AI Terminal
Misitano & Stracuzzi S.p.A.
Investor Presentation • Oct 1, 2025
6592_rns_2025-10-01_cefb6a09-1c9d-4b39-a55e-4c0a7abdc63e.pdf
Investor Presentation
Open in ViewerOpens in native device viewer
1
INTERMONTE: Le Eccellenze del Made in Italy 2025
COME DISCOVER OUR LATEST INNOVATION
MEET US AT ICBC
Investor Presentation
1 October, 2025
2025 FIRST HALF RESULTS
Antonio Stracuzzi, Chairman 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 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."
Revenues to Euro 41m, up by 13,5% vs 1H 2024
KEY 1H 2025 RESULTS
- Revenues up 13.5% vs 1H 2024 M&S continued to secure supply contracts with its main long-standing clients, who are among the largest market players
- EBITDA of Euro 3.5 million recording a decrease vs 1H 2024 due to a sharp increase in raw material prices, which continued throughout H1 2025 – particularly in certain essential oil product categories
- Increase in Net Financial Debt mainly attributable to the capital expenditures (Capex) related to the new production facilities, along with cash-out generated by higher inventory levels - management's strategy to focus on sourcing raw materials that present lower risks of market shortage
- Cash and cash equivalents increased to Euro 26.8m (Euro 24.1m as of 31 December 2024)
| P&L data in Euro/m | as of June 30 | Change | ||||
|---|---|---|---|---|---|---|
| 1H 2025 | 96 | 1H 2024 | ਰੇਵ | 2025 vs 2024 | ||
| Revenues from sales and services | 40,7 | 100% | 35,8 | 100% | 4,8 | 13,5% |
| EBITDA | 3,5 | 8,6% | 8,4 | 23,4% | -4,9 | -58,0% |
| Operating Income - EBIT | 2,6 | 6,4% | 1,1 | 21,5% | -5,1 | -66,3% |
| Result before taxes | 2,5 | 6,1% | 7,1 | 19,8% | -4,6 | -65,2% |
| Net Profit | 1,7 | 4,1% | 5,1 | 14,3% | -3,4 | -67,1% |
| Balance Statement key data in Euro/m 30/06/2025 | 31/12/2024 | Change | ||
|---|---|---|---|---|
| 2025 vs 2024 | ||||
| Immobilized Assets | 26,9 | 19,1 | 7,8 | 40,8% |
| Net Working Capital (NWC) | 44,9 | 37,1 | 7,8 | 21,1% |
| Net Invested Capital (NIC) | 70,6 | 55,0 | 15,6 | 28,3% |
| Equity | 33,8 | 35,5 | -1,8 | -5,0% |
| NFP (Net Debt) | 36,8 | 19,5 | 17,4 | 89,1% |
| Equity and net financial debt | 70,6 | 55,0 | 15,6 | 28,3% |
Cost Breakdown 1H 2025
From Total Revenues to EBITDA 1H 2025 (Euro m)
4
Cash Flow 1H 2025
New production sites to support production ramp-up
• Key investment in production capacity
- ✓ Two new properties in the municipality of Pace del Mela (ME) and S. Filippo del Mela (ME) renovation and industrial conversion works for the essential oils/aromatic solutions division 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
- Increase production capacity to meet the rise in customer orders
- Optimize the group's logistics operations
- Higher automation and processes efficiency improvement
Strategic leadership for long-term growth
Antonio Stracuzzi Chairman, CEO Director of M&S since 2001; responsible for the Occupational Safety and Health, and for the Sale Department Essences
Emanuela Stracuzzi MD Logistics Director of M&S since 1995; she is responsible for the Essence and Juice Logistics Department
Diego Stracuzzi MD Juice Department Director of Misitano & Stracuzzi since 2002; responsible for the Juice Sales Department
Giuseppe Trusso CFO
Began his career in 2004 at KPMG, where he rose to the position of Manager. CFO of Misitano & Stracuzzi since 2020
StrategicAdvisoryBoard
Bhavesh Shah - Former Chief Procurement Officer and Executive Board Member of Firmenich.
Alain Frix - Former Vice President Sales Europe, Africa, and Middle East at Symrise, a leading multinational in fragrances, flavors, and food ingredients.
Daemmon Reeve - Former Group CEO of Treatt plc, listed on the London Stock Exchange; he will focus on driving the Misitano & Stracuzzi'sstrategic growth.
Board of Directors
Antonio Riccio Carlo Munafò
Independent Director Head of PE fund Invitalia S.p.A (Fondo Cresci al Sud)
Independent Director Former President of the Milan Notary Council
-Stott Vice President of Sales USA 20 years of experience in the Flavours & Fragrances industry at Treatt Plc
Melanie Cooksey Emanuela, Antonio, Diego Stracuzzi Mohamed Erraji Chief Commercial & Strategy Officer Over 20 years of international experience in the food, flavours, and natural ingredients, leadership in major global companies (DSM-Firmenich)
Paul Stott Chief Procurement Officer 20 years of global experience in the Flavours & Fragrances industry at Treatt Plc
Guidance
1
2
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
A series of initiatives to mitigate the impact of external factors to progressively recovery of profitability:
- a) Expansion of product portfolio as well as the customer base and target markets, also supported by the appointment of Mohamed Erraji and Melanie Cooksey-Stott
- b) Further optimization of the sourcing strategy, also supported by the appointment of Paul Stott
- c) Improvement of operational efficiency through logistics optimization, which will be fully achieved thanks especially to the commissioning of both new production facilities
Distinctive capabilities meet customer growth & innovation ambitions
MARKET & RESILIENCE
NEW PLANTS INNOVATION
Deep market expertise to guide partners
Tailor-made and customer centric approach
State of the Art Innovation Center
Fraction, shorth-path & Molecular Distillation Q4 2025
New Juice Processing Plant Q1 2026
Fruits Extracts: Banana, Raspberry, Blackberry
Botanical & other Extracts: Basil, Wine, Coffee, Rose…
Building quality through Sustainability and Sector Conferences
PARTICIPATION IN KEY SECTOR CONFERENCES
QUALITY & SUSTAINABILITY
Ecovadis Silver, Top 15% New plant FSCC22000 certified
CO2 footprint reduction program
A clear roadmap to substantial growth
Organic growth (medium term) mainly driven by:
- Robust relationships with existing clients, new partnerships, continue to attract key industry leaders, expansion of production sites
- Well-targeted geographic areas with high potential
- Boost of product mix also by introducing non-citrus products
External growth (medium term) could be an option:
• Potential integrations with the acquisition of non-citrus producers or downstream integration by acquiring small flavour producers
1
2
Drive sustainable growth by strategically optimizing logistics acrossthe entire value chain, enhancing efficiency, reducing costs, and strengthening end-to-end supply chain performance
Closing remarks
Listed Italian leader focused on the niche of natural citrus essence production leveraging a 100+ year business heritage
A broad market supported by structural mega-trends, with high growth potential in natural products driven by health and wellbeing
Key positioning in the value chain thanks to strong know-how providing proprietary solutions
Extensive international presence (90%+ of revenues generated abroad) and established, long-standing relationships with highly reputable customers
Misitano & Stracuzzi: "Where Citrus is of the Essence"
A historic Sicilian business
- Misitano & Stracuzzi is a family-owned Sicilian company dating back more than 100 years, the result of a historic collaboration between the two founders and today fully controlled by the Stracuzzi family
- The core business is production of specialty citrus essences resulting from the proprietary solutions of essential oils and aromatic substances ("Specialties") and to a lesser extent the production of juices
Leader in the citrus essences niche, with global reach
Know-how guaranteed by historicity and innovation (proprietary solutions)
Global presence with sales in more than 40 countries
Quality of raw materials reflected in the products
Bespoke products to satisfy customer requirements
What is an Essence and what is it used for?
Sustainable use of the limited resources
Residual pulp can be used in several applications such as pet food or biofuel
Know-how is at the heart of the Essences business
The demand for natural productsfrom the market is steadily increasing as consumers are becoming more conscious about the quality, origin, and ingredients of the products they purchase
Established, long-standing relationships with highly reputable customers
25+ years of partnership 25+ years of partnership 3 years of partnership (relatively new customer)
A broad market supported by structural mega-trends, with high growth potential in natural products driven by health and wellbeing
Healthy upward trend and demonstrating resilience
19
Key FY 2024 Results
KEY RESULTS
- EBITDA: Euro 15.6m (+19.7%), exceeding the target for "PAS Shares" (3,600,000 shares, which will be fully converted into ordinary shares)
- EBIT: Euro 13.9m (+22.0% vs. FY 2023)
- Net profit: Euro 8.9m (+26.0% compared to 2023)
- Net Financial Position: Euro -19.5m (vs. Euro -15.1 million as of December 31, 2023)
- Ordinary Dividend distribution of 0.1131 Euro per share equal to a payout of around 38%
- Confirming this trend, M&S's sales analysis by geographic area in 2024 shows growth across all regions
- In terms of distribution, approximately 46% of revenue comes from the EMEA market, around 44% from the American market, and over 10% from the APAC region, which recorded the highest growth compared to 2023
| Euro/m | Change | |||||
|---|---|---|---|---|---|---|
| P&L | 2024 | % | 2023 | Inc. % |
'24 vs '24 vs '23 '23 |
|
| Revenue | 72,8 | 100% | 59,0 | 100% | 13,8 23,4% |
|
| EBITDA | 15,6 | 21% | 13,0 | 22% | 2,6 20,0% |
|
| EBIT | 13,9 | 19% | 11,4 | 19% | 2,5 21,9% |
|
| NetIncome | 8,9 | 12% | 7,1 | 12% | 1,8 25,4% |
| '24 vs '24 vs |
|||
|---|---|---|---|
| BS | 2024 | 2023 | '23 '23 |
| Fixed Assets |
19,1 | 13,9 | 5,2 37,4% |
| Commercial Working Capital |
37,6 | 19,3 | 18,4 95,3% |
| Net Invested Capital |
55,0 | 29,1 | 26,0 89,3% |
| Equity | 35,5 | 14,0 | 21,5154,2% |
| Net Financial Position |
19,5 | 15,1 | 4,4 29,2% |
| Total Source |
55,0 | 29,1 | 26,0 89,3% |
FY 2024 Cost Breakdown
FY 2024 Cash Flow
From initial Net Financial Position to Final Net Financial Position 2024 (Euro m)
Source(s): management data, Consolidated financial statements 2023 and 2024, ITA GAAP
2024 Reclassified Consolidated Income Statement
| RECLASSIFIED INCOME STATEMENT |
31 Dec 2024 |
%on Rev. |
31 Dec 2023 |
%on Rev. |
Change | Change % |
|---|---|---|---|---|---|---|
| Revenues from sales and services |
72.837.254 | 100,0% | 58.953.226 | 100,0% | 13.884.028 | 23,6% |
| Cost of goods sold |
43.252.740 | 59,4% | 33.834.534 | 57,4% | 9.418.206 | 27,8% |
| FIRST MARGIN |
29.584.514 | 40,6% | 25.118.692 | 42,5% | 4.465.822 | 17,8% |
| Service costs |
8.037.772 | 11,0% | 7.693.602 | 13,1% | 344.170 | 4,5% |
| Costs for use of third-party assets |
1.048.202 | 1,4% | 787.642 | 1,3% | 260.560 | 33,1% |
| Personnel costs |
4.870.697 | 6,7% | 3.794.345 | 6,4% | 1.076.352 | 28,4% |
| Miscellaneous management costs |
399.763 | 0,5% | 185.538 | 0,3% | 214.225 | 115,5% |
| OPERATING COSTS |
14.356.434 | 19,7% | 12.461.127 | 21,1% | 1.895.307 | 15,2% |
| Other revenues and operating income |
342.997 | 0,5% | 351.230 | 0,6% | (8.233) | (2,3%) |
| EBITDA | 15.571.077 | 21,4% | 13.008.795 | 22,1% | 2.562.282 | 19,7% |
| Depreciation, provisions, devaluations |
(1.672.773) | (2,3%) | (1.616.653) | (2,7%) | (56.120) | 3,5% |
| OPERATING INCOME - EBIT |
13.898.304 | 19,1% | 11.392.142 | 19,3% | 2.506.162 | 22,0% |
| Financial income |
137.020 | 0,2% | 35.393 | 0,1% | 101.627 | 287,1% |
| Financial activities |
0,0% | 0,0% | 0 | 0,0% | ||
| Financial expenses |
(1.831.370) | (2,5%) | (954.149) | (1,6%) | (877.221) | 91,9% |
| Profit/Loss on exchange rates |
10.211 | 0,0% | (310.205) | (0,5%) | 320.416 | (103,3%) |
| FINANCIAL MANAGEMENT |
(1.684.139) | (2,3%) | (1.228.961) | (2,1%) | (455.178) | 37,0% |
| RESULT BEFORETAXES |
12.214.165 | 16,8% | 10.163.181 | 17,2% | 2.050.984 | 20,2% |
| Income Tax |
3.292.324 | 4,5% | 3.082.832 | 5,2% | 209.492 | 6,8% |
| NET PROFIT |
8.921.841 | 12,2% | 7.080.349 | 12,0% | 1.841.492 | 26,0% |
Record in Sales Revenues, growth driven by a strong increase in volumes, thanks to the top management's ability to seize market opportunities by focusing on products with significantly rising demand
The EBITDA target of Euro 15.1 m, set out in Article 6 of the Company's Articles of Association regarding the "PAS Shares," was exceeded. As a result, the 3,600,000 PAS Shares will be fully converted into Ordinary Shares attributed to Stracuzzi Holding S.r.l..
2024 Reclassified Consolidated Balance Sheet and NFP
| RECLASSIFIED BALANCE STATEMENT |
31-dic-24 | 31-dic-23 | Change | Change % |
|---|---|---|---|---|
| Intangible Assets |
3.124.416 | 1.699.761 | 1.424.655 | 83,8% |
| Tangible fixed assets |
15.946.892 | 12.183.620 | 3.763.272 | 30,9% |
| Financial Fixed Assets |
14.192 | 11.421 | 2.771 | 24,3% |
| Immobilized Assets |
19.085.500 | 13.894.802 | 5.190.698 | 37,4% |
| Inventories of finished products and merchandise |
34.934.988 | 16.740.219 | 18.194.769 | 108,7% |
| Accounts Receivable | 16.689.516 | 8.898.164 | 7.791.352 | 87,6% |
| Payables to suppliers |
(13.983.412) | (6.369.023) | (7.614.389) | 119,6% |
| Net Operating Working Capital (NOCW) |
37.641.092 | 19.269.360 | 18.371.732 | 95,3% |
| Other activities |
645.531 | 1.141.975 | (496.444) | (43,5%) |
| Accrued income and prepayments |
602.552 | 88.137 | 514.415 | 583,7% |
| Additional liabilities |
(1.107.909) | (3.143.614) | 2.035.705 | (64,8%) |
| Accrued expenses and deferred income |
(703.132) | (1.012.659) | 309.527 | (30,6%) |
| Net Working Capital (NWC) |
37.078.134 | 16.343.199 | 20.734.935 | 126,9% |
| Severance pay |
(598.990) | (570.068) | (28.922) | 5,1% |
| Provision for risks and charges |
(562.075) | (615.356) | 53.281 | (8,7%) |
| Net Invested Capital (NIC) |
55.002.569 | 29.052.577 | 25.949.992 | 89,3% |
| Equity | (35.517.946) | (13.975.183) | (21.542.763) | 154,2% |
| NFP short term |
(7.497.384) | (10.171.783) | 2.674.399 | (26,3%) |
| NFP long term |
(11.987.239) | (4.905.611) | (7.081.628) | 144,4% |
| Equity and net financial debt |
(55.002.569) | (29.052.577) | (25.949.992) | 89,3% |
NWC increase driven by inventory and trade receivables, which in turn rose as a result of the significant growth in revenue. About the Inventory, efforts have been made to secure the supply of raw materials at higher risk of market shortages to prevent potential disruptions in the production process.
2024 Shareholders' Equity reflects the Euro 5.2m dividend distribution in April 2024 and the Euro 14.6 m income from the IPO operation occurred on July 29, 2024, net of all related costs
| NET FINANCIAL POSITION (NFP) |
31/12/2024 | 31/12/2023 | Change | Change % |
|---|---|---|---|---|
| Bank and postal deposits |
24.135.930 | 8.496.353 | 15.639.577 | 184,1% |
| Cash and valuables in register |
4.502 | 2.532 | 1.970 | 77,8% |
| Cash and cash equivalents | 24.140.432 | 8.498.885 | 15.641.547 | 184,0% |
| Other Financial activities |
1.000.000 | 0 | 1.000.000 | 100,0% |
| Short-term payables to banks (under 12M) |
32.503.482 | 18.599.023 | 13.904.459 | 74,8% |
| Debts to other lenders |
134.334 | 71.645 | 62.689 | 87,5% |
| NFP SHORT TERM |
(7.497.384) | (10.171.783) | 2.674.399 | (26,3%) |
| Long-term payables to banks (over 12M) |
11.987.239 | 4.905.611 | 7.081.628 | 144,4% |
| NFP LONGTERM |
(11.987.239) | (4.905.611) | (7.081.628) | 144,4% |
| TOTAL NFP |
(19.484.623) | (15.077.394) | (4.407.229) | 29,2% |
Note: The 2024financial data have been prepared in accordance with Italian accounting principles and are subject to statutory audit.
Contact: Investor Relations investor.relations@misitanoestracuzzi.com
Misitano&Stracuzzi S.p.A. ViaGhibellina,64- 98122Messina-Italy Phone:+ 39 0902922571
Disclaimer
This document has been prepared by Misitano & Stracuzzi S.p.A. (the "Company" or "Misitano & Stracuzzi ") for information purpose only, it contains only summary. Furthermore it has been drafted without claiming to be exhaustive. By attending this presentation ("Presentation") or otherwise viewing this Presentation, or having accessto the corresponding information, you are agreeing to be bound by the following.
Certain Information may contain forward-looking statements which involve risks and uncertainties and are subject to change. In some cases, these forward-looking statements can be identified by the use of words such as "believe", "anticipate", "estimate", "target", "potential", "expect", "intend", "predict", "project", "could", "should", "may", "will", "plan", "aim", "seek" and similar expressions. The forecasts and forward-looking statements included in this document are necessarily based upon a number of assumptions and estimates that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies as well as assumptions with respect to future business decisions that are subject to change. By their nature, forward-looking statements involve known and unknown risks and uncertainties, because they relate to events, and depend on circumstances, that may or may not occur in the future. Furthermore, actual results may differ materially from those contained in any forward-looking statement due to a number of significant risks and future events which are outside of the Company's control and cannot be estimated in advance, such as the future economic environment and the actions of competitors and others involved on the market. These forward-looking statements speak only as at the date of this Presentation.
The Company cautions you that forward looking-statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if the Company's financial position, business strategy, plans and objectives of management for future operations are consistent with the forwardlooking statements contained in this Presentation, those results or developments may not be indicative of results or developments in future periods.
