AI assistant
MAPS — Earnings Release 2025
Mar 26, 2026
4072_rns_2026-03-26_4841facd-ac6d-4d4b-88ff-9159d6e03315.pdf
Earnings Release
Open in viewerOpens in your device viewer
teleborsa
| Informazione Regolamentata n. 20153-8-2026 | Data/Ora Inizio Diffusione 26 Marzo 2026 19:53:08 | Euronext Growth Milan |
|---|---|---|
Societa': MAPS
Utenza - referente : MAPSN02 - Ciscato Marco
Tipologia : 1.1; REGEM
Data/Ora Ricezione : 26 Marzo 2026 19:53:08
Oggetto : MAPS GROUP: THE TRANSITION TOWARDS PROPRIETARY SOFTWARE PRODUCTS CONTINUED IN 2025, DRIVEN BY HEALTHCARE
Testo del comunicato
Vedi allegato
M
MAPS GROUP
SHARING KNOWLEDGE
CERTIFIED
MAPS GROUP: THE TRANSITION TOWARDS PROPRIETARY SOFTWARE PRODUCTS CONTINUED IN 2025, DRIVEN BY HEALTHCARE
Products reached 95% of the business, confirming the Group's strategic trajectory in a year affected by the sharp contraction of the Projects component
Key consolidated results for FY 2025:
- Value of Production: Euro 35.1 million (vs 2024: Euro 33.0 million)
- Total Revenues: Euro 31.6 million (vs 2024: Euro 29.8 million)
- Projects Revenues as a percentage of Core Revenues: 5% (2024: 13%)
- Products Revenues as a percentage of Core Revenues: 95% (2024: 87%)
- Total Healthcare Products Revenues: Euro 21.8 million (vs 2024: Euro 19.6 million)
- Recurring Fees Revenues as a percentage of Core Revenues: 41% (2024: 41%)
- Total Recurring Fees Revenues from Healthcare Products: Euro 9.3 million (vs 2024: Euro 8.3 million)
- EBITDA: Euro 5,6 million (vs 2024: Euro 7,4 million)
- EBITDA margin: 18% (2024: 25%)
- EBITDA Healthcare: Euro 5,58 million (vs 2024: Euro 5,56 million)
- Net Profit: Euro 0,6 Million (vs 2024: Euro 1,9 Million)
- Net Financial Position: Euro 12,7 million (vs 2024: Euro 7,0 million)
- excluding IFRS 16 effects: Euro 10.4 million (vs 2024: Euro 5.0 million)
Parma, 26 March 2026
The Board of Directors of MAPS S.p.A. (MAPS:IM; IT0005364333), a company listed on Euronext Growth Milan and active in the Digital Transformation sector, approved today the draft separate financial statements of Maps S.p.A. and the consolidated financial statements of Maps Group as of 31 December 2025.
Marco Ciscato, Executive Chairman of Maps Group, stated: "2025 represents for Maps Group a year in which overall results reflect dynamics consistent with the strategic path pursued since the IPO. In order to properly assess the year's performance, it is necessary to distinguish between the different components of the business: on the one hand, the Products component confirmed its role as the main driver of growth; on the other hand, the Projects component experienced a faster contraction than its historical trend, due to specific circumstances that occurred during the period, with effects on the overall performance for the year.
The Group's development path continued consistently, driven in particular by the strength of the Healthcare market. Product focus, scalability, the ability to generate value over time, innovation, vertical expertise and customer proximity continue to represent the distinctive features of our model.
We decided to preserve the people who had been working on projects because we believe in a solid and sustainable development path in which people and capabilities are key elements.
We are convinced that this choice, while having affected 2025 results, will generate benefits already in the near future: by doing so, we are preserving cohesion, technical capabilities and relationship skills, which we consider essential for the evolution of our offering and for capturing new market opportunities quickly.
We therefore look to the coming years with confidence and with a vision that remains clear: to further increase the weight of Products of Healthcare and Energy markets, strengthen the Group's presence in these areas, and maintain strong strategic and industrial discipline in our development choices, both organic and through external growth."
ONSERVATION PRODUCTS CO.,LTD. DNV ISO 9001
DNV DNT 17001 QUALITY MANAGEMENT 4 ISO/IEC 27011:2001 17018
Maps S.p.A. - Capitale Sociale: i.v. € 1.536.891,68 C.F. e P.IVA 01977490356 - R.E.A. PR-240225 - SDI: M5UXCR1
M
emarket
with storage
CERTIFIED
MAPS GROUP
SHARING KNOWLEDGE
KEY CONSOLIDATED RESULTS AS OF 31 DECEMBER 2025
Value of Production amounted to EUR 35.1 million, up +6% compared to EUR 33.0 million as of 31 December 2024.
Total Revenues amounted to EUR 31.6 million, up +6% compared to EUR 29.8 million as of 31 December 2024. With reference to the composition of Core Revenues, 2025 further confirms the business model based on Software Products:
- Project Revenues amounted to EUR 1.7 million, down -54% compared to EUR 3.6 million as of 31 December 2024.
- Product Revenues amounted to EUR 28.6 million, up +13% compared to EUR 25.3 million as of 31 December 2024. Their share of Core Revenues stood at 95%, up from 87% last year.
- Revenues from Products in the Healthcare market amounted to EUR 21.8 million, up +11% compared to EUR 19.6 million as of 31 December 2024.
- Recurring Fees Revenues amounted to EUR 12.3 million, up +5% compared to EUR 11.8 million as of 31 December 2024. Their share of Core Revenues remained stable at 41%.
- Recurring Fees Revenues from Products in the Healthcare market amounted to EUR 9.3 million, up +12% compared to EUR 8.3 million as of 31 December 2024.
Contribution Margin¹ amounted to EUR 13.8 million, equal to 45% of Core Revenues, down from EUR 15.2 million as of 31 December 2024. This trend was mainly affected by the faster contraction of the Projects component compared to its historical trend, against the Group's decision to preserve the resources and distinctive capabilities developed in that area.
EBITDA amounted to EUR 5.6 million, down from EUR 7.4 million as of 31 December 2024, corresponding to an EBITDA margin of 18% (vs 25% as of 31 December 2024). The reduction reflects the same dynamics that affected the Contribution Margin.
Net Operating Margin (EBIT) amounted to EUR 1.7 million, down from EUR 3.3 million as of 31 December 2024, after depreciation and amortisation of EUR 3.9 million (EUR 3.7 million as of 31 December 2024) and after non-recurring costs of EUR 69 thousand (EUR 0.3 million as of 31 December 2024).
Pre-tax profit (EBT) amounted to EUR 1.0 million, down from EUR 2.8 million as of 31 December 2024, after financial charges of EUR 0.6 million (vs EUR 0.5 million as of 31 December 2024).
Net profit amounted to EUR 0.6 million, down from EUR 1.9 million as of 31 December 2024, after income taxes of EUR 0.4 million, compared to EUR 0.9 million as of 31 December 2024.
Net Financial Position amounted to EUR 12.7 million, up from EUR 7.0 million as of 31 December 2024; the increase was mainly due to the financial and balance sheet effects resulting from the acquisition of Ellysse S.r.l.
Shareholders' Equity as of 31 December 2025 amounted to EUR 26.3 million, up from EUR 25.7 million as of 31 December 2024.
The Company, through its Investor Relations office, remains available to the financial community for any questions, requests for further information or online meetings, which may be requested by e-mail at [email protected]. The Investor Presentation relating to FY 2025 results will also be available in the "Investors" section of the Company's website.
SIGNIFICANT EVENTS AFTER THE END OF THE FINANCIAL YEAR
- On 6 March 2026, Maps Group announced the award of a contract with Regione Puglia for the enhancement and expansion of technological systems supporting healthcare prevention campaigns, including screening, vaccination and infectious disease surveillance. The contract has a duration of two years and a total value of approximately EUR 1.3 million.
- On 11 March 2026, Maps Group announced the launch of a project with Regione Abruzzo involving the enhancement of tools for waiting list management, update and maintenance activities on the main regional
¹ Difference between Core Revenues and Production Costs
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
2
emarket
with storage
CERTIFIED
MAPS GROUP
SHARING KNOWLEDGE
healthcare systems, and the evolution of services towards mobile access, with the aim of improving monitoring, operational continuity and accessibility of healthcare services. The initiative has a duration of two years and a total value of approximately EUR 1.9 million.
OUTLOOK
In 2026, the macroeconomic environment continues to present elements of uncertainty, influenced by the international geopolitical backdrop, the evolution of energy prices, the volatility of financial markets and a still uneven growth dynamic. Despite this scenario, the outlook for the digital sector remains overall favourable. The main industry analyses point to a growth trajectory for the Italian digital market, supported in particular by demand for software, ICT services, cloud, cybersecurity, data analytics and artificial intelligence.
With reference to the markets served by the Group, the healthcare sector continues to offer positive prospects, supported by the ongoing digitalisation of healthcare services, growing attention to system interoperability, patient experience and the evolution of digital platforms supporting both citizens and operators. These drivers are accompanied by growing demand for solutions for data management and enhancement, decision-support systems and process automation through artificial intelligence technologies. In this context, management believes that demand for vertical software solutions with a high level of innovation may remain favourable, also in light of the need to make healthcare services more efficient, accessible and integrated.
With regard to the energy sector, prospects are supported by the need to increase consumption efficiency, by the development of distributed generation models and by the ecological transition. These factors contribute to maintaining a favourable environment for the development of digital solutions aimed at the monitoring, control and intelligent optimisation of energy resources.
In light of these elements, management believes it can continue along the development path undertaken, maintaining a strategic focus on technological innovation, enhancement of proprietary platforms, scalability of solutions and strengthening of the competitive positioning in the healthcare and energy sectors.
KEY RESULTS OF MAPS S.P.A. AS OF 31 DECEMBER 2025
- Value of Production amounted to EUR 12.7 million (2024: EUR 12.9 million).
- Adjusted EBITDA* amounted to EUR -1.0 million (2024: EUR 0.81 million).
- EBIT amounted to EUR -1.3 million (2024: EUR 0.13 million).
- Financial income and expenses amounted to EUR 0.32 million (2024: EUR 0.47 million).
- Income taxes amounted to EUR -0.26 million (2024: EUR 0.06 million).
- Net result for the year amounted to EUR -0.72 million (2024: EUR 0.54 million).
- Net Financial Position amounted to EUR 8.7 million (2024: EUR 4.9 million).
-
Shareholders' Equity amounted to EUR 18.4 million (2024: EUR 19.3 million)
-
In order to present the EBITDA figure on a basis directly comparable with the previous year, the value shown in the table below has been adjusted for legal and notarial costs incurred in connection with extraordinary transactions.
COVERAGE OF THE LOSS FOR THE YEAR
The Board of Directors resolved to propose to the Shareholders' Meeting that the loss for the year be covered through the use of the extraordinary reserve.
CALL OF THE ORDINARY SHAREHOLDERS' MEETING
The Board of Directors resolved to call the Ordinary Shareholders' Meeting on 29 April 2026 at 3:00 p.m., on first call, and on 30 April 2026 at 3:00 p.m., on second call, to discuss and resolve upon the following:
AGENDA
- Approval of the financial statements as of 31 December 2025. Reports of the Board of Directors, the Board of Statutory Auditors and the Independent Auditors. Related and consequent resolutions. Presentation of the consolidated financial statements of the Group as of 31 December 2025.
- Allocation of the result for the year. Related and consequent resolutions.
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
3
MAPS GROUP
SHARING KNOWLEDGE
CERTIFIED
DOCUMENTATION AVAILABLE TO THE PUBLIC
The documentation relating to the Shareholders' Meeting, including the explanatory report on the items on the agenda of the Shareholders' Meeting, will be made available to the public at the Company's registered office and in the "Investors" section of the Company's website within the time limits provided for by applicable law.
Please note that the audit activity on the draft financial statements and the consolidated financial statements has not yet been completed and, therefore, the independent auditors' report will be made available within the statutory deadlines.
VERIFICATION OF THE INDEPENDENCE REQUIREMENTS OF THE INDEPENDENT DIRECTORS
The Board of Directors, meeting today following the Company's Ordinary Shareholders' Meeting, verified that the independence requirements are met by the Independent Directors Eng. Paolo Pietrogrande and Prof. Rosa Grimaldi. The assessment was carried out taking into account the quantitative and qualitative criteria of significance of potentially relevant relationships pursuant to Article 6-bis of the Euronext Growth Milan Issuers' Regulation, also in application of Article 148, paragraph 3, of Legislative Decree No. 58 of 24 February 1990 ("TUF"), as set out in the Procedure approved by the Board of Directors on 15 April 2024 and made available to the public on the Company's website.
Please note that this release is available in English for informational purposes only. Should there be any discrepancies or inconsistencies between this version and the Italian one, the Italian version shall prevail and be regarded as the official and legally binding document.
MAPS GROUP
Maps S.p.A., founded in 2002 and listed on the Euronext Growth Milan segment of Borsa Italiana since 2019, heads Maps Group, a group comprising six companies and over 300 employees, headquartered in Parma and operating through 13 offices across Italy.
Active in the field of Digital Transformation, the Group focuses on the Healthcare and Energy sectors, supporting its clients in extracting value from data to make better decisions and innovate their operating models.
Through Maps Healthcare S.p.A., the Group addresses key trends in Patient Experience and Data-Driven Governance, while also providing Diagnostic and Hospital Information Systems to both public and private entities.
Through Maps Energy S.r.l., the Group supports the ongoing energy transition by developing integrated, data-driven software solutions for energy monitoring, control and management in the areas of energy sustainability, energy efficiency and Energy Communities.
The Group also markets solutions designed to measure the achievement of corporate and staff objectives, manage risks and share non-financial performance, as well as offering a portfolio of cross-market products dedicated to omnichannel solutions and document management for suppliers.
In addition, Maps Group operates within an Open Innovation framework to meet specific needs through tailored products or solutions developed for Best-in-Class clients in their respective markets.
In 2024, Maps Group reported consolidated revenues of €29.8 million (+9% vs 2023), EBITDA of €7.4 million (+48% vs 2023), corresponding to an EBITDA margin of 25%, and a Net Financial Position of €7.0 million, showing a significant improvement compared to €12.5 million in 2023.
Reflecting the strength of its business model, focused on the development of highly scalable software products, revenues generated by products currently account for 87% of consolidated revenues (€25.3 million in 2024), while recurring revenues represent 41% of consolidated revenues (€11.8 million in 2024).
Alongside organic growth, the Group has pursued an important mergers and acquisitions strategy, including IG Consulting S.r.l. (2011), Artexe S.p.A. (2018), Roialty S.r.l. (2019), SCS Computers S.r.l. (2020), IASI S.r.l. (2021), I-Tel S.r.l. (2022), Energienius S.r.l. (2022) and Ellysse S.r.l. (2025).
Finally, Maps Group has reorganised its corporate structure by changing the corporate name of Artexe S.p.A. to Maps Healthcare S.p.A. and that of Energienius S.r.l. to Maps Energy S.r.l., to strengthen the alignment of its solutions with their respective target markets.
This press release is available at and www.mapsgroup.eu.
CONTATTI
MAPS GROUP
Marco Ciscato – Investor Relations Manager
Matteo Gasparri – Investor Relations Specialist
Enrica Cammarano – Communication Manager
T: (+39) 0521 052300
[email protected]
EURONEXT GROWTH ADVISOR
BPER Banca
T: (+39) 0272 74 92 29
[email protected]
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
4
emarket
side
MARKETING
EXCELLENCE
MARKET
MARKETING
CERTIFIED
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Revenues | 29.314.956 | 25.924.904 | 3.390.052 |
| Other revenues | 996.517 | 702.167 | 294.350 |
| Change in contract work in progress | 1.280.382 | 3.209.481 | (1.929.099) |
| Total revenues | 31.591.855 | 29.836.552 | 1.755.304 |
| Increases for internal work | 3.458.366 | 3.145.214 | 313.152 |
| Value of production | 35.050.221 | 32.981.766 | 2.068.456 |
| Cost of sales | (2.880.189) | (1.464.612) | (1.415.577) |
| Personnel | (18.245.421) | (16.739.769) | (1.505.652) |
| Services | (7.264.800) | (6.506.112) | (758.688) |
| Fixed operating costs | (1.019.517) | (910.560) | (108.957) |
| EBITDA | 5.640.295 | 7.360.713 | (1.720.418) |
| EBITDA % of total revenue | 18% | 25% | |
| Amortisation, depreciation and write-downs | (3.903.866) | (3.704.453) | (199.413) |
| Non-recurring costs | (68.607) | (332.597) | 263.990 |
| EBIT | 1.667.822 | 3.323.663 | (1.655.841) |
| EBIT % of total revenue | 5% | 11% | |
| Financial management balance | (652.536) | (523.234) | (129.302) |
| Balance of Equity Investments | 0 | 0 | 0 |
| EBT | 1.015.286 | 2.800.429 | (1.785.142) |
| EBT % of total revenue | 3% | 9% | |
| Taxes for the financial year | (444.201) | (906.728) | 462.527 |
| Minority interests | 0 | 0 | |
| Group result for the year | 571.085 | 1.893.700 | (1.322.615) |
| Overall operating result | 571.085 | 1.893.700 | (1.322.615) |
| Operating profit % of total revenue | 2% | 6% |
TOTAL AMORTISATION, DEPRECIATION AND WRITE-DOWNS
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Amortisation of intangible assets | (2.862.362) | (2.699.207) | (163.155) |
| Depreciation of tangible assets | (147.647) | (133.815) | (13.832) |
| Depreciation of assets from application of IFRS 16 | (794.003) | (789.109) | (4.894) |
| Write-down of receivables | (99.854) | (82.322) | (17.532) |
| Total amortisation, depreciation and write-downs | (3.903.866) | (3.704.453) | (199.413) |
M
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
5
market
Fair storage
CERTIFIED
MAPS GROUP
SHARING KNOWLEDGE
RECLASSIFIED CONSOLIDATED BALANCE SHEET
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Intangible fixed assets | 29.976.113 | 25.571.005 | 4.405.109 |
| Tangible fixed assets | 2.637.296 | 2.224.541 | 412.755 |
| Financial fixed assets | 32.745 | 38.129 | (5.384) |
| Total fixed assets | 32.646.155 | 27.833.675 | 4.812.480 |
| Inventory | 8.763.355 | 7.194.331 | 1.569.024 |
| BT Trade Receivables | 14.939.314 | 10.697.482 | 4.241.833 |
| Trade Receivables LT | 0 | 0 | 0 |
| Other assets BT | 1.750.637 | 2.277.140 | (526.503) |
| Other assets LT | 178.943 | 208.423 | (29.480) |
| Trade payables BT | (4.345.069) | (2.343.846) | (2.001.223) |
| Trade Payables LT | 0 | 0 | 0 |
| Other liabilities BT | (6.999.874) | (5.767.579) | (1.232.295) |
| Other liabilities LT | 0 | 0 | 0 |
| Net working capital | 14.287.307 | 12.265.951 | 2.021.356 |
| Total capital employed | 46.933.462 | 40.099.626 | 6.833.836 |
| Group shareholders' equity | 26.290.317 | 25.730.880 | 559.437 |
| Third parties shareholders' equity | 0 | 0 | 0 |
| Provisions for risks and charges | 1.765.687 | 1.601.290 | 164.397 |
| Employee Severance Indemnity | 6.190.559 | 5.812.546 | 378.013 |
| Net financial indebtedness | 12.686.898 | 6.954.910 | 5.731.989 |
| Total Resources | 46.933.462 | 40.099.626 | 6.833.836 |
NET FINANCIAL POSITION
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Current bank accounts and post-office deposits | 3.644.282 | 6.345.953 | (2.701.671) |
| Cash | 4.321 | 3.888 | 433 |
| Payables to banks < 12 m | (3.985.912) | (2.329.942) | (1.655.970) |
| Payables to banks > 12 m | (5.635.206) | (2.571.841) | (3.063.365) |
| Liquidity (NFP) to banks | (5.972.515) | 1.448.057 | (7.420.572) |
| Bond | (2.395.608) | (3.274.610) | 879.002 |
| Borrowings under IFRS 16 | (2.312.259) | (1.952.637) | (359.622) |
| Financial debts from M&A transactions | (2.006.517) | (3.175.720) | 1.169.203 |
| Liquidity (NFP) Total | (12.686.898) | (6.954.910) | (5.731.989) |
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
6
market
Fair storage
CERTIFIED
CONSOLIDATED STATEMENT OF CASH FLOWS
| Euro | 31/12/2025 | 31/12/2024 |
|---|---|---|
| A. Cash flows from operating activities | ||
| Profit for the year Group | 571.085 | 1.893.700 |
| Profit for the year Third parties | 0 | 0 |
| Income taxes | 444.201 | 906.728 |
| Interest Expense/(Interest Income) | 652.536 | 523.234 |
| (Dividends) | 0 | 0 |
| (Capital Gains)/Capital Losses on disposal of assets | 0 | 0 |
| 1. Profit (loss) before income taxes, interest, dividends and capital gains/losses from disposal of assets | 1.667.822 | 3.323.663 |
| Adjustments for non-monetary items that did not have a balancing entry in Net Working Capital | ||
| Depreciation of tangible fixed assets | 941.650 | 922.924 |
| Amortisation of intangible fixed assets | 2.862.362 | 2.699.207 |
| Provisions to Funds | 796.539 | 829.278 |
| Write-offs for permanent impairment in value | 0 | 0 |
| Value adjustments to financial assets and liabilities of derivative financial instruments not involving monetary movements | (12.603) | (72.474) |
| Other adjustments for non-monetary items | ||
| 2. Cash flows before changes in net working capital | 0 | 6.806 |
| Changes in net working capital | 6.255.770 | 7.709.405 |
| Decrease (increase) in inventories | ||
| Decrease (increase) in trade receivables | (1.569.024) | (3.088.275) |
| Increase (decrease) in trade payables | (3.552.882) | 3.199.096 |
| Decrease/(Increase) of accrued income and prepayments | 1.955.436 | 43.340 |
| (Decrease)/increase in accrued expenses and deferred income | (101.321) | 50.285 |
| Other changes in the net working capital | 43.674 | (14.364) |
| 3. Cash flows after change in net working capital | 532.799 | (199.780) |
| Other adjustments | 3.564.451 | 7.699.706 |
| Interest received/(paid) | (523.234) | (374.703) |
| (Income taxes paid) | 74.113 | (304.548) |
| Dividends received | 0 | 0 |
| (Use of funds) | (469.695) | 128.600 |
| Cash flows from operating activities (A) | 2.645.635 | 7.149.055 |
| B. Cash flows from investing activities | ||
| Investment activities | ||
| Net investments in tangible fixed assets | (1.343.891) | (387.785) |
| Net investments in intangible fixed assets | (3.626.313) | (3.075.995) |
| Net investments in financial fixed assets | 5.390 | 72.474 |
| Financial assets not held as fixed assets | (6.000) | 614.756 |
| (Acquisition)/disposal of subsidiaries net of cash and cash equivalents | (1.422.058) | 0 |
| Cash flows from investing activities (B) | (6.392.872) | (2.776.550) |
| C. Cash flows from financing activities | ||
| Third-party means | ||
| Increase/(decrease) short-term payables | (1.535.624) | 1.770.343 |
| (Loan repayments) | 2.587.272 | (6.872.552) |
| Equity | ||
| Increase (decrease) in group capital and reserves | (11.648) | 1.793.284 |
| Increase (decrease) in capital and reserves of third parties | 0 | 0 |
| (Dividends and interim dividends paid) | 0 | 0 |
| Cash flows from financing activities (C) | 1.039.999 | (3.308.926) |
| Change in liquidity = (a+b+c) | (2.707.238) | 1.063.579 |
| Net liquidity at the beginning of the period | 6.252.341 | 5.188.762 |
| Net liquidity at the end of the period | 3.545.103 | 6.252.341 |
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
7
MAPS GROUP
SHARING KNOWLEDGE
CERTIFIED
Oo
BUSINESS UNIT ECONOMIC RESULTS (NEW ORGANISATIONAL STRUCTURE)
Below is the detail of the management income statement, broken down according to the new market-oriented Business Units introduced at the beginning of 2025 and already presented in connection with the half-year results. The new organisational structure differs from the previous model, in line with an approach increasingly focused on target markets and with a business model based on proprietary software products.
In this context, within the new organisational structure, some products previously included in Maps ESG have been reallocated to Maps Healthcare, based on the concentration of customers in the healthcare sector. In addition, the former Maps ESG and Maps Lab Business Units have been replaced by the new Maps Layers and Mindlab Business Units:
- Maps Healthcare includes the set of software solutions dedicated to the digital healthcare market. These include, by way of example, solutions for Patient Experience, Hospital Information Systems, Laboratory Information Systems and Data Driven Governance.
- Maps Energy includes software solutions aimed at the digital needs of the energy sector. These include, among others, solutions for energy efficiency, energy sustainability and Energy Community management.
- Maps Layers includes the Group’s software products not directly targeted at the strategic healthcare and energy markets.
- Mindlab focuses on custom projects, developed to meet specific customer needs.
RESULTS 2025 – new structure
| (€ / 1.000) | Maps Healthcare | Maps Energy | Maps Layers | Mind Lab | Maps Group 2025 |
|---|---|---|---|---|---|
| Services | 9.265 | 1.141 | 1.372 | 1.660 | 13.439 |
| Recurring fees | 9.286 | 545 | 2.429 | 61 | 12.322 |
| Licenses | 804 | 0 | 90 | 0 | 894 |
| HW | 2.230 | 55 | 1.362 | 0 | 3.646 |
| Revenues | 21.585 | 1.741 | 5.253 | 1.721 | 30.300 |
| Other Revenues* | 190 | 944 | 150 | 9 | 1.292 |
| Total Revenues | 21.774 | 2.685 | 5.403 | 1.730 | 31.592 |
| Personnel costs | (7.729) | (748) | (1.373) | (1.232) | (11.083) |
| Direct service costs | (3.015) | (414) | (1.561) | (475) | (5.464) |
| Total Production Costs | (10.744) | (1.162) | (2.934) | (1.707) | (16.547) |
| Contribution Margin | 10.841 | 579 | 2.319 | 15 | 13.753 |
| Contribution Margin on revenues | 50% | 33% | 44% | 1% | 45% |
| Commercial Costs | (2.699) | (865) | (890) | (85) | (4.538) |
| R&D Costs | (1.496) | (995) | (619) | (13) | (3.123) |
| Administrative costs | (2.902) | (655) | (910) | (656) | (5.123) |
| Capitalized Costs | 1.647 | 1.028 | 667 | 37 | 3.380 |
| EBITDA | 5.580 | 36 | 717 | (693) | 5.640 |
| EBITDA Margin | 26% | 1% | 13% | -40% | 18% |
| Revenues from recurring fees (%) | 43% | 31% | 46% | 4% | 41% |
| Revenues from Proprietary Software Products (%) | 100% | 96% | 100% | 7% | 95% |
*This item differs from the "Other revenues" component reported in the reclassified income statement, as it also includes receivables arising from the change in work in progress on funded projects, for an amount equal to EUR 295,000.
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
8
emarket
with storage
CERTIFIED
MAPS GROUP
SHARING KNOWLEDGE
RESULTS 2024 – new structure
| (€ / 1,000) | Maps Healthcare | Maps Energy | Maps Layers | Mind Lab | Maps Group 2024 |
|---|---|---|---|---|---|
| Services | 8,474 | 1,091 | 1,200 | 3,541 | 14,306 |
| Recurring fees | 8,305 | 481 | 2,946 | 24 | 11,756 |
| Licenses | 999 | 0 | 54 | 0 | 1,053 |
| HW | 1,783 | 10 | 23 | 0 | 1,816 |
| Revenues | 19,562 | 1,582 | 4,223 | 3,565 | 28,931 |
| Other Revenues* | 61 | 781 | 46 | 18 | 906 |
| Total Revenues | 19,623 | 2,363 | 4,269 | 3,583 | 29,837 |
| Personnel costs | (6,187) | (526) | (1,499) | (1,800) | (10,012) |
| Direct service costs | (2,427) | (363) | (437) | (460) | (3,687) |
| Total Production Costs | (8,614) | (889) | (1,936) | (2,260) | (13,699) |
| Contribution Margin | 10,948 | 693 | 2,287 | 1,305 | 15,232 |
| Contribution Margin on revenues | 56% | 44% | 49% | 36% | 53% |
| Commercial Costs | (2,589) | (733) | (582) | (148) | (4,052) |
| R&D Costs | (1,308) | (1,192) | (514) | (47) | (3,061) |
| Administrative costs | (2,860) | (513) | (833) | (519) | (4,725) |
| Capitalized Costs | 1,308 | 1,192 | 514 | 47 | 3,061 |
| EBITDA | 5,560 | 228 | 917 | 656 | 7,361 |
| EBITDA Margin | 28% | 10% | 21% | 18% | 25% |
| Revenues from recurring fees (%) | 42% | 30% | 70% | 1% | 41% |
| Revenues from Proprietary Software Products (%) | 100% | 94% | 100% | 1% | 87% |
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
9
emarket
with storage
CERTIFIED
MAPS GROUP
SHARING KNOWLEDGE
BUSINESS UNIT ECONOMIC RESULTS (PREVIOUS ORGANISATIONAL STRUCTURE)
For transparency purposes and to allow year-on-year comparison, the results are also presented according to the previous organizational structure.
RESULTS 2025 – previous structure
| (€ / 1.000) | Maps Healthcare | Maps Energy | Maps ESG | Maps Lab | Maps Group |
|---|---|---|---|---|---|
| Services | 8.889 | 1.141 | 1.464 | 1.944 | 13.439 |
| Recurring fees | 8.256 | 545 | 2.504 | 1.016 | 12.322 |
| Licenses | 804 | 0 | 35 | 55 | 894 |
| HW | 2.233 | 55 | 0 | 1.359 | 3.646 |
| Revenues | 20.182 | 1.741 | 4.003 | 4.375 | 30.300 |
| Other Revenues* | 186 | 944 | 26 | 136 | 1.292 |
| Total Revenues | 20.368 | 2.685 | 4.029 | 4.510 | 31.592 |
| Personnel costs | -7.180 | -748 | -1.587 | -1.568 | (11.083) |
| Direct service costs | -2.910 | -414 | -276 | -1.865 | (5.464) |
| Total Production Costs | (10.090) | (1.162) | (1.862) | (3.433) | (16.547) |
| Contribution Margin | 10.092 | 579 | 2.140 | 942 | 13.753 |
| Contribution Margin on revenues | 50% | 33% | 53% | 21% | 45% |
| Commercial Costs | (2.581) | (865) | (879) | (213) | (4.538) |
| R&D Costs | (1.321) | (995) | (695) | (112) | (3.123) |
| Administrative costs | (2.705) | (655) | (661) | (1.102) | (5.123) |
| Capitalized Costs | 1.461 | 1.028 | 729 | 161 | 3.380 |
| EBITDA | 5.132 | 36 | 660 | (188) | 5.640 |
| EBITDA Margin | 25% | 1% | 16% | -4% | 18% |
| Revenues from recurring fees (%) | 41% | 31% | 63% | 23% | 41% |
| Revenues from Proprietary Software Products (%) | 100% | 96% | 100% | 64% | 94,5% |
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
10
emarket
with storage
CERTIFIED
MAPS GROUP
SHARING KNOWLEDGE
RESULTS 2024 – previous structure
| (€ / 1.000) | Maps Healthcare | Maps Energy | Maps ESG | Maps Lab | Maps Group |
|---|---|---|---|---|---|
| Services | 8.238 | 1.091 | 1.262 | 3.716 | 14.306 |
| Recurring fees | 7.369 | 481 | 1.730 | 2.175 | 11.756 |
| Licenses | 1.019 | - | 2 | 32 | 1.053 |
| HW | 1.780 | 10 | - | 27 | 1.816 |
| Revenues | 18.406 | 1.582 | 2.994 | 5.950 | 28.931 |
| Other Revenues* | 54 | 781 | 39 | 32 | 906 |
| Total Revenues | 18.459 | 2.363 | 3.032 | 5.982 | 29.837 |
| Personnel costs | (5.848) | (526) | (1.136) | (2.503) | (10.012) |
| Direct service costs | (2.259) | (363) | (368) | (697) | (3.687) |
| Total Production Costs | (8.107) | (889) | (1.504) | (3.200) | (13.699) |
| Contribution Margin | 10.299 | 693 | 1.490 | 2.750 | 15.232 |
| Contribution Margin on revenues | 56% | 44% | 50% | 46% | 53% |
| Commercial Costs | (2.464) | (733) | (535) | (320) | (4.052) |
| R&D Costs | (1.213) | (1.192) | (379) | (277) | (3.061) |
| Administrative costs | (2.578) | (513) | (542) | (1.092) | (4.725) |
| Capitalized Costs | 1.213 | 1.192 | 379 | 277 | 3.061 |
| EBITDA | 5.312 | 228 | 451 | 1.370 | 7.361 |
| EBITDA Margin | 29% | 10% | 15% | 23% | 25% |
| Revenues from recurring fees (%) | 40% | 30% | 58% | 37% | 41% |
| Revenues from Proprietary Software Products (%) | 100% | 94% | 100% | 41% | 87% |
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
11
market
Fair storage
CERTIFIED
MAPS SPA INCOME STATEMENT
| 31/12/2025 | 31/12/2024 | Change | |
|---|---|---|---|
| Production Value | 12.690.683 | 12.939.536 | (248.853) |
| Operating costs | 13.640.943 | 12.127.959 | 1.512.984 |
| Adjusted EBITDA | (950.260) | 811.577 | (1.761.837) |
| Extraordinary costs | 50.047 | 238.228 | (188.181) |
| Amortisation, depreciation, write-downs and other provisions | 297.338 | 445.107 | (147.769) |
| Operating Result | (1.297.645) | 128.242 | (1.425.887) |
| Financial income and expenses | 318.680 | 473.620 | (154.940) |
| Ordinary Result | (978.965) | 601.862 | (1.580.827) |
| Write-downs and Revaluations | 0 | 0 | 0 |
| Profit before tax | (978.965) | 601.862 | (1.580.827) |
| Income taxes | (255.640) | 57.062 | (312.702) |
| Net result | (723.325) | 544.800 | (1.268.125) |
- In order to present the EBITDA figure on a basis directly comparable with the previous year, the value shown in the table below has been adjusted for legal and notarial costs incurred in connection with extraordinary transactions.
MAPS SPA BALANCE SHEET
| 31/12/2025 | 31/12/2024 | Change | |
|---|---|---|---|
| Net intangible fixed assets | 642.752 | 631.722 | 11.030 |
| Net tangible fixed assets | 138.786 | 119.078 | 19.708 |
| Equity investments and other financial assets | 24.492.580 | 22.803.095 | 1.689.485 |
| Capital assets | 25.274.118 | 23.553.895 | 1.720.223 |
| Stock inventories | 1.420.417 | 1.295.996 | 124.421 |
| Receivables from Customers | 2.118.475 | 2.064.665 | 53.810 |
| Other receivables | 6.166.497 | 4.852.086 | 1.314.411 |
| Prepaid expenses and accrued income | 228.791 | 169.123 | 59.668 |
| Short-term operating assets | 9.934.180 | 8.381.870 | 1.552.310 |
| Payables to suppliers | 1.738.699 | 866.417 | 872.282 |
| Payments on account | 90.600 | 561.949 | (471.349) |
| Tax and social security payables | 979.707 | 780.371 | 199.336 |
| Other payables | 2.260.287 | 2.597.665 | (337.378) |
| Accrued expenses and deferred income | 97.250 | 72.358 | 24.892 |
| Short-term operating liabilities | 5.166.543 | 4.878.760 | 287.783 |
| Net working capital | 4.767.637 | 3.503.110 | 1.264.527 |
| Employee severance indemnity | 2.916.113 | 2.837.483 | 78.630 |
| Tax and social security liabilities (beyond the next financial year) | |||
| Other medium- and long-term liabilities | 16.765 | 29.435 | (12.670) |
| Medium- and long-term liabilities | 2.932.878 | 2.866.918 | 65.960 |
| Invested capital | 27.108.877 | 24.190.087 | 2.918.790 |
| Shareholders' equity | (18.403.647) | (19.298.265) | 894.618 |
| Medium- and long-term net financial position | (6.007.413) | (4.142.155) | (1.865.258) |
| Short-term net financial position | (2.697.817) | (749.667) | (1.948.150) |
| Equity and net financial debt | (27.108.877) | (24.190.087) | (2.918.790) |
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
12
MAPS GROUP
SHARING KNOWLEDGE
emarket
with storage
CERTIFIED
MAPS SPA CASH FLOW STATEMENT (INDIRECT METHOD)
| 31/12/2025 | 31/12/2024 | |
|---|---|---|
| A) Cash flow from operating activities (indirect method) | ||
| Profit (loss) of the financial year | ||
| Income taxes | (723.325) | 544.800 |
| Interest expense/(income) | (255.640) | 57.062 |
| (Dividends) | 323.912 | 283.447 |
| (Capital Gains)/Capital Losses on disposal of assets | (642.607) | (757.067) |
| 1) Profit (loss) before income taxes, interest, dividends and capital gains/losses from disposal of assets | 945 | 49.115 |
| Adjustments for non-monetary items that did not have a balancing entry in net working capital | (1.296.715) | 177.357 |
| Provisions to funds | ||
| Amortisation and depreciation of fixed assets | 271.459 | 335.324 |
| Write-offs for permanent impairment in value | 263.451 | 445.107 |
| Other non-monetary increase/(decrease) adjustments | 4.626 | 98.995 |
| Total adjustments for non-monetary items that did not have a balancing entry in net working capital | 539.536 | 879.426 |
| 2) Cash flow before changes in net working capital | (757.179) | 1.056.783 |
| Changes in net working capital | ||
| Decrease/(increase) in inventories | (124.421) | (202.412) |
| Decrease/(increase) in receivables from customers | (53.810) | 1.267.901 |
| Increase/(decrease) in payables to suppliers | 872.282 | 193.497 |
| Decrease/(Increase) in prepayments and accrued income | (59.668) | 45.819 |
| Increase/(Decrease) from accrued expenses and deferred income | 24.892 | (1.215.354) |
| Other decreases/(other increases) of net working capital | (1.603.510) | 154.781 |
| Total changes to net working capital | (944.235) | 244.232 |
| 3) Cash flow after changes in net working capital | (1.701.414) | 1.301.015 |
| Other adjustments | ||
| Interest received/(paid) | (323.912) | (283.447) |
| (Income taxes paid) | (49.291) | 30.449 |
| Dividends received | 642.607 | 757.067 |
| (Use of funds) | (192.896) | (95.574) |
| Total other adjustments | 76.508 | 408.495 |
| Cash flows from operating activities (A) | (1.624.906) | 1.709.510 |
| B) Cash flow from investments | ||
| Tangible Fixed Assets | ||
| (Investments) | (66.792) | (43.700) |
| Divestments | 89 | 27.242 |
| Intangible Fixed Assets | ||
| (Investments) | (228.432) | (79.867) |
| Financial fixed assets | ||
| (Investments) | (1.721.991) | (14.634) |
| Divestments | ||
| Financial assets not held as fixed assets | (6.000) | (56.000) |
| (Investments) | 583.256 | |
| Divestments | (2.023.126) | 416.297 |
| Cash flows from investing activities (B) | ||
| C) Cash flow from financing activities | ||
| Third-party means | 507 | 4.522 |
| Increase/(Decrease) in short term payables to banks | 5.950.000 | |
| New financing | (4.526.028) | (2.788.501) |
| (Loan repayments) | ||
| Equity | 77.059 | 1.793.286 |
| Capital increase through share issue | (248.435) | |
| Sale/(Purchase) of treasury shares | 1.253.103 | (990.693) |
| Cash flows from financing activities (C) | (2.394.929) | 1.135.114 |
| Increase (decrease) in cash and cash equivalents (A ± B ± C) | ||
| Cash and cash equivalents at beginning of financial year | 3.205.217 | 2.070.340 |
| Current bank accounts and post-office deposits | 289 | 53 |
| Cash and equivalents in hand | 3.205.506 | 2.070.393 |
| Total cash and cash equivalents at the beginning of the financial year | ||
| Cash and cash equivalents at end of the financial year | 810.301 | 3.205.217 |
| Current bank accounts and post-office deposits | 276 | 289 |
| Cash and equivalents in hand | 810.577 | 3.205.506 |
MAPS GROUP
SHARING KNOWLEDGE
VIA Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
13
emarket
with storage
CERTIFIED
MAPS GROUP
SHARING KNOWLEDGE
Maps S.p.A.
Via Paradigna, 38/A 43122 Parma (PR) - Tel. +39 0521 052300
[email protected] - PEC: [email protected] - mapsgroup.it
C.F. e P.IVA 01977490356
14
| Fine Comunicato n.20153-8-2026 | Numero di Pagine: 16 |
|---|---|