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Eurotech — Interim / Quarterly Report 2026
May 14, 2026
4469_rns_2026-05-14_680b059b-92d5-41b4-9bee-f3ea5c651bec.pdf
Interim / Quarterly Report
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press release
eurotech UNLEASHING THE POWER OF THE EDGE
EUROTECH: BOARD OF DIRECTORS APPROVES THE RESULTS OF THE CONSOLIDATED INTERIM MANAGEMENT REPORT AS AT 31 MARCH 2026
REVENUES UP 29.3% TO EURO 10.7 MILLION AND SIGNIFICANT IMPROVEMENT IN OPERATING PERFORMANCE
Main consolidated economic and financial results as at 31 March 2026:
- Revenues: Euro 10.7 million (up 29.3% compared to Euro 8.3 million as at 31 March 2025);
- First margin: Euro 5.3 million and 49.2% of revenues (Euro 4.1 million and 49.6% of revenues as at 31 March 2025);
- EBITDA: Euro -1.8 million (+52.8%, an improvement compared to Euro -3.7 million as at 31 March 2025);
- Adjusted EBITDA: Euro -1.6 million (+55.2% compared to Euro -3.6 million as at 31 March 2025);
- EBIT: Euro -2.8 million (+42.2%, an improvement compared to Euro -4.8 million as at 31 March 2025);
- Group net result: Euro -2.6 million (Euro -5.0 million as at 31 March 2025);
- Net financial position: Euro 10.0 million (Euro 16.8 million as at 31 December 2025).
Amaro (Udine), Italy, May 14, 2026 – The Board of Directors of Eurotech S.p.A., a multinational company that designs, develops and supplies Edge Computing and Internet of Things (IoT) solutions, integrating software, hardware, cybersecurity and services, and whose shares are listed on Euronext STAR Milan, today reviewed and approved the results for the first three months of 2026.
Massimo Milan, CEO of Eurotech, said: "The first quarter of 2026 confirms the operating and financial progress initiated during 2025.
Revenue growth, the improvement in operating profitability and the reduction in net financial debt reflect the ongoing transformation and efficiency improvement process.
Although the market environment remains complex and volatile, Eurotech continues to execute the Industrial Plan (Eurotech neXt) with discipline, strengthening its operating competitiveness and consolidating its financial structure, with the aim of achieving sustainable growth."
Economic performance for the period
Consolidated revenue for the first quarter of 2026 amounted to Euro 10.7 million, compared with Euro 8.3 million in the first three months of 2025 (+29.3%). The change is mainly attributable to the order intake dynamic recorded in the second half of 2025, which continued positively during the first quarter of 2026. At constant exchange rates, revenue growth would have stood at 36.8%.
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com
press release
eurotech UNLEASHING THE POWER OF THE EDGE
With reference to the breakdown of revenues by geographical area based on the customer's location, the first quarter of 2026 reported:
- European Union: Euro 5.5 million (51.4% of the total), up 36.6% compared to Euro 4.0 million in the first quarter of 2025;
- United States: Euro 1.7 million (16.2% of the total), more than tripled compared to approximately Euro 541 thousand in the first three months of 2025;
- Japan: Euro 3.4 million (31.7% of the total), +12.4% compared to Euro 3.0 million in the same period of 2025;
- Other areas: approximately Euro 76 thousand (0.7% of the total), -89.0% compared to approximately Euro 693 thousand in the first quarter of 2025.
The first margin stood at 49.2%, compared with 49.6% recorded in the first quarter of 2025. The substantial resilience of the first margin reflects the operating improvement and supply chain optimisation measures implemented by the Group, despite an environment characterised by high volatility in the procurement of certain strategic components.
Operating costs in the first quarter of 2026 amounted to Euro 7.4 million, down from Euro 9.0 million in the first three months of 2025. The decrease is mainly attributable to the actions aimed at improving the efficiency of the operating structure and containing personnel costs. Non-recurring costs in the first three months of 2026 amounted to Euro 0.1 million, substantially stable compared with the same period of 2025, and relate to the Group's reorganisation activities.
Adjusted EBITDA as at 31 March 2026 amounted to Euro -1.6 million, compared with Euro -3.6 million in the same period of 2025. The significant improvement in Adjusted EBITDA reflects both volume growth and the effects of the efficiency improvement and cost containment measures.
Including non-recurring costs, EBITDA for the first three months of 2026 amounted to Euro -1.8 million, compared with Euro -3.7 million in the first three months of 2025, representing an improvement of 52.8%.
EBIT, reflecting depreciation and amortisation charged to the income statement in the first three months of 2026, stood at Euro -2.8 million, compared with Euro -4.8 million in the first three months of 2025.
The net result for the period, amounting to Euro -2.6 million, reduced the first-quarter loss by 47.1% compared with Euro -5.0 million in the same period of 2025.
Financial statement and financial position for the period
As at 31 March 2026, the Group reported net financial debt of Euro 10.0 million, compared with Euro 16.8 million as at 31 December 2025. The reduction in net financial debt is mainly attributable to the effects of the capital increase completed in February 2026, partially offset by the increase in net working capital, substantially due to higher inventory levels.
The strengthening of the capital structure completed during the first quarter of 2026 enabled the Group to improve its financial structure in support of the execution of the Industrial Plan.
Net working capital in the first quarter of 2026 amounted to Euro 11.4 million, compared with Euro 9.7 million as at 31 December 2025. The change is mainly attributable to the variation in inventories, as well as to the collection and payment flow dynamics typically associated with the quarterly business trend.
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com
press release
eurotech UNLEASHING THE POWER OF THE EDGE
Equity amounted to Euro 61.2 million, compared with Euro 52.7 million as at 31 December 2025.
Significant events occurring after 31 March 2026
On 29 April 2026, Eurotech announced the resolutions adopted by the Ordinary and Extraordinary Shareholders' Meeting concerning the approval of the 2025 Financial Statements, the renewal of the corporate bodies and the granting of a delegation to increase the share capital by up to a maximum of Euro 20 million, as well as the resolutions adopted by the newly appointed Board of Directors which, among other things, renewed the powers granted to CEO Massimo Milan.
Outlook and expected business development
The international macroeconomic and geopolitical environment continues to be characterised by volatility and uncertainty. Although these factors do not directly affect the Group's business, they may generate pressure on costs and on the availability of certain key components, also in relation to energy price trends and tensions in the memory and data storage device (SSD) market.
The Group continues to closely monitor the evolution of the scenario, adopting appropriate supply chain and procurement management actions aimed at mitigating potential operational impacts.
In light of the first-quarter results, the evolution of the order backlog and the improvement initiatives undertaken, Management confirms a progressive improvement in the Group's operating performance throughout 2026.
Conference call to present the consolidated results as at 31 March 2026
On 15 May 2026, at 14:30 CEST, Eurotech's management will hold a conference call to present the consolidated results for the period to the financial community and the press. It will be possible to participate in the conference call at the following link:
https://teams.microsoft.com/meet/359284776431222?p=9WPsr6vSL8mrNalAqT
This press release was published today on the Company's website www.eurotech.com (under the Investors / News section), as well as on the authorised storage mechanism "", available at
Sandro Barazza, the Manager responsible for preparing the company's financial statements, certifies, in accordance with Article 154-bis (2) of the Consolidated Law on Finance, that the financial information contained in this press release is consistent with the company's documentary records, books and accounting records.
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com
press release
eurotech
UNLEASHING THE POWER OF THE EDGE
Eurotech
Eurotech is a multinational company that designs and develops edge computing platforms and systems, integrating hardware, software, AI, cybersecurity and services. Eurotech’s solutions enable intelligent data processing close to operational infrastructures, supporting applications in industry, transportation, energy and other high-reliability environments. Eurotech collaborates with leading international technology partners, developing a global ecosystem for the implementation of integrated Edge AI and Internet of Things (IoT) projects and solutions. www.eurotech.com
CONTACTS:
Eurotech
Corporate Communication
Federica Maion
d: +39 0433 485411
My Twin Communication
IR Advisor
Mara Di Giorgio || Andrea Scoponi
+39 335 7737417 || +39 331 1070477
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com
press release
eurotech
UNLEASHING THE POWER OF THE EDGE
ANNEXES – ACCOUNTING SCHEDULES
CONSOLIDATED INCOME STATEMENT
| (€ '000) | Notes | Q1 2026 (b) | of which non recurrent | % | Q1 2025 (a) | of which non recurrent | of which related parties | % | change (b-a) | |
|---|---|---|---|---|---|---|---|---|---|---|
| amount | % | |||||||||
| Sales revenue | C | 10,714 | 100.0% | 8,283 | - | 100.0% | 2,431 | 29.3% | ||
| Cost of material | D | (5,445) | -50.8% | (4,177) | -50.4% | 1,268 | 30.4% | |||
| Gross profit | 5,269 | 49.2% | 4,106 | 49.6% | 1,163 | 28.3% | ||||
| Services costs | E | (2,554) | - | -23.8% | (3,023) | (152) | -36.5% | (469) | -15.5% | |
| Lease & hire costs | (168) | -1.6% | (197) | -2.4% | (29) | -14.7% | ||||
| Payroll costs | F | (4,565) | (136) | -42.6% | (5,578) | (107) | -67.3% | (1,013) | -18.2% | |
| Other provisions and costs | G | (155) | -1.4% | (181) | -2.2% | (26) | -14.4% | |||
| Other revenues | H | 416 | 3.9% | 1,150 | 13.9% | (734) | -63.8% | |||
| EBITDA | (1,757) | (136) | -16.4% | (3,723) | (107) | -44.9% | 1,966 | 52.8% | ||
| Depreciation & Amortization | I | (1,037) | -9.7% | (1,113) | -13.4% | (76) | -6.8% | |||
| Asset impairment | I | 0 | 0.0% | 0 | 0.0% | 0 | n/a | |||
| EBIT | (2,794) | (136) | -26.1% | (4,836) | (107) | -58.4% | 2,042 | 42.2% | ||
| Finance expense | J | (436) | -4.1% | (501) | -6.0% | (65) | -13.0% | |||
| Finance income | J | 401 | 3.7% | 243 | 2.9% | 158 | 65.0% | |||
| Profit before tax | (2,829) | (136) | -26.4% | (5,094) | (107) | -61.5% | 2,265 | 44.5% | ||
| Income tax | K | 192 | 1.8% | 98 | 1.2% | (94) | -95.9% | |||
| Net profit (loss) of continuing operations before minority interest | (2,637) | (136) | -24.6% | (4,996) | (107) | -60.3% | 2,359 | 47.2% | ||
| Minority interest | O | - | 0.0% | - | 0.0% | - | n/a | |||
| Group net profit (loss) for period | O | (2,637) | (136) | -24.6% | (4,996) | (107) | -60.3% | 2,359 | 47.2% | |
| Base earnings per share | (0.057) | (0.142) | ||||||||
| Diluted earnings per share | (0.057) | (0.142) |
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com
press release
eurotech
UNLEASHING THE POWER OF THE EDGE
REVENUES BY GEOGRAPHICAL AREA
| (€'000)
BREAKDOWN BY GEOGRAPHIC AREA | Q1 2026 | % | Q1 2025 | % | % change |
| --- | --- | --- | --- | --- | --- |
| European Union | 5,504 | 51.4% | 4,030 | 48.7% | 36.6% |
| United States | 1,741 | 16.2% | 541 | 6.5% | 221.8% |
| Japan | 3,393 | 31.7% | 3,019 | 36.4% | 12.4% |
| Other | 76 | 0.7% | 693 | 8.4% | -89.0% |
| TOTAL SALES AND SERVICE REVENUES | 10,714 | 100.0% | 8,283 | 100.0% | 29.3% |
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com
press release
eurotech
UNLEASHING THE POWER OF THE EDGE
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| (€'000) | at March 31, 2026 | of which related parties | at December 31, 2025 | of which related parties |
|---|---|---|---|---|
| ASSETS | ||||
| Intangible assets | 55,750 | 55,938 | ||
| Property, Plant and equipment | 6,667 | 6,897 | ||
| Investments in affiliate companies | 4 | 4 | ||
| Investments in other companies | 140 | 137 | ||
| Deferred tax assets | 2,127 | 1,973 | ||
| Other non-current assets | 416 | 416 | ||
| Total non-current assets | 65,104 | 65,365 | ||
| Inventories | 15,843 | 11,918 | ||
| Trade receivables | 11,796 | 13,929 | ||
| Income tax receivables | 1,085 | 568 | ||
| Other current assets | 1,886 | 1,361 | ||
| Other current financial assets | 17 | 17 | ||
| Derivative instruments | 2 | 4 | ||
| Cash & cash equivalents | 10,466 | 6,455 | ||
| Total current assets | 41,095 | 34,252 | ||
| Total assets | 106,199 | 99,617 | ||
| LIABILITIES AND EQUITY | ||||
| Share capital | 14,906 | 9,657 | ||
| Share premium reserve | 150,363 | 138,122 | ||
| Other reserves | (104,025) | (95,064) | ||
| Group shareholders' equity | 61,244 | 52,715 | ||
| Equity attributable to minority interest | - | - | ||
| Total shareholders' equity | 61,244 | 52,715 | ||
| Medium-/long-term borrowing | 11,623 | 11,574 | ||
| Employee benefit obligations | 1,804 | 1,938 | ||
| Deferred tax liabilities | 2,870 | 2,865 | ||
| Other non-current liabilities | 779 | 775 | ||
| Total non-current liabilities | 17,076 | 17,152 | ||
| Trade payables | 10,985 | 9,384 | ||
| Trade payables from affiliates companies | 200 | 200 | 209 | 429 |
| Short-term borrowing | 8,748 | 11,601 | ||
| Income tax liabilities | 656 | 879 | ||
| Other current liabilities | 7,189 | 7,576 | ||
| Business combination liabilities | 101 | 101 | ||
| Total current liabilities | 27,879 | 29,750 | ||
| Total liabilities | 44,955 | 46,902 | ||
| Total liabilities and equity | 106,199 | 99,617 |
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com
press release
eurotech
UNLEASHING THE POWER OF THE EDGE
STATEMENT OF CHANGES IN EQUITY
| (€'000) | Share capital | Legal reserve | Share premium reserve | Conversion reserve | Other reserves | Cash flow hedge reserve | Amounts gained/insured on defined benefit plans reserve | Exchange rate differences reserve | Treasury shares | Profit (loss) for period | Group growthholders' equity | Equity attributable to Minority shareholders interest | Total shareholders' equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance as at December 31, 2025 | 9,657 | 1,776 | 138,122 | (5,250) | (63,250) | 4 | (333) | 1,829 | (568) | (9,272) | 52,715 | - | 52,715 |
| 2025 Result allocation | - | - | - | - | (9,272) | - | - | - | - | 9,272 | - | - | - |
| Profit (loss) as at March 31, 2026 | - | - | - | - | - | - | - | - | - | (2,637) | (2,637) | - | (2,637) |
| Comprehensive other profit (loss) | |||||||||||||
| - Hedge transactions | - | - | - | - | - | (2) | - | - | - | - | (2) | - | (2) |
| - Actuarial gains/(losses) on defined benefit plans for employees | - | - | - | - | - | - | - | - | - | - | - | - | - |
| - Foreign balance sheets conversion difference | - | - | - | (447) | - | - | - | - | - | - | (447) | - | (447) |
| - Exchange differences on equity investments in foreign companies | - | - | - | - | - | - | - | 455 | - | - | 405 | - | 405 |
| Total Comprehensive result | - | - | - | (447) | - | (2) | - | 465 | - | (2,637) | (2,621) | - | (2,621) |
| Performance Share Plan | - | - | - | - | - | - | - | - | 264 | - | 204 | - | 204 |
| Buyback of Treasury stock | - | - | - | ||||||||||
| Increase of capital | 5,249 | 12,241 | - | (8,604) | - | 6,896 | 6,896 | ||||||
| Future capital increase payment | - | 2,000 | - | - | 2,000 | 2,000 | |||||||
| Balance as at March 31, 2026 | 14,999 | 1,776 | 158,363 | (5,897) | (99,126) | 2 | (333) | 2,294 | (384) | (2,637) | 61,244 | - | 61,244 |
CONDENSED STATEMENT OF CASH FLOWS
| (€'000) | at March 31, 2026 | at December 31, 2025 | at March 31, 2025 | |
|---|---|---|---|---|
| Cash flow generated (used) in operations | A | (2,621) | 205 | 564 |
| Cash flow generated (used) in investment activities | B | (441) | (2,122) | (1,019) |
| Cash flow generated (absorbed) by financial assets | C | 7,298 | 2,780 | (402) |
| Net foreign exchange difference | D | (225) | (578) | (81) |
| Increases (decreases) in cash & cash equivalents | E=A+B+C+D | 4,011 | 285 | (938) |
| Opening amount in cash & cash equivalents | 6,455 | 6,170 | 6,170 | |
| Cash & cash equivalents at end of period | 10,466 | 6,455 | 5,232 |
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com
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press release
eurotech
UNLEASHING THE POWER OF THE EDGE
NET FINANCIAL POSITION
| (€'000) | at March 31, 2026 | at December 31, 2025 | at March 31, 2025 | |
|---|---|---|---|---|
| Cash | A | 10,466 | 6,455 | 5,232 |
| Cash equivalents | B | - | - | - |
| Other current financial assets | C | 19 | 21 | 134 |
| Cash equivalent | D=A+B+C | 10,485 | 6,476 | 5,366 |
| Current financial debt | E | 2,748 | 3,934 | 6,808 |
| Current portion of non-current financial debt | F | 6,000 | 7,667 | 1,089 |
| Other current financial liabilities | G | 101 | 101 | 115 |
| Short-term financial position | H=E+F+G | 8,849 | 11,702 | 8,012 |
| Short-term net financial position | I=H-D | (1,636) | 5,226 | 2,646 |
| Non current financial debt | J | 11,623 | 11,574 | 16,033 |
| Debt instrument | K | - | - | - |
| Medium-/long-term net financial position | M=J+K+L | 11,623 | 11,574 | 16,033 |
| (NET FINANCIAL POSITION) NET DEBT ESMA | N=I+M | 9,987 | 16,800 | 18,679 |
NET WORKING CAPITAL
| (€'000) | at March 31, 2026 (b) | at December 31, 2025 (a) | at March 31, 2025 | Changes (b-a) |
|---|---|---|---|---|
| Inventories | 15,843 | 11,918 | 18,336 | 3,925 |
| Trade receivables | 11,796 | 13,929 | 7,645 | (2,133) |
| Income tax receivables | 1,085 | 568 | 1,538 | 517 |
| Other current assets | 1,886 | 1,361 | 1,924 | 525 |
| Current assets | 30,610 | 27,776 | 29,443 | 2,834 |
| Trade payables | (10,985) | (9,384) | (9,693) | (1,601) |
| Trade payables from affiliates companies | (200) | (209) | (429) | 9 |
| Income tax liabilities | (656) | (879) | (906) | 223 |
| Other current liabilities | (7,189) | (7,576) | (7,965) | 387 |
| Current liabilities | (19,030) | (18,048) | (18,993) | (982) |
| Net working capital | 11,580 | 9,728 | 10,450 | 1,852 |
EUROTECH S.p.a.
Via F.lli Solari 3/A - 33020 Amaro (UD) - ITALY
Tel. +39 0433 485 411 Fax +39 0433 485 499
www.eurotech.com