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Misitano & Stracuzzi S.p.A.
Earnings Release • Sep 19, 2025
6592_10-q_2025-09-19_7b899322-b9d9-4582-9e29-029dcbf4e9e2.pdf
Earnings Release
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Press Release
MISITANO & STRACUZZI S.P.A.: THE BOARD OF DIRECTORS APPROVES THE FIRST HALF CONSOLIDATED RESULTS AS OF JUNE 30, 2025
REVENUES TO EURO 41 MILLION, UP BY 13,5% COMPARED TO THE FIRST SEMESTER 2024
- Sales revenues as of June 30, 2025: Euro 40.7 million, up 13.5% compared to the first half of 2024
- EBITDA of Euro 3.5 million compared to Euro 8.4 million in the first half of 2024; EBIT of Euro 2.6 million (Euro 7.7 million in the first half of 2024)
- Net profit equals to Euro 1.7 million
- Net Financial Position (net debt) of Euro 36,8 million as of June 30, 2025, compared to Euro 19,5 million as of 31st December 2024
Messina (ME), Italy – 19th September, 2025 – The Board of Directors of Misitano & Stracuzzi S.p.A., one of the main Italian business to business (B2B) operator active at international level in the creation, production and marketing of citrus essential oils mainly of natural origin and to a lesser extent in the production of citrus juice ("M&S or the "Company"), listed on the Euronext Growth Milan market, held today and approved the Consolidated Interim Financial Statements as of June 30, 2025, prepared in accordance with Italian accounting standards and subject to a limited audit by KPMG.
Antonio Stracuzzi, President and CEO of the Company, commented: "We are pleased with the top-line growth achieved in the first half of 2025, despite a context still marked by persistent geopolitical and macroeconomic challenges. Sales remained strong, with solid demand across all business segments, in different geographies – primarily Italy and the Americas – and across various customer groups. Aware that the evolution of our business is supported by favourable market trends and by visible industrial development, we have already implemented concrete actions aimed at recovering profitability, focusing on three main directions: 1. the expansion of our product portfolio as well as our customer base and target markets; 2. further optimization of our sourcing strategy; and 3. improved operational efficiency through logistics optimization.
I have just returned from IFEAT – The International Federation of Essential Oils and Aroma Trades 2025 – Antonio Stracuzzi continued - held for the first time in the Nordic countries, in Gothenburg, a particularly dynamic market for essential oils and aromas, with an annual growth rate close to 7%, and of great interest to us. The climate and natural resources of this region provide a unique and inspiring setting for innovation
Misitano & Stracuzzi S.p.a. Citrus Products Via Ghibellina, 64 – 98122 Messina (Italy) Share capital € 1.277.550,00 fully paid up Messina Business Register Tax ID and VAT 00170700835
Tel.: + 39 090 2922571 Email: [email protected] Website: misitanoestracuzzi.com
and exchange. By remaining true to our values of quality, authenticity, and innovation – because every flavour and every fragrance must tell a story of nature, craftsmanship, and care – we continue to consistently showcase what makes us unique: natural sourcing, innovation, precision, and sustainable practices, while exploring together how to shape the future of flavours and fragrances."
The Company's target market is primarily linked to food consumption and, in particular, to the healthy food segment, which still shows untapped growth potential and is less sensitive to economic downturns. Market trends increasingly confirm that internationalization is a key strategic success factor for the Company's business.
The market appeal of the products, driven by their quality, represents a distinctive factor, together with a commercial strategy tailored to customer needs ("tailor-made" products). The management's experience and deep understanding of industry dynamics allow the Company to promptly seize market opportunities.
As a reminder, during 2023, the Company acquired two new properties in the municipality of Pace del Mela (ME) and S. Filippo del Mela (ME), destined for new production facilities. The renovation and industrial conversion works for the essential oils/aromatic solutions division were completed with the related transfer in May 2025. The works for the citrus processing division are still ongoing and, based on their progress, the transfer is expected by January 2026. These facilities, equipped mainly with new, high-tech, and therefore more efficient machinery and equipment, also offer significantly larger processing, handling, and storage areas compared to the previous ones. This will allow the Company to achieve the efficiency levels and volume growth outlined in the management's strategic plan.
KEY CONSOLIDATED HALF YEAR RESULTS
The six months ended 30 June 2025 generated Sales Revenues of Euro 40.7 million, an increase of 13.5% compared to the same period of the previous year, driven by strong volume growth. The Company continued to secure supply contracts with its main long-standing clients, who are among the largest market players and who, in addition to renewing and strengthening their confidence in the quality of the products offered are also encouraged by the new production facilities under development, and, for example, in terms of potential expansion of the product range.
EBITDA, amounting to Euro 3.5 million, however, recorded a decrease compared to the same period of 2024 (Euro 8.4 million as of 30 June 2024); the EBITDA margin stood at 8.6%, down from 23.4% in H1 2024, due to a sharp increase in raw material prices, which continued throughout H1 2025 – particularly in certain essential oil product categories. Consequently, EBIT amounted to Euro 2.6 million in H1 2025, compared to Euro 7.7 million in H1 2024.
The half year closed with a Group Net Result of Euro 1.7 million, compared to Euro 5.1 million as of 30 June 2024.
Net Financial Debt, amounting to Euro 36.8 million as of 30 June 2025, increased by Euro 17.3 million, mainly attributable to the capital expenditures (Capex) related to the new production facilities, along with cash-out generated by higher inventory levels. Consistent with actions taken in recent years, management's strategy focuses on sourcing raw materials that present lower risks of market shortage in order to avoid production interruptions and, above all, in the final delivery to the customers. The goal is to reduce delivery lead time
and promptly respond to requests for higher volumes from long-standing customers. Cash and cash equivalents increased to Euro 26.8 million, compared to Euro 24.1 million as of 31 December 2024.
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
Nothing to be notified.
OUTLOOK
As previously communicated in the press release dated 1st September 2025, for the full year 2025, Top Management confirms revenue growth at a significant rate compared to FY 2024, while EBITDA margin is expected to be in the high single digits, strongly influenced by the rising trend in raw material costs, especially since late 2024 and throughout 2025, as well as by the uncertainty arising from the introduction of tariffs on trade with the USA and the continuous variation of such measures.
The Group has proactively launched a series of initiatives to mitigate the impact of these external factors and remains focused on the progressive recovery of profitability through:
- (i) the expansion of the product portfolio as well as the customer base and target markets, also supported by the appointment of (a) Mohamed Erraji as Chief Commercial & Strategy Officer, bringing over 20 years of international experience in the food, flavours, and natural ingredients sectors, holding leadership roles in major global companies, most recently at DSM-Firmenich, an industry leader headquartered in Switzerland and the Netherlands and listed on Euronext Amsterdam; and (b) Melanie Cooksey-Stott as Vice President of Sales, USA, with 20 years of experience in the Flavours & Fragrances industry at Treatt Plc;
- (ii) further optimization of the sourcing strategy, also supported by the appointment of Paul Stott as Chief Procurement Officer, who brings 20 years of global experience in the Flavours & Fragrances industry at Treatt Plc;
- (iii) improvement of operational efficiency through logistics optimization, which will be fully achieved thanks especially to the commissioning of both new production facilities.
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The Consolidated Interim Financial Report as of June 30, 2025, will be made available to the public at the company's headquarters and is available on the website in the "Investor Relations" section – https://www.misitanoestracuzzi.com/. This press release is also available in the "Investor Relations" section of the website.
Please note that, for the dissemination of regulated information, the Company uses the circuit managed by Computershare
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ABOUT MISITANO & STRACUZZI
The Misitano & Stracuzzi Group is one of the main Italian one of the main Italian business to business (B2B) operator active at international level in the creation, production and marketing of citrus essential oils mainly of natural origin and to a lesser extent in the production of citrus juice. The Company purchases citrus essential oils worldwide and produces proprietary solutions tailored to each individual customer's needs. The citrus essential oils are highly appreciated at the international level and are applied in a variety of fields, including food and drink, perfumes and fragrances, cosmetics and aromatherapy. The products made by the M&S Group are
mainly intended for international customers, including large producers of flavours and fragrances and sometimes directly for producers active in food and beverage, personal and home care, aromatherapy, perfumery, cosmetics and pharma. In December 2016, Misitano & Stracuzzi USA Corp. was established, a company incorporated under US law, wholly owned by Misitano & Stracuzzi S.p.A. M&S USA carries out distribution activities of essential oils and aromatic essences in the United States. The strategic position assumed by the subsidiary represents a key factor in the development of the Group's business. The Company is listed on the Euronext Growth Milan market, organized and managed by Borsa Italiana S.p.A., since 29th July 2024 (ISIN code IT0005603078, ticker MS).
For further information
Investor Relations Giuseppe Trusso – CFO & IRM - Misitano & Stracuzzi [email protected] F +39 (0)90 2922571
IR, Press and Communication Office HEAR-ir Simona D'Agostino [email protected] M +39 335 7729138 Luca Macario [email protected] M +39 335 7478179
Euronext Growth Advisor Intermonte [email protected] F +39 (0)2 771151
ANNEX
| RECLASSIFIED INCOME STATEMENT | Jun-30-25 | % | Jun-30-24 | % | Change | Chang.% |
|---|---|---|---|---|---|---|
| Revenues | 40.666.406 | 100,0% | 35.831.199 | 100,0% | 4.835.207 | 13,5% |
| Cost of Goods Sold (COGS) | 29.021.622 | 71,4% | 20.800.848 | 58,1% | 8.220.774 | 39,5% |
| GROSS MARGIN | 11.644.784 | 28,6% | 15.030.351 | 41,9% | (3.385.567) | (22,5%) |
| Service Costs | 4.431.915 | 10,9% | 3.562.434 | 9,9% | 869.481 | 24,4% |
| Costs for Use of Third-Party Asset | 681.532 | 1,7% | 420.097 | 1,2% | 261.435 | 62,2% |
| Personnel Costs | 2.823.334 | 6,9% | 2.608.607 | 7,3% | 214.727 | 8,2% |
| Other Operating Charges | 303.540 | 0,7% | 163.347 | 0,5% | 140.193 | 85,8% |
| OPERATING COSTS | 8.240.321 | 20,3% | 6.754.485 | 18,9% | 1.485.836 | 22,0% |
| Other Operating Income and Revenues | 112.233 | 0,3% | 91.355 | 0,3% | 20.878 | 22,9% |
| EBITDA | 3.516.696 | 8,6% | 8.367.221 | 23,4% | (4.850.525) | (58,0%) |
| Depreciation, Provisions and Write-downs | (922.560) | (2,3%) | (672.158) | (1,9%) | (250.402) | 37,3% |
| EBIT | 2.594.136 | 6,4% | 7.695.063 | 21,5% | (5.100.927) | (66,3%) |
| Financial Income | 118.794 | 0,3% | 36.236 | 0,1% | 82.558 | 227,8% |
| Financial Expenses | (1.104.560) | (2,7%) | (728.863) | (2,0%) | (375.697) | 51,5% |
| Foreign Exchange Gains/Losses | 857.892 | 2,1% | 80.808 | 0,2% | 777.084 | 961,6% |
| FINANCIAL MANAGEMENT RESULT | (127.874) | (0,3%) | (611.819) | (1,7%) | 483.945 | (79,1%) |
| PROFIT BEFORE TAXES | 2.466.262 | 6,1% | 7.083.244 | 19,8% | (4.616.982) | (65,2%) |
| Income Texes | 783.221 | 1,9% | 1.974.542 | 5,5% | (1.191.321) | (60,3%) |
| NET PROFIT | 1.683.041 | 4,1% | 5.108.702 | 14,3% | (3.425.661) | (67,1%) |
| RECLASSIFIED BALANCE SHEET | Jun-30-25 | Jun-30-24 | Change | Chang.% |
|---|---|---|---|---|
| Intangible Assets | 3.028.405 | 3.124.416 | (96.011) | (3,1%) |
| Tangible Assets | 23.826.634 | 15.946.892 | 7.879.742 | 49,4% |
| Financial Fixed Assets | 14.805 | 14.192 | 613 | 4,3% |
| Fixed Assets | 26.869.844 | 19.085.500 | 7.784.344 | 40,8% |
| Inventories | 50.485.546 | 34.934.988 | 15.550.558 | 44,5% |
| Trade Receivables | 17.967.774 | 16.689.516 | 1.278.258 | 7,7% |
| Trade Payables | (19.497.929) | (13.983.412) | (5.514.517) | 39,4% |
| Operating Net Working Capital (ONWC) | 48.955.391 | 37.641.092 | 11.314.299 | 30,1% |
| Other Assets | 1.921.265 | 645.531 | 1.275.734 | 197,6% |
| Accrued Income and Prepaid Expenses | 703.855 | 602.552 | 101.303 | 16,8% |
| Other Liabilities | (5.663.302) | (1.107.909) | (4.555.393) | 411,2% |
| Accrued Expenses and Deferred Income | (1.020.665) | (703.132) | (317.533) | 45,2% |
| Net Working Capital (NWC) | 44.896.544 | 37.078.134 | 7.818.410 | 21,1% |
| Employee Severance Indemnity | (586.000) | (598.990) | 12.990 | (2,2%) |
| Provisions for Risks and Charges | (590.755) | (562.075) | (28.680) | 5,1% |
| Net Invested Capital (NIC) | 70.589.633 | 55.002.569 | 15.587.064 | 28,3% |
| Shareholders' Equity | (33.750.878) | (35.517.946) | 1.767.068 | (5,0%) |
| Short-Term Net Financial Position | (12.565.989) | (7.497.384) | (5.068.605) | 67,6% |
| Long-Term Net Financial Position | (24.272.766) | (11.987.239) | (12.285.527) | 102,5% |
| Equity and Net Financial Debt | (70.589.633) | (55.002.569) | (15.587.064) | 28,3% |
| POSIZIONE FINANZIARIA NETTA (PFN) | 30-giu-25 | 31-dic-24 | Var. | Var.% |
|---|---|---|---|---|
| Depositi bancari e postali | 26.841.435 | 24.135.930 | 2.705.505 | 11,2% |
| Denaro e valori in cassa | 1.628 | 4.502 | (2.874) | (63,8%) |
| Disponibilità liquide | 26.843.063 | 24.140.432 | 2.702.631 | 11,2% |
| Attività finanziarie non immobilizzate | 1.000.000 | 1.000.000 | - | 0,0% |
| Debiti verso Banche a breve termine (entro 12M) | 38.579.884 | 32.503.482 | 6.076.402 | 18,7% |
| Debiti verso altri finanziatori | 1.829.168 | 134.334 | 1.694.834 | 1261,7% |
| PFN A BREVE TERMINE | (12.565.989) | (7.497.384) | (5.068.605) | 67,6% |
| Debiti verso Banche a lungo termine (oltre 12M) | 24.272.766 | 11.987.239 | 12.285.527 | 102,5% |
| PFN A LUNGO TERMINE | (24.272.766) | (11.987.239) | (12.285.527) | 102,5% |
| PFN COMPLESSIVA | (36.838.755) | (19.484.623) | (17.354.132) | 89,1% |
| CONSOLIDATED CASH FLOW STATEMENT (indirect method) | Jun-30-25 | Dec-31-24 |
|---|---|---|
| A. CASH FLOWS DERIVING FROM OPERATIONAL ACTIVITIES | ||
| Profit (Loss) in the period | 1.683.041 | 8.921.841 |
| Income Tax | 783.221 | 3.292.324 |
| Passive interests / (Active interests) | 127.874 | 1.684.139 |
| 1. Profit (loss) for the financial year before taxes, interest, gains/losses on disposals | 2.594.136 | 13.898.304 |
| Adjustments for non-monetary items | ||
| Depreciation of fixed assets | 922.560 | 1.597.466 |
| Devaluation of credits | - | 75.307 |
| Total Adjustments for non-monetary items | 922.560 | 1.672.773 |
| 2. Cash flow before changes in Net Working Capital (NWC) | 3.516.696 | 15.571.077 |
| Changes in Net Working Capital | ||
| Decrease / (Increase) Inventories | (15.550.558) | (18.194.769) |
| Decrease / (Increase) Accounts receivable | (1.278.258) | (7.866.659) |
| Increase / (Decrease) Payables to suppliers | 5.514.517 | 7.614.389 |
| Decrease / (Increase) accrued expenses and prepaid expenses | (101.303) | (514.415) |
| Increase / (Decrease) in accruals and deferred income | 317.533 | (309.527) |
| Decrease / (Increase) Other assets (Other credits, tax credits, deferred tax assets) | (1.275.734) | 496.444 |
| Increase / (Decrease) Other liabilities (Other debts, tax debts, social security debts) | 3.772.172 | (5.328.029) |
| Total NWC changes | (8.601.631) | (24.102.566) |
| 3. Cash flow after changes in Net Working Capital (NWC) | (5.084.935) | (8.531.489) |
| Other adjustments | ||
| Increase / (Decrease) SP | (12.990) | 28.922 |
| Increase / (Decrease) Provisions for risks and charges | 28.680 | (53.281) |
| Total Other adjustments | 15.690 | (24.359) |
| Total Cash Flow from Operating Activities (A) | (5.069.245) | (8.555.848) |
| B. CASH FLOWS FROM INVESTMENT ACTIVITIES | ||
| Tangible fixed assets | ||
| (Investments) / Divestments | (8.402.622) | (4.574.712) |
| Intangible assets | ||
| (Investments) / Divestments | (303.669) | (2.210.681) |
| Financial fixed assets | ||
| (Investments) / Divestments | (613) | (2.771) |
| Current Financial Assets | ||
| (Investments) / Divestments | - | (1.000.000) |
| Total Cash Flow from Investing Activities (B) | (8.706.904) | (7.788.164) |
| C. CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Third party resources | ||
| Increase (decrease) in short-term debts to banks (only import/export advances) | 3.063.994 | 4.967.821 |
| Provision of financing | 34.150.000 | 38.700.000 |
| (Refund of financing) | (18.852.065) | (22.681.734) |
| Increase (decrease) in long-term debts to other lenders | 1.694.834 | 62.689 |
| Interest received/(paid) | (127.874) | (1.684.139) |
| Own resources | ||
| Dividends paid in the financial year | - | (5.102.000) |
| Other equity variations | (3.450.109) | 17.722.922 |
| Total Cash Flow from Financing Activities (C) | 16.478.780 | 31.985.559 |
| Increase (decrease) in liquidity (A +/- B +/- C) | 2.702.631 | 15.641.547 |
|---|---|---|
| Cash and cash equivalents at the beginning of the period | 24.140.432 | 8.498.885 |
| Cash and cash equivalents at the end of the period | 26.843.063 | 24.140.432 |