | (18,9%) |
| VALUE OF PRODUCTION | 51,0 | 62,0 | (11,0) | (17,7%) |
| ADJUSTED EBITDA | 8,0 | 6,8 | 1,2 | 17,6% |
| ADJUSTED EBITDA MARGIN | 15,7% | 11,0% | 4,7 | 42,7% |
| EBITDA | 1,9 | 4,1 | (2,2) | (53,7%) |
| EBITDA MARGIN | 3,7% | 6,6% | (2,9) | (43,9%) |
| RESULT FOR THE PERIOD | (9,3) | (5,6) | (3,7) | 66,0% |
| NET FINANCIAL DEBT | 11,8 | 13,9 | (2,1) | (15,3%) |
2025 revenues amounted to € 48.6 million (€ 59.9 million in 2024) and are divided as follows between the two divisions of the Group:
| REVENUE
(AMOUNTS IN MILLIONS OF EURO) | 31/12/2025 | 31/12/2024 | CHANGE | % CHANGE |
| --- | --- | --- | --- | --- |
| ORIGINAL EQUIPMENT | 29,9 | 36,7 | (6,8) | (18,5%) |
| INDEPENDENT AFTER MARKET | 18,7 | 23,2 | (4,5) | (19,4%) |
| TOTAL REVENUE | 48,6 | 59,9 | (11,3) | (18,9%) |
- the OE Business line, which produces cables and control systems for the agricultural, earthmoving machinery, commercial vehicle and premium automotive sectors and accounts for approximately 61.5% of total Group revenue, recorded revenue of €29.9 million, showing a reduction of approximately 18.5% compared with €36.7 million as at 31 December 2024. This decrease is largely attributable to the weakness of the Turkish market and, more generally, to the contraction in market volumes relating to push-pull products and systems, which negatively affected the division's overall performance.
- the IAM Business line, specialised in the production of spare parts for the automotive sector and representing 38.5% of Group revenue, recorded revenue of €18.7 million, down 19.4% compared with the previous year, when it stood at approximately €23.2 million. This decrease was due to a market contraction, with particular reference to the handbrake product family.
The value of production amounted to €51.0 million (€62.0 million as at 31 December 2024), with the decrease mainly attributable to the revenue performance recorded during the reference period.
Production costs for the year amounted to €55.6 million (€62.3 million as at 31 December 2024), down 10.7% compared with the previous year, mainly due to the decrease in purchase costs and external processing costs for raw materials, as well as the spending review of certain fixed costs.
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Personnel costs decreased by 11.8% compared to 31 December 2024, although they were still affected by the indemnities to be paid to staff as part of the reshoring activities of the production, as well as the effects of the renegotiation of collective bargaining applied to the staff of the Turkish subsidiaries.
The Group's adjusted EBITDA, net of non-recurring personnel costs, in addition to costs relating to logistics optimisation and efficiency, as described above, is included for the purposes of IFRS 16. A reconciliation table between EBITDA and Adjusted EBITDA is shown below.
| NOT RECURRING COSTS (NRC) & IFRS 16 (AMOUNTS IN MILLIONS OF EURO) | 31/12/2025 | 31/12/2024 | CHANGE | % CHANGE |
|---|---|---|---|---|
| EBITDA | 1,9 | 4,1 | (2,2) | (53,7%) |
| TOTAL NOT RECURRING COSTS | 4,5 | 0,9 | 3,6 | 400,0% |
| - OF WHICH PERSONNEL (NRC) | 4,1 | 0,9 | 3,2 | 355,5% |
| - OF WHICH OTHER COSTS (NRC) | 0,4 | 0,0 | 0,4 | 100,0% |
| IFRS 16 | 1,6 | 1,8 | (0,2) | (11,1%) |
| EBITDA ADJ | 8,0 | 6,8 | 1,2 | 17,6% |
The Group therefore achieved an Adjusted EBITDA of € 8.0 million compared to € 6.8 million in 2024: despite the decrease in turnover, the Adjusted EBITDA margin stood at 15.7%, improving compared to 2024 by approximately 42.7%.
The actions aimed at industrial rationalization and optimization of the organizational structure completed in 2025 had an impact of non-recurring costs of approximately € 4.5 million in 2025, the positive economic effect of which will be visible from 2026.
In parallel with the aforementioned actions, the Group maintained its production capacity by adjusting production volumes and the use of resources in real time. This management was based on actual customer orders, rather than on long-term forecast estimates, following the so-called "demand-driven production capacity" model.
EBIT was negative at € - 4.7 million (€ - 0.4 million in 2024).
The result for the year was negative and amounted to € - 9.3 million (€ - 5.6 million in 2024) which, in addition to the decrease in turnover compared to the previous year, was affected by a provision for risks, financial and currency management and non-cash items for the application of the principles relating to hyperinflation of the Turkish subsidiaries.
It should be noted that during the year positive cash flows (free cash flow)¹ of approximately € 3.9 million were generated, representing a clear reversal of the trend of the last three years and allowing a reduction in Net Financial Debt of approximately € 2.1 million.
Net Financial Debt as at 31 December 2025 therefore amounted to €11.8 million, improving by 15.3% compared with €13.9 million in the previous year.
Adjusted Net Financial Debt, i.e. including the residual debt related to IFRS 16, amounted to €17.5 million as at 31 December 2025, substantially in line with the previous year, when it amounted to €17.4 million.
Consolidated Shareholders' Equity amounted to € 16.5 million (€ 26.9 million in 2024).
¹ Defined as cash flow before cash flows from financing activities
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ECONOMIC AND FINANCIAL DATA OF THE PARENT COMPANY COFLE S.P.A.
The main figures of the Parent Company Cofle S.p.A. are shown below:
| SUMMARY ECONOMIC AND FINANCIAL RESULTS
(AMOUNTS IN MILLIONS OF EURO) | 31/12/2025 | 31/12/2024 | CHANGE | % CHANGE |
| --- | --- | --- | --- | --- |
| REVENUE | 26,8 | 26,5 | 0,3 | 1,1% |
| VALUE OF PRODUCTION | 28,3 | 28,1 | 0,2 | 0,7% |
| ADJUSTED EBITDA | 0,4 | (1,0) | 1,4 | 140,0% |
| ADJUSTED EBITDA MARGIN | 1,4% | (3,6%) | 5,0 | 138,9% |
| EBITDA | (0,9) | (1,9) | 1,0 | 52,6% |
| EBITDA MARGIN | (3,2%) | (6,8%) | 3,6 | 52,9% |
| RESULT FOR THE PERIOD | (8,7) | (5,6) | (3,1) | (55,4%) |
| NET FINANCIAL DEBT | 3,4 | 5,7 | (2,3) | (40,4%) |
2025 revenues amounted to € 26.8 million (€ 26.5 million in 2024) and are divided as follows between the two divisions of the Group:
| REVENUE
(AMOUNTS IN MILLIONS OF EURO) | 31/12/2025 | 31/12/2024 | CHANGE | % CHANGE |
| --- | --- | --- | --- | --- |
| ORIGINAL EQUIPMENT | 15,8 | 16,1 | (0,3) | (1,9%) |
| INDEPENDENT AFTER MARKET | 11,0 | 10,4 | 0,6 | 5,8% |
| TOTAL REVENUE | 26,8 | 26,5 | 0,3 | 1,1% |
Cofle S.p.A.'s adjusted EBITDA, net of non-recurring costs, as shown below, is included for the purposes of IFRS 16. A reconciliation table between EBITDA and Adjusted EBITDA is shown below.
| NOT RECURRING COSTS (NRC) & IFRS 16 (AMOUNTS IN MILLIONS OF EURO) | 31/12/2025 | 31/12/2024 | CHANGE | % CHANGE |
|---|---|---|---|---|
| EBITDA | (0,9) | (1,9) | 1,0 | 52,6% |
| TOTAL NOT RECURRING COSTS | 0,6 | 0,2 | 0,4 | 200,0% |
| - OF WHICH PERSONNEL (NRC) | 0,4 | 0,2 | 0,2 | 100,0% |
| - OF WHICH OTHER COSTS (NRC) | 0,2 | 0,0 | 0,2 | 100,0% |
| IFRS 16 | 0,7 | 0,7 | 0,0 | (11,1%) |
| EBITDA ADJ | 0,4 | (1,0) | 1,4 | 140,0% |
Net Financial Debt, therefore, as at 31 December 2025 amounted to € 3.4 million, an improvement of 40.5% compared to € 5.7 million in the previous year.
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FINANCIAL YEAR
MAIN SIGNIFICANT EVENTS DURING THE 2025 FINANCIAL YEAR
During 2025, the Group launched a coordinated set of reorganisation and efficiency improvement measures aimed at countering the market downturn recorded in the first part of 2025 and improving economic and financial sustainability. In this context, significant cost-saving actions were undertaken, with particular reference to the Turkish subsidiaries, as part of a broader plan to rationalise the cost structure.
The Group also reviewed its logistics organisation, achieving a reduction in fixed and logistics costs, and began a process aimed at simplifying its organisational structure.
From a commercial perspective, Management undertook actions aimed at increasing and recovering margins. In this context, a review of the product catalogue was also carried out, resulting in the elimination of approximately 1,000 low-rotation codes. This action was implemented with the aim of simplifying operational management, optimising the product range and improving overall efficiency.
Overall, the measures adopted are intended to strengthen operating efficiency, reduce the cost structure and improve the Group's economic balance.
In terms of investments, the Group focused its financial resources on research and development projects aimed at expanding its technical and scientific know-how, as well as developing new products, processes and services, or significantly improving existing ones.
MAIN SIGNIFICANT EVENTS AFTER THE END OF THE FINANCIAL YEAR
COMMITMENT BY SHAREHOLDER VALFIN S.R.L. TO MAKE A PAYMENT TOWARDS A FUTURE CAPITAL INCREASE
The Board of Directors announces that, on 25 May 2026, it received a communication whereby Valfin S.r.l. - the Company's reference shareholder, holding 78.4% of Cofle's share capital - made a binding and irrevocable commitment to make, by 30 June 2026, a payment towards a future capital increase amounting to €1,000,000 in favour of Cofle S.p.A. Such payment will be made in connection with a future capital increase, under the terms and conditions to be resolved upon by the Board of Directors, of which the market will be promptly informed.
These events did not result in any adjustments to the figures for the financial year ended 31 December 2025, as they refer to a situation that arose after the reporting date.
FORESEEABLE BUSINESS OUTLOOK
The outlook for the agricultural machinery market shows signs of gradual recovery starting from 2026, following a slowdown caused by restrictive macroeconomic conditions and the postponement of investments by sector operators.
The expected improvement in the financial environment, together with the growing need to renew machinery fleets and the increase in demand for technologically advanced solutions compliant with environmental regulatory requirements, should support a selective recovery in demand.
This evolution will mainly be characterised by a focus on value creation rather than volume growth, with an increasing weight of high-tech machinery, after-sales services and digital solutions supporting precision agriculture.
During 2026, the automotive aftermarket is expected to maintain an overall stable trend, with a moderate tendency towards growth, in a macroeconomic context that remains characterised by elements of uncertainty and final demand marked by caution.
The transition towards electric mobility continues to develop gradually, and the increasing spread of electric and hybrid vehicles is not yet sufficient to significantly alter overall aftermarket volumes but is contributing to the progressive redefinition of the product mix and required skills, with differentiated impacts on the various spare parts categories.
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In addition to market dynamics, the Group expects profitability to improve because of the actions completed, whose economic and structural benefits are expected to fully materialize starting from 2026 and in the following years.
In support of the above, it should be noted that in the first quarter of 2026 the Group recorded an increase in revenue of approximately 7.0% compared with the same period of the previous year, mainly attributable to the OE division (Original Equipment), which represents the Group's core business.
ALLOCATION OF PROFIT FOR THE YEAR
The Board of Directors resolved to propose to the Ordinary Shareholders' Meeting the coverage of the loss of € 8,672,718 through available reserves.
CONVOCATION OF THE ORDINARY SHAREHOLDERS' MEETING
The Board of Directors resolved to convene the Shareholders' Meeting, in ordinary session, for 25 June 2026 on first call and, if necessary, on 26 June 2026, on second call, to discuss and resolve on the approval of the Financial Statements for the year ended 31.12.2025, to take note of the Consolidated Financial Statements as at 31.12.2025, the Report of the Board of Statutory Auditors and the Report of the Independent Auditors and to resolve on the coverage of the result for the year.
The Shareholders' Meeting will be held exclusively by telecommunication.
FILING OF DOCUMENTATION
The notice of call and the related documentation required by current legislation will be made available to the public, within the terms of the law, at the registered office (Via del Ghezzo, 54 – Trezzo sull'Adda MI) as well as by publication on the institutional website www.cofle.com, section "Investor Relations/Financial Statements and Reports" and on the authorized storage mechanism eMarket Storage (www.emarketstorage.com).
It should be noted that the audit of the draft financial statements has not yet been finalized and that the Independent Auditors' Report will therefore be made available within the terms of the law. Finally, it should be noted that the attached income statement and balance sheet represent reclassified schemes and as such are not subject to verification by the auditors.
This press release is available in the Investor Relations section of the https://www.cofle.com/it/ website. It should also be noted that, for the dissemination and storage of regulated information, the Company uses the eMarket STORAGE circuit managed by Teleborsa S.r.l..
About Cofle
The Cofle Group, founded in 1964, is a multinational company specialising in the design, manufacture and global marketing of command systems and control cables. It operates internationally through two divisions: Original Equipment (OE), focused on customized systems for the Agritech, Luxury Automotive and off-road vehicle sectors, and Independent Aftermarket (IAM), which produces control cables, brake hoses and EP8 systems for the automotive aftermarket market. The Group operates with 6 production plants located in Italy (1), Turkey (3), India (1) and Brazil (1), and markets its products in about 40 countries. Since 11 November 2021, Cofle has been listed on the Euronext Growth Milan market, organised and managed by Borsa Italiana S.p.A.
Contacts:
Cofle S.p.A.
Alessandra Barbieri
Head of Group Communications and IR Manager
[email protected]
COR Communication - Corporate Press Office
Angelo Brunello [email protected]
Martina Zuccherini [email protected]
Euronext Growth Advisor
Banca Profilo S.p.A. [email protected]
CONSOLIDATED FINANCIAL STATEMENTS
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BALANCE SHEET
| Amounts in euro | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Balance sheet assets | 56.117.226 | 61.846.073 |
| B) Fixed assets | 17.043.005 | 19.186.623 |
| I) Intangible assets | 6.526.659 | 6.407.588 |
| 1) Set-up and expansion costs | 0 | 255.344 |
| 2) Development costs | 2.855.958 | 3.691.681 |
| 3) Industrial patent rights and intellectual property rights | 154.666 | 211.536 |
| (4) Concessions, licences, trademarks and similar rights | 1.500.000 | 1.606.390 |
| 5) Start-up | 5.619 | 11.240 |
| 6) Fixed assets under construction and payments on account | 1.692.852 | 215.819 |
| 7) Other | 317.564 | 415.578 |
| II) Tangible fixed assets | 10.213.116 | 12.458.256 |
| 1) Land and buildings | 3.668.639 | 3.749.095 |
| 2) Plant and machinery | 4.646.032 | 6.324.799 |
| 3) Industrial and commercial equipment | 473.332 | 518.638 |
| 4) Other assets | 1.314.390 | 1.802.298 |
| 5) Assets under construction and payments on account | 110.723 | 63.425 |
| III) Financial fixed assets | 303.230 | 320.780 |
| 1) Investments in: | 7.455 | 8.325 |
| (b) Associated undertakings | 5.088 | 5.514 |
| (da) Other undertakings | 2.368 | 2.811 |
| 2) Credits | 100.000 | 100.000 |
| (b) To related undertakings | 100.000 | 100.000 |
| 2) Beyond the following financial year | 100.000 | 100.000 |
| 3) Other titles | 191.984 | 155.393 |
| 4) Active derivative financial instruments | 3.791 | 57.062 |
| C) Current assets | 37.945.526 | 42.165.919 |
| I) Inventories | 17.604.962 | 18.919.715 |
| 1) Raw materials, supplies and consumables | 10.921.469 | 12.027.615 |
| 2) Work in progress and semi-finished products | 1.083.959 | 830.600 |
| 4) Finished products and goods | 5.102.844 | 5.042.647 |
| 5) Down payments | 496.689 | 1.018.854 |
| II) Claims | 7.750.758 | 15.173.123 |
| 1) To customers | 5.410.708 | 11.769.292 |
| 1) Due within the following financial year | 5.410.708 | 11.769.292 |
| 5a) For tax credits | 1.410.816 | 1.928.155 |
| 1) Due within the following financial year | 1.410.816 | 1.928.155 |
| (5b) For deferred tax assets | 214.606 | 307.445 |
| 1) Due within the following financial year | 214.606 | 307.445 |
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| 5c) To others | 714.627 | 1.168.231 |
|---|---|---|
| 1) Due within the following financial year | 714.627 | 1.168.231 |
| IV) Cash and cash equivalents | 12.589.806 | 8.073.082 |
| 1) Bank and postal deposits | 12.584.574 | 8.067.445 |
| 3) Money and cash values | 5.232 | 5.637 |
| D) Accruals and deferrals | 1.128.696 | 493.531 |
| Amounts in euro | 31/12/2025 | 31/12/2024 |
| --- | --- | --- |
| Balance sheet liabilities | 56.117.226 | 61.846.074 |
| A) Shareholders' equity | 16.545.154 | 26.896.430 |
| I) Group shareholders' equity | 14.643.817 | 24.146.260 |
| I) Capital | 615.600 | 615.600 |
| II) Share premium reserve | 14.916.771 | 14.916.771 |
| III) Revaluation reserves | 2.434.930 | 2.434.930 |
| IV) Legal reservation | 123.120 | 123.120 |
| (VI) Other reserves, separately indicated | (16.215.664) | (12.304.910) |
| Foreign consolidation translation reserves | (16.834.893) | (12.924.139) |
| Consolidation reserve | 619.229 | 619.229 |
| VII) Reserve for hedging operations of expected cash flows | (18.796) | 57.062 |
| VIII) Retained earnings (losses) | 22.001.152 | 24.181.054 |
| IX) Profit (loss) for the year | (8.631.702) | (5.295.773) |
| X) Negative reserve for treasury shares held in portfolio | (581.593) | (581.593) |
| Third-party assets | 1.901.337 | 2.750.171 |
| Third-party capital and reserves | 2.582.479 | 3.026.432 |
| Minority interests (losses) | (681.142) | (276.262) |
| B) Provisions for risks and charges | 3.672.889 | 888.235 |
| 1) Retirement funds and similar obligations | 185.692 | 203.077 |
| 2) Provisions for taxes, including deferred taxes | 999.936 | 678.050 |
| 3) Passive derivative financial instruments | 29.718 | 0 |
| 4) Others | 2.457.542 | 7.108 |
| C) Employee severance pay | 455.278 | 538.845 |
| D) Debts | 35.171.624 | 32.938.875 |
| 1) Bonds | 2.959.011 | 3.929.174 |
| 1) Within the following financial year | 1.000.000 | 3.929.174 |
| 2) Beyond the following financial year | 1.959.011 | 0 |
| 4) Payables to banks | 21.193.729 | 17.707.989 |
| 1) Within the following financial year | 14.988.729 | 12.792.103 |
| 2) Beyond the following financial year | 6.205.000 | 4.915.886 |
| 5) Payables to other lenders | 349.211 | 475.721 |
| 1) Within the following financial year | 138.346 | 126.510 |
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| 2) Beyond the following financial year | 210.865 | 349.210 |
|---|---|---|
| 6) Down payments | 235.585 | 46.155 |
| 1) Within the following financial year | 235.585 | 46.155 |
| 7) Payables to suppliers | 7.280.532 | 7.286.293 |
| 1) Within the following financial year | 7.280.532 | 7.286.293 |
| 10) Payables to associated companies | 0 | 1.004 |
| 1) Within the following financial year | 0 | 1.004 |
| 12) Tax payables | 350.152 | 523.501 |
| 1) Within the following financial year | 350.152 | 523.501 |
| 13) Payables to social security institutions | 437.775 | 491.406 |
| 1) Within the following financial year | 437.775 | 491.406 |
| 14) Other payables | 2.365.629 | 2.477.632 |
| 1) Within the following financial year | 2.365.629 | 2.477.632 |
| E) Accruals and deferrals | 272.281 | 583.688 |
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INCOME STATEMENT
| Amounts in euro | 31/12/2025 | 31/12/2024 |
|---|---|---|
| A) Value of production | 50.979.962 | 61.973.337 |
| 1) Revenue from sales and services | 48.569.152 | 59.884.097 |
| 2) Change in inventories of work-in-progress, semi-finished and finished products | 1.782.062 | 1.353.216 |
| 5) Other revenues and income, with separate indication of operating grants | 628.747 | 736.025 |
| a) Miscellaneous | 613.830 | 715.953 |
| b) Operating grants | 14.917 | 20.072 |
| B) Production costs | 55.638.901 | 62.329.162 |
| 6) For raw materials, ancillary, consumer and goods | 21.249.271 | 26.749.428 |
| 7) For services | 9.279.982 | 11.345.355 |
| 8) For the use of third-party assets | 1.995.675 | 2.080.873 |
| 9) For staff | 16.694.413 | 18.925.989 |
| a) Wages and salaries | 12.980.969 | 14.594.444 |
| (b) Social security contributions | 2.712.264 | 3.108.684 |
| c) Severance pay | 349.403 | 360.221 |
| e) Other costs | 651.778 | 862.640 |
| 10) Depreciation, amortization and impairment losses | 3.998.349 | 4.247.411 |
| (a) Depreciation of intangible assets | 1.537.465 | 1.249.263 |
| b) Depreciation of tangible fixed assets | 2.460.884 | 2.998.148 |
| 11) Changes in inventories of raw materials, supplies, consumables and goods | (1.048.764) | (2.020.208) |
| 12) Provision for risks | 2.612.978 | 161.820 |
| 14) Miscellaneous operating costs | 856.997 | 838.494 |
| Difference between value and cost of production (A-B) | (4.658.939) | (355.824) |
| C) Financial income and expenses | (4.172.222) | (5.032.124) |
| 16) Other financial income | 476.562 | 1.852.223 |
| b) Securities recorded in fixed assets that do not constitute equity investments | 1.000 | 12.687 |
| d) Income other than the above | 475.562 | 1.839.536 |
| 17) Interest and other financial charges | 3.245.405 | 7.584.959 |
| (c) Other | 3.245.405 | 7.584.959 |
| (17a) Foreign exchange gains and losses | (1.403.379) | 700.612 |
| Profit before tax (A-B + - C + - D) | (8.831.161) | (5.387.948) |
| 20) Income taxes for the year, current, deferred and prepaid | 481.683 | 184.087 |
| (a) Current taxes | 30.630 | 169.091 |
| c) Deferred tax assets (deferred) | 451.053 | 14.996 |
| 21) Profit (loss) for the year | (9.312.844) | (5.572.035) |
| 1) Minority interests | (681.142) | (276.262) |
| 2) Group profit (loss) | (8.631.702) | (5.295.773) |
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CASH FLOW STATEMENT
| Amounts in euro | ||
|---|---|---|
| 31/12/2025 | 31/12/2024 | |
| A) Cash flows from operating activities (indirect method) | ||
| Profit (loss) for the year | (9.312.844) | (5.572.035) |
| Income taxes | 481.683 | 184.087 |
| Interest expense/(income) | 4.172.222 | 5.032.124 |
| 1) Profit (loss) for the year before income taxes, interest, dividends and capital gains/losses on disposals | (4.658.939) | (355.824) |
| Adjustments for non-monetary items that have not been offset in net working capital | ||
| Provisions for funds | 2.612.978 | 275.190 |
| Depreciation of fixed assets | 3.998.349 | 4.247.411 |
| Other up/(down) adjustments for non-monetary items | (223.081) | (629.957) |
| Total rect. for el. not mon. which have not had a counterpart in the net circ. capital | 6.388.246 | 3.892.643 |
| 2) Cash flow before changes in net working capital | 1.729.307 | 3.536.819 |
| Changes in net working capital | ||
| Decrease/(Increase) in inventories | 1.151.775 | (2.673.429) |
| Decrease/(Increase) in receivables from customers | 6.358.583 | (139.462) |
| Increase/(decrease) in payables to suppliers | (5.760) | (1.876.257) |
| Decrease/(Increase) in accrued income and deferred income | (635.165) | (19.434) |
| Increase/(decrease) in accrued income and deferred income | (311.407) | (153.854) |
| Other decreases/(Other Increases) in net working capital | 813.586 | 612.365 |
| Total changes in net working capital | 7.371.612 | (4.250.071) |
| 3) Cash flow after changes in net working capital | 9.100.919 | (713.252) |
| Other adjustments | ||
| Interest received/(paid) | (2.798.234) | (2.025.109) |
| (Income taxes paid) | (30.630) | (151.523) |
| (Use of funds) | (93.719) | (365.271) |
| Total other corrections | (2.922.583) | (2.541.904) |
| Cash flow from operating activities (A) | 6.178.336 | (3.255.156) |
| B) Cash flows from investment activities | ||
| Tangible fixed assets | (557.733) | (2.278.005) |
| (Investments) | (679.068) | (2.484.460) |
| Divestments | 121.335 | 206.455 |
| Intangible assets | (1.710.461) | (2.316.064) |
| (Investments) | (1.710.461) | (2.316.064) |
| Divestments | 0 | 0 |
| Financial fixed assets | 0 | (2.811) |
| (Investments) | 0 | (2.811) |
| Divestments | 0 | 0 |
| Non-fixed financial assets | (36.591) | 140.467 |
| (Investments) | (36.591) | 0 |
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| Divestments | 0 | 140.466 | |
|---|---|---|---|
| Cash flow of investment activity (B) | (2.304.784) | (4.456.413) | |
| C) Cash flows from financing activities | |||
| Third-party means | |||
| Increase/(decrease) in payables to banks | 3.485.739 | (17.398) | |
| Increase/(decrease) in payables to other lenders | (126.510) | (163.425) | |
| Increase/(decrease) in debt due to bonds | (1.000.000) | (1.000.000) | |
| Equity | |||
| Changes in shareholders' equity | (1.716.057) | 600.727 | |
| Sale/(Purchase) of treasury shares | 0 | (511.454) | |
| (Dividends and interim dividends paid) | 0 | (1.306.599) | |
| Other changes in equity reserves | |||
| Cash flow of financing activities (C) | 643.173 | (2.398.149) | |
| Increase (decrease) in cash and cash equivalents (A ± B ± C) | 4.516.725 | (10.109.718) | |
| Cash and cash equivalents at the beginning of the year | 8.073.082 | 18.182.799 | |
| Cash and cash equivalents at the end of the year | 12.589.806 | 8.073.082 |
SEPARATE FINANCIAL STATEMENTS
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BALANCE SHEET
| Amounts in euro | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Balance sheet assets | 37.608.915 | 45.328.418 |
| B) Fixed assets | 19.549.953 | 24.760.844 |
| I) Intangible assets | 1.799.546 | 2.236.895 |
| 1) Set-up and expansion costs | 0 | 255.344 |
| 2) Development costs | 176.229 | 220.009 |
| 3) Industrial patent rights and intellectual property rights | 83.325 | 91.935 |
| (4) Concessions, licences, trademarks and similar rights | 1.500.000 | 1.600.000 |
| 7) Other | 39.992 | 69.607 |
| II) Tangible fixed assets | 6.276.475 | 6.813.939 |
| 1) Land and buildings | 3.668.639 | 3.749.095 |
| 2) Plant and machinery | 1.474.140 | 1.734.261 |
| 3) Industrial and commercial equipment | 486.661 | 568.946 |
| 4) Other assets | 555.835 | 732.562 |
| 5) Assets under construction and payments on account | 91.200 | 29.075 |
| III) Financial fixed assets | 11.473.932 | 15.710.010 |
| 1) Investments in: | 10.943.142 | 15.125.948 |
| (a) Controlled undertakings | 10.939.142 | 15.121.948 |
| (b) Associated undertakings | 4.000 | 4.000 |
| 2) Credits | 425.000 | 425.000 |
| (a) To subsidiaries | 325.000 | 325.000 |
| 2) Beyond the following financial year | 325.000 | 325.000 |
| (b) To related undertakings | 100.000 | 100.000 |
| 2) Beyond the following financial year | 100.000 | 100.000 |
| 3) Other titles | 102.000 | 102.000 |
| 4) Active derivative financial instruments | 3.790 | 57.062 |
| C) Current assets | 17.851.342 | 20.331.153 |
| I) Inventories | 6.316.080 | 6.286.771 |
| 1) Raw materials, supplies and consumables | 3.306.295 | 3.396.106 |
| 2) Work in progress and semi-finished products | 168.218 | 136.427 |
| 4) Finished products and goods | 2.841.567 | 2.754.238 |
| II) Claims | 5.768.354 | 7.778.887 |
| 1) To customers | 2.811.901 | 3.439.655 |
| 1) Due within the following financial year | 2.811.901 | 3.439.655 |
| 2) To subsidiaries | 2.193.149 | 2.896.224 |
| 1) Due within the following financial year | 2.193.149 | 2.896.224 |
| 5a) For tax credits | 468.382 | 1.014.794 |
| 1) Due within the following financial year | 468.382 | 1.014.794 |
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CONTROL SYSTEMS
| (5b) For deferred tax assets | 7.132 | 45.148 |
|---|---|---|
| 1) Due within the following financial year | 7.132 | 45.148 |
| 5c) To others | 287.790 | 383.066 |
| 1) Due within the following financial year | 287.790 | 383.066 |
| IV) Cash and cash equivalents | 5.766.908 | 6.265.495 |
| 1) Bank and postal deposits | 5.764.797 | 6.262.875 |
| 3) Money and cash values | 2.111 | 2.620 |
| D) Accruals and deferrals | 207.620 | 236.421 |
| Amounts in euro | 31/12/2025 | 31/12/2024 |
| --- | --- | --- |
| Balance sheet liabilities | 37.608.915 | 45.328.418 |
| A) Shareholders' equity | 15.558.130 | 25.097.477 |
| I) Capital | 615.600 | 615.600 |
| II) Share premium reserve | 14.916.771 | 14.916.771 |
| III) Revaluation reserves | 2.434.930 | 2.434.930 |
| IV) Legal reservation | 123.120 | 123.120 |
| (VI) Other reservations | 9.292.817 | 10.083.588 |
| VII) Reserve for hedging operations of expected cash flows | (18.796) | 57.062 |
| VIII) Retained earnings (losses) | (2.552.001) | 3.041.229 |
| IX) Profit (loss) for the year | (8.672.718) | (5.593.230) |
| X) Negative reserve for treasury shares held in portfolio | (581.593) | (581.593) |
| B) Provisions for risks and charges | 2.833.389 | 386.553 |
| 1) Retirement funds and similar obligations | 185.692 | 153.077 |
| 3) Passive derivative financial instruments | 29.718 | 0 |
| 4) Others | 2.617.979 | 233.476 |
| C) Employee severance pay | 455.278 | 538.845 |
| D) Debts | 18.566.206 | 19.010.300 |
| 1) Bonds | 2.959.011 | 3.929.174 |
| 1) Within the following financial year | 1.000.000 | 3.929.174 |
| 2) Beyond the following financial year | 1.959.011 | 0 |
| 4) Payables to banks | 6.257.390 | 7.960.303 |
| 1) Within the following financial year | 3.194.694 | 5.150.303 |
| 2) Beyond the following financial year | 3.062.696 | 2.810.000 |
| 5) Payables to other lenders | 349.211 | 475.720 |
| 1) Within the following financial year | 138.346 | 126.510 |
| 2) Beyond the following financial year | 210.865 | 349.210 |
| 6) Down payments | 106.185 | 32.093 |
| 1) Within the following financial year | 106.185 | 32.093 |
| 7) Payables to suppliers | 3.779.509 | 2.882.185 |
C
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CONTROL SYSTEMS
| 1) Within the following financial year | 3.779.509 | 2.882.185 |
|---|---|---|
| 9) Payables to subsidiaries | 3.595.351 | 1.953.149 |
| 1) Within the following financial year | 3.595.351 | 1.953.149 |
| 10) Payables to associated companies | 0 | 1.004 |
| 1) Within the following financial year | 0 | 1.004 |
| 12) Tax payables | 57.607 | 224.972 |
| 1) Within the following financial year | 57.607 | 224.972 |
| 13) Payables to social security institutions | 299.014 | 290.159 |
| 1) Within the following financial year | 299.014 | 290.159 |
| 14) Other payables | 1.162.928 | 1.261.541 |
| 1) Within the following financial year | 1.162.928 | 1.261.541 |
| E) Accruals and deferrals | 195.912 | 295.245 |
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INCOME STATEMENT
| Amounts in euro | 31/12/2025 | 31/12/2024 |
|---|---|---|
| A) Value of production | 28.312.848 | 28.077.461 |
| 1) Revenue from sales and services | 26.786.795 | 26.510.930 |
| 2) Change in inventories of work-in-progress, semi-finished and finished products | 177.213 | 52.804 |
| 5) Other revenues and income, with separate indication of operating grants | 1.348.840 | 1.513.727 |
| a) Miscellaneous | 1.333.923 | 1.493.655 |
| b) Operating grants | 14.917 | 20.072 |
| B) Production costs | 33.078.268 | 31.427.162 |
| 6) For raw materials, ancillary, consumer and goods | 14.571.242 | 13.968.090 |
| 7) For services | 5.409.585 | 5.901.493 |
| 8) For the use of third-party assets | 891.941 | 954.626 |
| 9) For staff | 7.844.087 | 8.051.069 |
| a) Wages and salaries | 5.358.515 | 5.418.663 |
| (b) Social security contributions | 1.568.589 | 1.597.226 |
| c) Severance pay | 349.403 | 360.221 |
| e) Other costs | 567.580 | 674.959 |
| 10) Depreciation, amortization and impairment losses | 1.383.133 | 1.268.059 |
| (a) Depreciation of intangible assets | 504.393 | 498.710 |
| b) Depreciation of tangible fixed assets | 878.740 | 769.349 |
| 11) Changes in inventories of raw materials, supplies, consumables and goods | 97.903 | 768.468 |
| 12) Provision for risks | 2.500.000 | 161.820 |
| 14) Miscellaneous operating costs | 380.377 | 353.537 |
| Difference between value and cost of production (A-B) | (4.765.420) | (3.349.701) |
| C) Financial income and expenses | (485.610) | (471.712) |
| 16) Other financial income | 124.779 | 341.463 |
| b) Securities recorded in fixed assets that do not constitute equity investments | 12.082 | 23.769 |
| d) Income other than the above | 112.697 | 317.694 |
| 17) Interest and other financial charges | 620.319 | 804.607 |
| (c) Other | 620.319 | 804.607 |
| (17a) Foreign exchange gains and losses | 9.930 | (8.568) |
| D) Value adjustments of financial assets and liabilities | (3.376.541) | (1.816.965) |
| 18) Revaluations | 191.758 | 225.642 |
| a) Shareholdings | 191.758 | 225.642 |
| 19) Write-downs | 3.568.299 | 2.042.607 |
| a) Shareholdings | 3.568.299 | 2.042.607 |
| Profit before tax (A-B + - C + - D) | (8.627.570) | (5.638.378) |
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20) Income taxes for the year, current, deferred and prepaid 45.148 (45.148)
c) Deferred tax assets (deferred) 45.148 (45.148)
21) Profit (loss) for the year (8.672.718) (5.593.230)
CASH FLOW STATEMENT
| Amounts in euro | 31/12/2025 | 31/12/2024 |
|---|---|---|
| A) Cash flows from operating activities (indirect method) | ||
| Profit (loss) for the year | (8.672.718) | (5.593.230) |
| Income taxes | 45.148 | (45.148) |
| Interest expense/(income) | 485.610 | 471.712 |
| (Dividends) | 0 | (1.303.879) |
| 1) Profit (loss) for the year before income taxes, interest, dividends and capital gains/losses on disposals | (8.141.960) | (6.470.545) |
| Adjustments for non-monetary items that have not been offset in net working capital | ||
| Provisions for funds | 2.532.615 | 262.897 |
| Depreciation of fixed assets | 1.383.133 | 1.268.059 |
| Other up/(down) adjustments for non-monetary items | 3.376.541 | 3.120.844 |
| Total rect. for el. not mon. which have not had a counterpart in the net circ. capital | 7.292.289 | 4.651.800 |
| 2) Cash flow before changes in net working capital | (849.671) | (1.818.745) |
| Changes in net working capital | ||
| Decrease/(Increase) in inventories | (79.309) | 715.664 |
| Decrease/(Increase) in receivables from customers | 1.330.829 | (281.291) |
| Increase/(decrease) in payables to suppliers | 2.538.522 | (1.516.550) |
| Decrease/(Increase) in accrued income and deferred income | 28.801 | 12.373 |
| Increase/(decrease) in accrued income and deferred income | (99.333) | (104.241) |
| Other decreases/(Other Increases) in net working capital | 469.243 | 459.462 |
| Total changes in net working capital | 4.188.753 | (714.583) |
| 3) Cash flow after changes in net working capital | 3.339.082 | (2.533.328) |
| Other adjustments | ||
| Interest received/(paid) | (455.773) | (434.437) |
| Dividends received | 0 | 1.303.879 |
| (Use of funds) | (144.153) | (354.458) |
| Total other corrections | (599.926) | 514.984 |
| Cash flow from operating activities (A) | 2.739.156 | (2.018.345) |
| B) Cash flows from investment activities | ||
| Tangible fixed assets | (359.664) | (1.666.687) |
| (Investments) | (483.237) | (1.683.000) |
| Divestments | 123.573 | 16.313 |
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| Intangible assets | (48.656) | (77.608) |
|---|---|---|
| (Investments) | (48.656) | (77.608) |
| Divestments | 0 | 0 |
| Financial fixed assets | 0 | 0 |
| (Investments) | 0 | 0 |
| Divestments | 0 | 0 |
| Non-fixed financial assets | 0 | 181.920 |
| (Investments) | 0 | 0 |
| Divestments | 0 | 181.920 |
| Cash flow of investment activity (B) | (408.320) | (1.562.374) |
C) Cash flows from financing activities
Third-party means
| Increase/(decrease) in payables to banks | (1.702.913) | (1.653.423) |
|---|---|---|
| Increase/(decrease) in payables to other lenders | (126.509) | (163.426) |
| Increase/(decrease) in debt due to bonds | (1.000.000) | (1.000.000) |
Equity
| Changes in shareholders' equity | 0 | 3 |
|---|---|---|
| Sale/(Purchase) of treasury shares | 0 | (511.454) |
| (Dividends and interim dividends paid) | 0 | (1.042.268) |
| Other changes in equity reserves | ||
| Cash flow of financing activities (C) | (2.829.422) | (4.370.569) |
| --- | --- | --- |
| Increase (decrease) in cash and cash equivalents (A ± B ± C) | (498.587) | (7.951.288) |
| --- | --- | --- |
| Cash and cash equivalents at the beginning of the year | 6.265.495 | 14.216.783 |
| Cash and cash equivalents at the end of the year | 5.766.908 | 6.265.495 |
| Fine Comunicato n.20232-6-2026 | Numero di Pagine: 22 |
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