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Neodecortech — Earnings Release 2025
Mar 13, 2026
4087_rns_2026-03-13_9f64c43a-0368-4ec6-9102-421bd10c5f8e.pdf
Earnings Release
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NEO DECOR TECH
INFO DIGITAL CISD
PRESS RELEASE
Neodecortech closes 2025 with solid results: Revenue up 9.2%, EBITDA up 25.5%, significant 6.6% reduction in net financial debt after the Lamitex acquisition and dividends, and 39.2% reduction in adjusted net debt.
Neodecortech results in 2025:
- Net revenue € 184.1 million, solid growth (+9.2%) versus 31 December 2024 (€ +15.5 million);
- EBITDA up sharply to € 20.9 million, +25.5% versus 31 December 2024 (€ 16.6 million). EBITDA margin at 11.3%, up from 9.9% in the same period of the prior year;
- EBIT at € 10.4 million, a substantial improvement (+38.8%) versus 31 December 2024 (€ 7.5 million). EBIT margin at 5.6% (4.4% at 31 December 2024);
- Consolidated net profit € 7.3 million, up 83.4% versus 31 December 2024 (€ 4.0 million), with 4.0% profitability, also higher than in the same period of the prior year (2.4%);
- Net Financial Debt € 30.9 million, down -6.6% versus 31 December 2024 (€ 33.1 million) thanks to robust cash generation that more than offset, during the period, expenditure of € 7.9 million, the distribution of € 2.0 million in dividends and the € 7.5 million acquisition of Lamitex;
- Adjusted net financial debt following the Lamitex acquisition at € 20.1 million, a significant decrease (-39.2%) versus 31 December 2024 (€ 33.1 million).
In the words of Luigi Cologni, CEO of Neodecortech: “2025 represents a year of competitive strengthening and industrial consolidation for Neodecortech. The results achieved show revenue growth and a significant improvement in operating profitability, confirming the strength and sustainability of our integrated industrial model, also in light of the potential synergies between Lamitex and the existing Texte laminates production line. The Group’s ability to continuously expand the range of decorative solutions while maintaining strict cost discipline enables it to strengthen its position in the European market for furniture and flooring surfaces. We continue to invest in quality, technological innovation and sustainability, which are central elements of our industrial strategy and increasingly relevant in customers’ choices. The Energy Division also contributed positively to the overall margin, confirming the effectiveness of our energy integration strategy.”
Decors and surfaces for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
CARBON NATIONAL ecode 1+2
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NEO
DECOR
TECH
Filago, 13 March 2026
Neodecortech S.p.A. ("Neodecortech" or the "Company" or "NDT"), one of Europe's top players in the production of decorative surfaces for laminated panels and flooring used in interior design, listed on Euronext Milan, a market organized and managed by Borsa Italiana S.p.A.- Euronext STAR Milan segment, announces that the Board of Directors' meeting held today approved the draft financial statements of NDT and the consolidated financial statements of the Group headed by NDT (the "Group") at 31 December 2025 (prepared in accordance with IAS/IFRS and in compliance with EU Delegated Regulation 2019/815 of the Commission on the Single European Electronic Format ESEF).
The same Board of Directors resolved to propose to the Shareholders' Meeting the distribution of an ordinary gross dividend of € 0.15 for each outstanding ordinary share, excluding treasury shares, with an ex-dividend date of 25 May 2026 and payment from 27 May 2026 (record date 26 May 2026). The dividend yield calculated on the closing price at 13 March 2026 is 4.24%;
CONSOLIDATED OPERATING AND FINANCIAL HIGHLIGHTS AT 31 DECEMBER 2025
In 2025, Neodecortech reported strong revenue growth of € 184.1 million, an increase of € 15.5 million (+9.2%) versus 2024. This result was supported by the performance of the subsidiary Bio Energia Guarcino S.r.l. (+24%) and the positive performance of Neodecortech (+5.7%), while Cartiere di Guarcino S.p.A. (-2.5%) was affected by the different sales mix. The consolidated figures include the operations of the newly acquired Lamitex S.r.l. for the period from 28 November 2025 to 31 December 2025. Its contribution to consolidated revenue amounts to € 0.8 million. Net of the Energy Division, sales of decorative surfaces show a decrease in Italy (-6.8%), more than offset by a strong increase in European markets (+5.4%), Asia (+157%) and America (+9.5%). Other markets remained stable or slightly increasing.
Revenue of the Energy Division, in particular, increased by 24% versus the same period of the prior year, due to higher volumes and the ARERA resolutions introduced (related to the implementation of the incentive scheme of Guaranteed Minimum Prices, so-called GMP).
Cost of sales and other net operating costs amounted to € 146.0 million, representing 79.3% of revenue, in line with the same period of the prior year (79.4% of revenue, or € 133.8 million).
Personnel expense amounted to € 22.6 million, increasing in absolute terms versus 2024 (€ 21.3 million) but with a lower impact of 12.3% (versus 12.7% in 2024). There were 441 employees at 31 December 2025, including 35 from the newly acquired Lamitex S.r.l..
EBITDA confirmed the efficiency recovery, reaching € 20.9 million (+25.5% versus € 16.6 million at 31 December 2024), representing 11.3% of Net Revenue (9.9% at 31 December 2024). Consolidated figures include the EBITDA contribution of € 0.2 million from the newly acquired Lamitex S.r.l. for the period from 28 November 2025 to 31 December 2025.
Amortization and depreciation, amounting to € 10.4 million, was up versus 2024 (€ 9.1 million), as a result of intangible expenditure related to the Enterprise Resource Planning software (ERP) implemented in 2025.
EBIT came to € 10.4 million (5.6% of revenue) versus € 7.5 million (4.4% of revenue) at 31 December 2024, reflecting an increase of +38.8%.
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331





NEO DECOR TECH
Financial expense remained steady in absolute value versus 2024, decreasing to 1.1% of revenue versus 1.3% in the prior period. This cost item was impacted by foreign exchange hedges that offset the effects of lower interest rates.
Profit before tax rose by +59.9%, reaching € 8.3 million versus € 5.2 million in the same period of the prior year.
Lastly, net profit recorded strong growth (+83.4%) to € 7.3 million (4.0% of revenue) versus € 4.0 million (2.4% of revenue) in the same period of the prior year.
Net working capital (NWC) at 31 December 2025 amounted to € 38.3 million, down versus € 42.5 million at 31 December 2024. The main combined effects contributing to the reduction in NWC versus 31 December 2024 (€ -4.2 million) are: (i) the reduction in trade receivables, offset by the increase in other current receivables due to the effect of the GMP billing cycle (€ -7.8 million); (ii) the increase in inventory of € 5.1 million, related mainly to the Lamitex inventory included in the 2025 consolidation and not present in the prior year; and (iii) the increase in tax receivables of € 2.3 million.
The change in tangible fixed assets in 2025 amounts to € +2.8 million. Capital expenditure in tangible fixed assets refers mostly to (i) new machinery and the upgrading of existing machinery in the parent company Neodecortech; (ii) actions to increase the efficiency of paper machines and to optimize plants in Cartiere di Guarcino S.p.A.; and (iii) maintenance expenditure in Bio Energia Guarcino S.r.l.. The acquisition of Lamitex contributed to the increase in tangible fixed assets by € 4.3 million. The change in intangible fixed assets relates to the recognition in the consolidated financial statements of the "Lamitex" brand for approximately € 6.5 million in accordance with IFRS 3. The item was reduced by the amortization charge for the new ERP system that entered operation on 1 January.
Consolidated equity at 31 December 2025, amounting to € 86.8 million, reflects the allocation of profit for the period and the dividend distribution.
Consolidated net financial debt at 31 December 2025 decreased significantly to € 30.9 million (€ 33.1 million at 31 December 2024) and includes Lamitex's financial debt of € 3.3 million in addition to the cash used for the acquisition itself. The decrease is attributable mainly to the settlement of part of the current debt linked, in particular, to the dynamics of collections from maximization and GMP. In July 2025, Neodecortech signed a new loan agreement with Banca Popolare di Sondrio S.p.A., totaling € 7 million with a term of 84 months. The loan, guaranteed under the SACE Growth Convention, is intended to finance the investments planned in NDT's business plan.
However, in order to better understand the performance of this equity item, it is appropriate to specify the structure of Net Financial Debt: excluding the resources obtained for the acquisition of Lamitex and the consolidation of its financial debt component, adjusted Net Financial Debt amounts to € 20.1 million, a significant reduction (-39.2%) versus 31 December 2024 (€ 33.1 million).
EVENTS AFTER YEAR END
With regard to the subsidiary Bio Energia Guarcino S.r.l., reference should be made to the issuance of the new Energy Law Decree no. 21 of 20 February 2026 (State Gazette no. 42 of 20 February 2026), which substantially revises the regulatory framework.
Decors and surfaces for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331





NEO DECOR TECH
At end 2025, Law no. 11 of 2 February 2024, converting Law Decree no. 181 of 9 December 2023 (the so-called “Energy Security” Decree), was in force and introduced urgent measures aimed at strengthening national energy security and promoting the development of renewable energy sources. With specific regard to bioliquid-fueled plants, the regulation introduced several relevant provisions applicable even after the expiry of the incentive period - for Bio Energia Guarcino S.r.l. ended in May 2025. In light of the persistent uncertainty of the regulatory framework and the absence, after the expiration of the Guaranteed Minimum Prices scheme on 31 December 2025, of a fully operational alternative mechanism, the company was forced to order, effective 1 January 2026, the production stoppage of the plant. During this period, extraordinary maintenance activities were carried out on two of the three generator sets.
This suspension of operations continued until the recent enactment of the new Energy Law Decree no. 21 of 20 February 2026 (State Gazette no. 42 of 20 February 2026), which provided greater visibility and clarity regarding the regulatory framework. Specifically, Article 5 repeals the regulation of the capacitive mechanism and extends the operation of the Guaranteed Minimum Prices to 31 March 2026, a mechanism that must be updated by ARERA within 90 days from the entry into force of this provision for the period from 1 April 2026 to 31 December 2030.
Following the introduction of the measure, Neodecortech confirmed the operation of the cogeneration plant of its subsidiary Bio Energia Guarcino S.r.l. until at least 2030.
As for the spending trend for bioliquid plants from general system charges, it is quantified as follows: € 700 million for 2026; € 537 million for 2027; € 331 million for 2028; € 208 million for 2029; € 100 million for 2030.
On 4 February 2025, the subsidiary NDT energy S.r.l. obtained a permit for the construction and operation of a co-incineration waste-to-energy plant for non-hazardous special waste in the Municipality of Atri (TE) Stracca - Industrial Area (plant code AU-TE-043). Following this decision, a group of citizens and the municipalities of Casoli di Atri, Roseto and Pineto filed an appeal before the Abruzzo Regional Administrative Court. On 11 February 2026, a hearing was held at the Regional Administrative Court to examine the matter. However, the decision on the case was postponed in order to allow the submission of additional documentation. To date, the Company is awaiting feedback from the adjudicating body.
OUTLOOK FOR THE YEAR
The international geopolitical environment remains marked by elements of instability related to the ongoing conflicts between Russia and Ukraine and in the Middle East, as well as uncertainties linked to trade policies and the application of tariff measures between different economic areas.
In second half 2025, the stabilization of the order backlog, already witnessed at the end of the first half of the year, strengthened further, with overall performance in line with the expectations set at the beginning of the year. Demand in the target sector continues to reflect end-consumer caution, particularly in the durable goods segment, and a general climate of macroeconomic uncertainty, resulting in limited visibility on sales trends in the short term.
With regard to the trend of strategic raw materials used by the Group, prices of pulp and titanium dioxide are currently under strong tension and, shortly, those of plastic polymers and resins will be as well. Logistics costs are also expected to be affected. To conclude, the current and recent conflict in the Middle East is already having impacts whose temporary nature or otherwise will soon become clear.
Decors and surfaces for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v. C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
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With regard to Bio Energia Guarcino S.r.l., the future evolution of bioliquids prices remains tied to the general macroeconomic framework and the dynamics of the energy sector, including the effects of oil and gas price trends.
From a currency perspective, market volatility persists, with a consequent impact on financial expense related to debt and potential operating effects arising from existing hedging instruments.
With regard to the Energy Division, it should be noted that Bio Energia Guarcino S.r.l. restarted the plant in conjunction with the enactment of the Energy Law Decree. The measure recognizes the value of plants integrated with industrial processes and supports production models that promote efficiency, operational continuity, stable energy costs and a tangible contribution to the transition toward a more circular and decarbonized economy.
In light of the elements described above, and excluding the potential effects that the development of the recent conflict that broke out in the Middle East could bring about in significantly worsening the situation, the Group believes it can approach 2026 with an overall more stable operating environment than the downturn recorded in prior years. The strategy will continue to focus on safeguarding margins, controlling operating costs and prudently managing the financial structure.
Lastly, the Group continues to pursue its sustainability policy through the implementation of various projects under the 2024 - 2026 ESG Plan, with a particular focus on reducing emissions, and promoting circular use of materials.
With regard to the CONSOB notices of 7 March 2022, and subsequently of 19 May 2022, aimed at compliance with the restrictive measures adopted by the EU in response to the Russian military aggression in Ukraine, it should be noted that the Group is continuing to comply with all the measures introduced by the European Union. Additionally, from an IT point of view, the Group has adopted stringent business continuity plans, guaranteeing the full operation of back-ups, including offline solutions, to protect company systems and data from possible cyber-attacks, which could intensify as the Russian-Ukrainian conflict continues.
OTHER RESOLUTIONS OF THE BOARD OF DIRECTORS
At the same meeting, the Board of Directors passed the following resolutions, among others:
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to approve the 2025 Sustainability Report, which will be made available and published at the Company's registered office and on its website at www.neodecortech.it, as well as on the authorized storage mechanism , within the time limits set forth by the relevant laws, together with the results of the limited assurance carried out by BDO Audit Services S.p.A., in accordance with the criteria set out in ISAE 3000 Revised.
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to grant the Chairman and the CEO, jointly and severally, the broadest powers to convene the Ordinary Shareholders' Meeting to be held on 28 April 2026, at 10 a.m., at the Company's headquarters at Via Provinciale 2 in Filago (BG) with the following agenda:
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Review and approval of the financial statements of Neodecortech S.p.A. at 31 December 2025, including the Board of Directors' Report on Operations, the Board of Statutory Auditors' Report, the Independent Auditors' Report, and the Certification of the Financial Reporting Manager. Relevant and
Decors and surfaces for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
CARBON NAUTICAL people 1+2
FSC www.fsc.org FSC-C100730
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ensuing resolutions;
- Proposed allocation of profit for the year and distribution of dividend. Relevant and ensuing resolutions;
- Presentation of the consolidated financial statements of the Neodecortech Group at 31 December 2025, including the Board of Directors' Report on Operations, the Board of Statutory Auditors' Report, the Independent Auditors' Report, and the Certification of the Financial Reporting Manager;
- Presentation of the Neodecortech Group Sustainability Report at 31 December 2025;
- Authorization to purchase and dispose of treasury shares upon revocation of the authorization to purchase treasury shares granted by the Shareholders' Meeting of 29 April 2025 for the unexecuted portion. Relevant and ensuing resolutions;
- Appointment of the Board of Statutory Auditors:
6.1. Appointment of the members of the Board of Statutory Auditors;
6.2. Appointment of the Chairman;
6.3. Determination of the total fees for each year of the term of office of the members of the Board of Statutory Auditors; - Report on the Remuneration Policy for 2026 and on Compensation Paid in 2025:
7.1. Review of Section I prepared pursuant to Article 123-ter, paragraph 3, of Legislative Decree no. 58 of 24 February 1998 (i.e., remuneration policy for 2026). Resolutions pursuant to Article 123-ter, paragraphs 3-bis and 3-ter, of Legislative Decree no. 58 of 24 February 1998;
7.2. Review of Section II prepared pursuant to Article 123-ter, paragraph 4, of Legislative Decree no. 58 of 24 February 1998 (i.e., compensation paid in 2025). Resolutions pursuant to Article 123-ter, paragraph 6, of Legislative Decree no. 58 of 24 February 1998;
The notice of call of the Shareholders' Meeting and the explanatory reports relating to the items on the agenda will be made publicly available at the Company's registered office, on the Company website www.neodecortech.it, and through the authorized storage mechanism , in the manner and within the time limits stipulated by the applicable laws and regulations.
AUTHORIZATION ON THE PURCHASE AND DISPOSAL OF TREASURY SHARES
Today, the Board of Directors resolved to submit for approval to the Ordinary Shareholders' Meeting the renewal of the authorization, pursuant to Articles 2357 and 2357-ter of the Italian Civil Code and 132 of Legislative Decree 58/1998 ("TUF"), of the plan for the purchase and disposal of treasury shares, subject to the revocation (for the unexecuted portion) of the previous authorization granted by the Ordinary Shareholders' Meeting of 29 April 2025, which, for the part relating to the purchase of treasury shares, will expire in the coming months.
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
CARBON
NATURAL
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In this regard, it should be noted that the Shareholders' Meeting of 29 April 2025 had authorized (i) the purchase of the Company's treasury shares, on one or more occasions, up to a maximum amount, taking account of the ordinary NDT shares held from time to time in the portfolio by the Company and its subsidiaries, not in the aggregate higher than 10% of the Company's share capital, for the maximum period allowed by law (18 months starting from the date of the Shareholders' Meeting, thus until 29 October 2026), as well as (ii) disposals, without time limits, of the treasury shares purchased and any shares held in the Company's portfolio. At 12 March 2026, the Company holds no. 449,000 treasury shares (representing 3.158% of the share capital), and its subsidiaries do not hold shares in the Company.
The authorization to purchase and dispose of the Company's treasury shares, in one or more tranches, is required for up to a maximum amount such that, taking account of the ordinary shares of the Company from time to time held in the portfolio by the Company and its subsidiaries, the total number of ordinary NDT shares in portfolio as a result of each purchase shall not exceed from time to time 10% of the Company's share capital, pursuant to Article 2357, third paragraph, of the Italian Civil Code.
The purpose of the request for the authorization to purchase and dispose of treasury shares is to enable the Company to purchase and dispose of ordinary shares, in strict compliance with current EU and national regulations, for the following purposes:
(i) to undertake any investments, directly or through intermediaries, including for the purpose of containing abnormal movements in share prices, stabilizing share trading and prices, supporting the liquidity of the share on the market, in order to foster the regular conduct of trading beyond normal fluctuations related to market performance, without prejudice in any case to compliance with applicable statutory provisions;
(ii) for storage and subsequent use (so-called "shares stock"), including: consideration in extraordinary transactions, including exchange or sale of equity investments, to be carried out by exchange, contribution or other act of disposal and/or use, with other parties, including allocation to service bonds convertible into shares of the Company or bonds with warrants;
(iii) for use to service remuneration and incentive plans based on financial instruments intended for directors and employees of the Company and/or companies directly or indirectly controlled by it, either through the free grant of purchase options or through the free allocation of shares (so-called stock option and stock grant plans) pursuant to Article 114-bis of the TUF, as well as plans for the free allocation of shares to shareholders.
With regard to the duration, the proposal approved by today's meeting of the Board of Directors envisages that:
(i) the authorization for the purchase of treasury shares be granted for a period of 18 months from the date on which the Shareholders' Meeting adopts the relating resolution;
(ii) on the other hand, authorization for the disposal and/or use of any treasury shares purchased is requested without time limits, due to the expediency of giving the Board of Directors the power to identify with maximum flexibility the most suitable time to proceed with the disposal of the treasury shares purchased.
With regard to the consideration, instead, the proposal approved by today's meeting of the Board of Directors
Decors and surfaces for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v. C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
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envisages that:
(i) treasury shares may be purchased, in accordance with applicable laws and regulations:
(a) at a minimum price no lower than the closing price that the share will have recorded in the stock exchange session on the day prior to the completion of each individual trade, less 10%;
(b) at a maximum price no higher than the closing price that the share will have recorded in the trading session on the day prior to the completion of each individual trade, increased by 10%.
(ii) as for the disposal (sale) of treasury shares, this may be carried out at a price that is not lower than 10% of the average official price recorded on the MTA in the five days prior to the disposal. This price limit may be waived in the event of exchange or sale of treasury shares in the framework of the implementation of industrial and/or business projects and/or projects of interest for the Company, in the event of disposal of shares in execution of incentive programs and, in any case, of plans pursuant to Article 114-bis of the TUF, in the event of the fulfilment of obligations arising from debt instruments convertible into equity instruments, and in the event of assignment of shares to shareholders free of charge.
The maximum outlay for the purchase of treasury shares may not exceed the amount of distributable profits and available reserves resulting from the most recent duly approved financial statements and amounting, with regard to the draft financial statements at 31 December 2025, to € 14,680 thousand and € 33,097 thousand, respectively.
The authorization request also envisages the power of the Board of Directors to carry out several and subsequent purchase and disposal transactions (or other acts of disposal) of treasury shares, including on a revolving basis, even for fractions of the maximum authorized quantity, so that, at any time, the quantity of shares subject to the proposed purchase and held by the Company does not exceed the limits set out by law and by the authorization that may be approved by the Shareholders' Meeting, it being understood that the transactions shall be carried out in compliance with the applicable legal provisions, including those of the Regulation adopted by CONSOB resolution no. 11971/1999, Regulation (EU) no. 596/2014, and EU Delegated Regulation 2016/1052.
For further information in this regard, reference is made to the report prepared by the Board of Directors, which will be made publicly available in the manner and within the time limits of applicable legal and regulatory provisions.
ALTERNATIVE PERFORMANCE MEASURES (APMS)
The definition of the main APMs used by the Neodecortech Group is given below:
- EBITDA and EBIT: alternative performance measures not defined by IFRS but used by Group Management to monitor and measure its performance, as they are not affected by volatility, due to the effects of the range of criteria for determining taxable income, the amount and characteristics of
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
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the capital employed and - for EBITDA - the amortization/depreciation policies. These measures are also commonly used by analysts and investors to assess company performance;
- ADJUSTED EBITDA and EBIT: a measure used by Management to strip EBITDA and EBIT of the effect of non-recurring cost and revenue components;
- ADJUSTED NET PROFIT: a measure used by Management to strip net profit of the effect of non-recurring cost and revenue components;
- OPERATING WORKING CAPITAL, NET WORKING CAPITAL, FIXED ASSETS and NET INVESTED CAPITAL: allow a better assessment of both the ability to meet short-term trade commitments through current trade assets and the consistency of the structure of loans and sources of financing in terms of time;
- NET FINANCIAL DEBT: the figure shown is in line with the value of net financial debt determined in accordance with the recommendations of the CESR (Committee of European Securities Regulators) of 10 February 2005 and referred to by CONSOB. This measure allows a better assessment of the overall level of debt, capital strength and debt repayability;
- ADJUSTED NET FINANCIAL DEBT: a measure used by Management to strip net financial debt from the effect of non-recurring financial components.
The Financial Reporting Manager, Marina Fumagalli, declares, pursuant to paragraph 2 of Article 154-bis of the TUF, that the accounting information contained herein is consistent with the underlying accounting documents, books and records.
On 16 March 2026 at 10:30 a.m. CEST, Neodecortech Management will hold a conference call to present the consolidated results for the period to the financial community and the press. To participate in the conference call, follow this link: https://l1nk.dev/F7jpv
It is hereby announced that the annual financial statements and the consolidated financial statements at 31 December 2025 approved today by the Board of Directors will be made available at the Company's registered office and on the Company website www.neodecortech.it, as well as at the authorized storage mechanism , within the time limits set forth by the relevant laws, together with the results of the audit currently underway.
Annexed hereto are the Income Statement, the Statement of Financial Position, the Reclassified Statement of Financial Position and the Statement of Cash Flows of the Draft Financial Statements of NDT and the Consolidated Financial Statements, the audit of which is still awaiting completion by the Independent Auditors.
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Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
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CONSOLIDATED INCOME STATEMENT AT 31 DECEMBER 2025
| (Euro thousands) | 31 DECEMBER 2025 | % | 31 DECEMBER 2024 | % | Chg. | % chg. |
|---|---|---|---|---|---|---|
| Revenue from sales and services | 184,072 | 100.0% | 168,575 | 100.0% | 15,497 | 9.2% |
| Changes in work in progress, semi-finished and finished products | 1,664 | 0.9% | (945) | (0.6%) | 2,609 | (276.1%) |
| Other revenue | 3,785 | 2.1% | 4,108 | 2.4% | (323) | (7.9%) |
| Value of Production | 189,521 | 103.0% | 171,738 | 101.9% | 17,783 | 10.4% |
| Raw and ancillary materials and consum. | (118,972) | (64.6%) | (107,227) | (63.6%) | (11,745) | 11.0% |
| Other operating expense | (27,075) | (14.7%) | (26,551) | (15.8%) | (524) | 2.0% |
| Value Added | 43,474 | 23.6% | 37,960 | 22.5% | 5,514 | 14.5% |
| Personnel expense | (22,606) | (12.3%) | (21,327) | (12.7%) | (1,279) | 6.0% |
| EBITDA | 20,868 | 11.3% | 16,633 | 9.9% | 4,235 | 25.5% |
| Amortization and depreciation | (10,412) | (5.7%) | (9,096) | (5.4%) | (1,316) | 14.5% |
| Allocations | (70) | (0.0%) | (53) | (0.0%) | (17) | 32.1% |
| EBIT | 10,386 | 5.6% | 7,484 | 4.4% | 2,902 | 38.8% |
| Financial expense | (2,290) | (1.2%) | (2,740) | (1.6%) | 450 | (16.4%) |
| Financial income | 183 | 0.1% | 433 | 0.3% | (250) | (57.7%) |
| Profit/(loss) before tax | 8,279 | 4.5% | 5,177 | 3.1% | 3,102 | 59.9% |
| Income tax | (985) | (0.5%) | (1,200) | (0.7%) | 215 | (17.9%) |
| Profit/(loss) for the year | 7,294 | 4.0% | 3,977 | 2.4% | 3,317 | 83.4% |
| Of which Group profit/(loss) for the year | 7,325 | 4,057 | 3,268 | |||
| Of which Profit/(loss) for the year of non-controlling interests | (31) | (80) | 49 |
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Neodecortech S.p.A. - Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 - Fax +39 035995225 - www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 - P. IVA IT 02833670165 - R.E.A. 193331
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2025
| Assets
(Euro thousands) | 31 DEC. 2025 | % | 31 DEC. 2024 | % | Chg. | % chg. |
| --- | --- | --- | --- | --- | --- | --- |
| Intangible assets | 9,762 | 5.3% | 3,317 | 1.9% | 6,445 | 194.3% |
| Tangible assets | 77,318 | 41.8% | 74,480 | 42.9% | 2,838 | 3.8% |
| Investments | 2 | 0.0% | - | - | 2 | 0.0% |
| Other non-current assets | 62 | 0.0% | 358 | 0.2% | (296) | (82.7%) |
| Non-current financial receivables | 469 | 0.3% | 512 | 0.3% | (43) | (8.4%) |
| Deferred tax assets | 1,750 | 0.9% | 1,055 | 0.6% | 695 | 65.9% |
| Non-current assets | 89,363 | 48.4% | 79,722 | 46.0% | 9,641 | 12.1% |
| Inventory | 45,196 | 24.5% | 40,049 | 23.1% | 5,147 | 12.9% |
| Trade receivables | 17,635 | 9.5% | 35,713 | 20.6% | (18,078) | (50.6%) |
| Receivables from tax consolidation | 0 | 0.0% | 348 | 0.2% | (348) | (100.0%) |
| Tax receivables | 4,265 | 2.3% | 1,989 | 1.1% | 2,276 | 114.4% |
| Current financial receivables | 0 | 0.0% | 81 | 0.0% | (81) | (100.0%) |
| Other current receivables | 13,312 | 7.2% | 3,081 | 1.8% | 10,231 | 332.1% |
| Cash funds | 15,030 | 8.1% | 12,483 | 7.2% | 2,547 | 20.4% |
| Current assets | 95,438 | 51.6% | 93,744 | 54.0% | 1,694 | 1.8% |
| Total assets | 184,801 | 100.0% | 173,466 | 100.0% | 11,335 | 6.5% |
| Equity and liabilities
(Euro thousands) | 31 DEC. 2025 | % | 31 DEC. 2024 | % | Chg. | % chg. |
| --- | --- | --- | --- | --- | --- | --- |
| Share capital | 18,804 | 10.2% | 18,804 | 10.8% | 0 | 0.0% |
| Share premium reserve | 19,188 | 10.4% | 18,864 | 10.9% | 324 | 1.7% |
| Other reserves | 32,794 | 17.7% | 30,276 | 17.5% | 2,518 | 8.3% |
| Prior years' profit (loss) | 8,710 | 4.7% | 8,761 | 5.1% | (51) | (0.6%) |
| Profit (loss) for the year | 7,325 | 4.0% | 4,057 | 2.3% | 3,268 | 80.6% |
| Group equity | 86,821 | 47.0% | 80,762 | 46.6% | 6,059 | 7.5% |
| Equity attributable to non-controlling interests | (23) | 0.0% | 43 | 0.0% | (66) | (153.5%) |
| Profit (loss) for the year attributable to non-controlling interests | (31) | 0.0% | (80) | 0.0% | 49 | (61.3%) |
| Equity attributable to non-controlling interests | (54) | 0.0% | (37) | 0.0% | (17) | 45.9% |
| Equity | 86,767 | 47.0% | 80,725 | 46.5% | 6,042 | 7.5% |
| Provisions for risks and charges | 826 | 0.4% | 771 | 0.4% | 55 | 7.1% |
| Deferred tax | 7,052 | 3.8% | 5,534 | 3.2% | 1,518 | 27.4% |
| Post-employment benefits | 2,087 | 1.1% | 2,091 | 1.2% | (4) | (0.2%) |
| Non-current financial liabilities | 21,453 | 11.6% | 19,968 | 11.5% | 1,485 | 7.4% |
| Non-current liabilities | 31,418 | 17.0% | 28,364 | 16.4% | 3,054 | 10.8% |
| Trade payables | 29,247 | 15.8% | 29,951 | 17.3% | (704) | (2.4%) |
| Payables from tax consolidation | 815 | 0.4% | 31 | 0.0% | 784 | 2.529,0% |
| Tax payables | 1,116 | 0.6% | 1,244 | 0.7% | (128) | (10.3%) |
| Current financial liabilities | 24,500 | 13.3% | 25,689 | 14.8% | (1,189) | (4.6%) |
| Other current payables | 10,938 | 5.9% | 7,462 | 4.3% | 3,476 | 46.6% |
| Current liabilities | 66,616 | 36.0% | 64,377 | 37.1% | 2,239 | 3.5% |
| Total equity and liabilities | 184,801 | 100.0% | 173,466 | 100.0% | 11,335 | 6.5% |
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331





NEO
DECOR
TECH
RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2025
| (Euro thousands) | 31 DECEMBER 2025 | 31 DECEMBER 2024 | Chg. | % chg. |
|---|---|---|---|---|
| Trade receivables | 17,635 | 35,713 | (18,078) | (50.6%) |
| Inventory | 45,196 | 40,049 | 5,147 | 12.9% |
| Trade payables | (29,247) | (29,952) | 705 | (2.4%) |
| Operating NWC | 33,584 | 45,810 | (12,226) | (26.7%) |
| Other current receivables | 13,312 | 3,081 | 10,231 | 332.1% |
| Receivables from tax consolidation | 0 | 348 | (348) | (100.0%) |
| Tax receivables | 4,265 | 1,989 | 2,276 | 114.4% |
| Other current payables | (10,938) | (7,462) | (3,476) | 46.6% |
| Tax payables | (1,116) | (1,244) | 128 | (10.3%) |
| Payables from tax consolidation | (815) | (31) | (784) | 2,529.0% |
| Net Working Capital | 38,292 | 42,491 | (4,199) | (9.9%) |
| Tangible fixed assets | 77,318 | 74,480 | 2,838 | 3.8% |
| Intangible fixed assets | 9,762 | 3,317 | 6,445 | 194.3% |
| Financial fixed assets | 2 | - | 2 | 0.0% |
| Non-current financial assets | 469 | 512 | (43) | (8.4%) |
| Other non-current assets | 62 | 359 | (297) | (82.7%) |
| Fixed assets | 87,613 | 78,668 | 8,945 | 11.4% |
| Post-employment benefits | (2,087) | (2,091) | 4 | (0.2%) |
| Provisions for risks and charges | (826) | (771) | (55) | 7.1% |
| Deferred tax assets and liabilities | (5,302) | (4,479) | (823) | 18.4% |
| Net Capital Employed | 117,690 | 113,818 | 3,872 | 3.4% |
| Equity | 86,767 | 80,725 | 6,042 | 7.5% |
| Cash funds | (15,030) | (12,483) | (2,547) | 20.4% |
| Other current financial receivables | 0 | (81) | 81 | (100.0%) |
| Current financial liabilities | 24,500 | 25,689 | (1,189) | (4.6%) |
| Non-current financial liabilities | 21,453 | 19,968 | 1,485 | 7.4% |
| Net Financial Debt | 30,923 | 33,093 | (2,170) | (6.6%) |
| Equity and Net Financial Debt | 117,690 | 113,818 | 3,872 | 3.4% |
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. - Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 - Fax +39 035995225 - www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 - P. IVA IT 02833670165 - R.E.A. 193331
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DECOR
TECH
CONSOLIDATED STATEMENT OF CASH FLOWS AT 31 DECEMBER 2025
| 31 DECEMBER | 31 DECEMBER | |
|---|---|---|
| (Euro thousands) | 2025 | 2024 |
| Profit (loss) for the year | 7,294 | 3,977 |
| Income tax | 1,801 | 732 |
| Deferred/(prepaid) tax | (817) | 468 |
| Interest expense/(interest income) | 2,107 | 2,528 |
| (Dividends received) | 0 | 0 |
| (Gains)/losses from disposal of assets | (20) | 25 |
| 1 Profit (loss) for the year before income tax, interest, dividends and gains/losses from disposals | 10,365 | 7,730 |
| Adjustments for non-monetary items that had no balancing entry in net working capital: | ||
| Allocation to post-employment benefits | 47 | 146 |
| Allocations to other provisions | 1,417 | 163 |
| Amortization and depreciation of fixed assets | 10,373 | 9,096 |
| Write-downs for impairment losses | 0 | 0 |
| Other adjustments for non-monetary items | (3,070) | (1,159) |
| 2 Cash flow before changes in NWC | 19,134 | 15,976 |
| Changes in net working capital: | ||
| Decrease/(increase) in receivables from customers | 19,587 | (19,473) |
| Decrease/(increase) in inventory | (2,552) | 2,020 |
| Increase/(decrease) in payables to suppliers | (1,967) | (3,861) |
| Decrease/(increase) in other receivables | (12,676) | 9,653 |
| Increase/(decrease) in other payables | 3,460 | 1,289 |
| Other changes in net working capital | 0 | 0 |
| 3 Cash flow after changes in NWC | 24,986 | 5,604 |
| Other adjustments: | ||
| Interest received/(paid) | (1,964) | (2,375) |
| (Income tax paid) | (899) | (185) |
| (Gains)/losses from disposal of assets | 0 | 0 |
| Dividends received | 0 | 0 |
| (Utilization of provisions) | (22) | 578 |
| (Utilization of provisions for post-employment benefits) | (254) | (128) |
| 4 Cash flow after other adjustments | 21,846 | 3,494 |
| A Cash flow from operations | 21,846 | 3,494 |
| Tangible fixed assets | (7,960) | (7,154) |
| (Purchase) | (7,965) | (7,329) |
| Disposal | 4 | 174 |
| Intangible fixed assets | (7,121) | (2,859) |
| (Purchase) | (7,121) | (2,859) |
| Disposal | 0 | 0 |
| Financial fixed assets | (280) | (91) |
| (Purchase) | (280) | (97) |
| Disposal | 0 | 6 |
| Current financial assets | 0 | 0 |
| (Purchase) | 0 | 0 |
| Disposal | 0 | 0 |
Decors and surfaces
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Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331





NEO
DECOR
TECH
| Proceeds from disposal of assets | 20 | (24) |
|---|---|---|
| B Cash flow from investing activities | (14,781) | (10,128) |
| Free cash flow | 7,063 | (6,634) |
| Liabilities | (4,346) | 7,662 |
| Increase (decrease) in short-term bank payables | (5,853) | 6,548 |
| New loans | 7,000 | 8,000 |
| Repayment of loan | (9,401) | (6,886) |
| Financial liabilities to other lenders | 3,866 | 0 |
| Change in financial receivables from other lenders | 42 | 0 |
| Equity | (1,282) | (702) |
| Share capital increase | 0 | 0 |
| Sale (purchase) of treasury shares | 440 | (702) |
| Other changes in equity | (1,722) | 0 |
| C Cash flow from financing activities | (5,629) | 6,960 |
| Increase (decrease) in cash funds (A ± B ± C) | 1,437 | 326 |
| Cash funds at 1 January | 12,483 | 12,157 |
| Cash acquired (transferred) from change in consolidation scope | 1,110 | - |
| Cash funds at 31 December | 15,030 | 12,483 |
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
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NEODECORTECH S.P.A. INCOME STATEMENT AT 31 DECEMBER 2025
| (Euro thousands) | 31 DECEMBER 2025 | % | 31 DECEMBER 2024 | % | Chg. | % chg. |
|---|---|---|---|---|---|---|
| Revenue from sales and services | 67,819 | 100.0% | 64,134 | 100.0% | 3,685 | 5.7% |
| Changes in work in progress, semi-finished and finished products | 969 | 1.4% | (37) | (0.1%) | 1,006 | (2,718.9%) |
| Other revenue | 2,712 | 4.0% | 1,742 | 2.7% | 970 | 55.7% |
| Value of Production | 71,500 | 105.4% | 65,839 | 102.7% | 5,661 | 8.6% |
| Raw and ancillary materials and consum. | (42,307) | (62.4%) | (38,745) | (60.4%) | (3,562) | 9.2% |
| Other operating expense | (11,890) | (17.5%) | (11,316) | (17.6%) | (574) | 5.1% |
| Value Added | 17,303 | 25.5% | 15,778 | 24.6% | 1,525 | 9.7% |
| Personnel expense | (12,311) | (18.2%) | (11,753) | (18.3%) | (558) | 4.7% |
| EBITDA | 4,992 | 7.4% | 4,025 | 6.3% | 967 | 24.0% |
| Amortization and depreciation | (3,709) | (5.5%) | (3,286) | (5.1%) | (423) | 12.9% |
| Allocations | (35) | (0.1%) | 0 | 0.0% | (35) | 0.0% |
| EBIT | 1,248 | 1.8% | 739 | 1.2% | 509 | 68.9% |
| Financial expense | (649) | (1.0%) | (985) | (1.5%) | 336 | (34.1%) |
| Financial income | 6,810 | 10.0% | 4,370 | 6.8% | 2,440 | 55.8% |
| Profit/(loss) before tax | 7,409 | 10.9% | 4,124 | 6.4% | 3,285 | 79.7% |
| Income tax | (49) | (0.1%) | (13) | (0.0%) | (36) | 276.9% |
| Profit/(loss) for the year | 7,360 | 10.9% | 4,111 | 6.4% | 3,249 | 79.0% |
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
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NEO
DECOR
TECH
NEODECORTECH S.P.A. STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2025
| Assets | 31DECEMBER2025 | % | 31DECEMBER2024 | % | Chg. | % chg. |
|---|---|---|---|---|---|---|
| (Euro thousands) | ||||||
| Intangible assets | 1,967 | 1.6% | 2,093 | 1.9% | (126) | (6.0%) |
| Tangible assets | 31,814 | 26.0% | 32,339 | 29.4% | (525) | (1.6%) |
| Investments | 59,706 | 48.8% | 46,726 | 42.5% | 12,980 | 27.8% |
| Other non-current assets | 34 | 0.0% | 337 | 0.3% | (303) | (89.9%) |
| Non-current financial receivables | 24 | 0.0% | 67 | 0.1% | (43) | (64.2%) |
| Deferred tax assets | 605 | 0.5% | 520 | 0.5% | 85 | 16.3% |
| Non-current assets | 94,150 | 77.0% | 82,082 | 74.6% | 12,068 | 14.7% |
| Inventory | 10,940 | 8.9% | 9,455 | 8.6% | 1,485 | 15.7% |
| Trade receivables | 9,041 | 7.4% | 11,717 | 10.6% | (2,676) | (22.8%) |
| Receivables from tax consolidation | 0 | 0.0% | 13 | 0.0% | (13) | (100.0%) |
| Tax receivables | 674 | 0.6% | 530 | 0.5% | 144 | 27.2% |
| Current financial receivables | 28 | 0.0% | 4,217 | 3.8% | (4,189) | (99.3%) |
| Other current receivables | 955 | 0.8% | 430 | 0.4% | 525 | 122.1% |
| Cash funds | 6,467 | 5.3% | 1,629 | 1.5% | 4,838 | 297.0% |
| Current assets | 28,105 | 23.0% | 27,991 | 25.4% | 114 | 0.4% |
| Total assets | 122,255 | 100.0% | 110,073 | 100.0% | 12,182 | 11.1% |
| Equity and liabilities | 31DECEMBER2025 | % | 31DECEMBER2024 | % | Chg. | % chg. |
| --- | --- | --- | --- | --- | --- | --- |
| (Euro thousands) | ||||||
| Share capital | 18,804 | 15.4% | 18,804 | 17.1% | 0 | 0.0% |
| Share premium reserve | 19,188 | 15.7% | 18,864 | 17.1% | 324 | 1.7% |
| Treasury shares | (1,248) | (1.0%) | (1,688) | (1.5%) | 440 | (26.1%) |
| Other reserves | 34,029 | 27.8% | 31,966 | 29.0% | 2,063 | 6.5% |
| Prior years' profit (loss) | 8,761 | 7.2% | 8,761 | 8.0% | 0 | 0.0% |
| Profit (loss) for the year | 7,360 | 6.0% | 4,111 | 3.7% | 3,249 | 79.0% |
| Equity | 86,894 | 71.1% | 80,818 | 73.4% | 6,076 | 7.5% |
| Provisions for risks and charges | 370 | 0.3% | 296 | 0.3% | 74 | 25.0% |
| Deferred tax | 2,323 | 1.9% | 2,346 | 2.1% | (23) | (1.0%) |
| Post-employment benefits | 532 | 0.4% | 693 | 0.6% | (161) | (23.2%) |
| Non-current financial liabilities | 9,800 | 8.0% | 7,334 | 6.7% | 2,466 | 33.6% |
| Non-current liabilities | 13,025 | 10.7% | 10,669 | 9.7% | 2,356 | 22.1% |
| Trade payables | 6,832 | 5.6% | 7,264 | 6.6% | (432) | (5.9%) |
| Payables from tax consolidation | 36 | 0.0% | 0 | 0.0% | 36 | 0.0% |
| Tax payables | 387 | 0.3% | 645 | 0.6% | (258) | (40.0%) |
| Current financial liabilities | 8,598 | 7.0% | 5,722 | 5.2% | 2,876 | 50.3% |
| Other current payables | 6,483 | 5.3% | 4,955 | 4.5% | 1,528 | 30.8% |
| Current liabilities | 22,336 | 18.3% | 18,586 | 16.9% | 3,750 | 20.2% |
| Total equity and liabilities | 122,255 | 100.0% | 110,073 | 100.0% | 12,182 | 11.1% |
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. - Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 - Fax +39 035995225 - www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 - P. IVA IT 02833670165 - R.E.A. 193331
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ASSOCIATION
OF THE
FSC
www.fsc.org
FSC CREDIT
AN INDIAN INSTITUTE
FOR THE
CITY
OF THE CALIFORNIA
SUSTAINABLE DEVELOPMENT
COY
CERTIQUALITY
UNI EN ISO 9001:2008
UNI EN ISO 14001:2009
SYSTEM OF DESTINATION
QUALIFICATIONS
CERTIFIED IN SECTIONS
1813-2015 ISO 9001:2008
UNI EN ISO 14001:2009
NEO
DECOR
TECH
NEODECORTECH S.P.A. RECLASSIFIED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2025
| (Euro thousands) | 31 DECEMBER 2025 | 31 DECEMBER 2024 | Chg. | % chg. |
|---|---|---|---|---|
| Trade receivables | 8,737 | 10,639 | (1,902) | (17.9%) |
| Trade receivables - intercompany | 304 | 1,078 | (774) | (71.8%) |
| Inventory | 10,940 | 9,455 | 1,485 | 15.7% |
| Trade payables | (6,863) | (7,265) | 402 | (5.5%) |
| Trade payables - Intercompany | 31 | - | 31 | - |
| Operating NWC | 13,149 | 13,907 | (758) | (5.5%) |
| Other current receivables | 955 | 430 | 525 | 122.1% |
| Receivables from tax consolidation | 0 | 13 | (13) | (100.0%) |
| Tax receivables | 672 | 530 | 142 | 26.8% |
| Other current payables | (6,482) | (4,955) | (1,527) | 30.8% |
| Tax payables | (387) | (645) | 258 | (40.0%) |
| Payables from tax consolidation | (36) | - | (36) | 0.0% |
| Net Working Capital | 7,871 | 9,280 | (1,409) | (15.2%) |
| Tangible fixed assets | 31,814 | 32,339 | (525) | (1.6%) |
| Intangible fixed assets | 1,967 | 2,093 | (126) | (6.0%) |
| Financial fixed assets | 59,708 | 46,727 | 12,981 | 27.8% |
| Non-current financial assets | 24 | 67 | (43) | (64.2%) |
| Other non-current assets | 34 | 337 | (303) | (89.9%) |
| Fixed assets | 93,547 | 81,563 | 11,984 | 14.7% |
| Post-employment benefits | (532) | (693) | 161 | (23.2%) |
| Provisions for risks and charges | (370) | (296) | (74) | 25.0% |
| Deferred tax assets and liabilities | (1,718) | (1,826) | 108 | (5.9%) |
| Net Capital Employed | 98,798 | 88,028 | 10,770 | 12.2% |
| Equity | 86,894 | 80,818 | 6,076 | 7.5% |
| Cash funds | (6,467) | (1,629) | (4,838) | 297.0% |
| Other current financial receivables | - | - | - | - |
| Other current financial receivables IC | (28) | (4,216) | 4,188 | (99.3%) |
| Current financial liabilities to banks | 4,369 | 5,632 | (1,263) | (22.4%) |
| Current financial liabilities to other lenders | 4,229 | 90 | 4,139 | 4,598.9% |
| Non-current financial liabilities to banks | 9,251 | 6,574 | 2,677 | 40.7% |
| Non-current financial liabilities to other lenders | 550 | 759 | (209) | (27.5%) |
| Net Financial Debt | 11,904 | 7,210 | 4,694 | 65.1% |
| Equity and Net Financial Debt | 98,798 | 88,028 | 10,770 | 12.2% |
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. - Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 - Fax +39 035995225 - www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 - P. IVA IT 02833670165 - R.E.A. 193331
CARBON
NATURAL
ACADEMY
FSC
www.fsc.org
FSC-CHS0765
MADE IN THE
IT01
CERTIFIED
MANAGEMENT SYSTEM
CQY
CERTIQUALITY
UNI EN ISO 9001:2008
UNI EN ISO 9001:2009
SYSTEM DE GESTIONS
DELL'INTERNO GESTIONALI
CQY
CERTIQUALITY
UNI EN ISO 9001:2008
UNI EN ISO 9001:2009
NEO
DECOR
TECH
NEODECORTECH S.P.A. STATEMENT OF CASH FLOWS AT 31 DECEMBER 2025
| (Euro thousands) | 31 DECEMBER | 31 DECEMBER |
|---|---|---|
| 2025 | 2024 | |
| Profit (loss) for the year | 7,360 | 4,111 |
| Income tax | 148 | 91 |
| Deferred/(prepaid) tax | (98) | (77) |
| Interest expense/(interest income) | 549 | 501 |
| (Dividends received) | 0 | 0 |
| (Gains)/losses from disposal of assets | (23) | 24 |
| 1 Profit (loss) for the year before income tax, interest, dividends and gains/losses from disposals | 7,936 | 4,650 |
| Adjustments for non-monetary items that had no balancing entry in net working capital: | ||
| Allocation to post-employment benefits | 16 | 113 |
| Allocations to other provisions | 115 | 46 |
| Amortization and depreciation of fixed assets | 3,709 | 3,286 |
| Write-downs for impairment losses | 0 | 0 |
| Other adjustments for non-monetary items | (6,739) | (4,034) |
| 2 Cash flow before changes in NWC | 5,037 | 4,061 |
| Changes in net working capital: | ||
| Decrease/(increase) in receivables from customers | 1,924 | (578) |
| Decrease/(increase) in receivables from customers - Intercompany | 774 | (1,078) |
| Decrease/(increase) in inventory | (1,528) | (264) |
| Increase/(decrease) in payables to suppliers | (402) | (1,397) |
| Increase/(decrease) in payables to suppliers - Intercompany | (106) | 75 |
| Decrease/(increase) in other receivables | (738) | 39 |
| Increase/(decrease) in other payables | 1,355 | 828 |
| Other changes in net working capital | 0 | 0 |
| 3 Cash flow after changes in NWC | 6,316 | 1,686 |
| Other adjustments: | ||
| Interest received/(paid) | (447) | (382) |
| (Income tax paid) | (91) | (172) |
| (Gains)/losses from disposal of assets | 0 | 0 |
| Dividends received | 2,130 | 0 |
| (Utilization of provisions) | (23) | 71 |
| (Utilization of provisions for post-employment benefits) | (177) | (70) |
| 4 Cash flow after other adjustments | 7,709 | 1,133 |
| A Cash flow from operations | 7,709 | 1,133 |
| Tangible fixed assets | (2,644) | (3,803) |
| (Purchase) | (2,648) | (3,957) |
| Disposal | 4 | 154 |
| Intangible fixed assets | (414) | (1,881) |
| (Purchase) | (414) | (1,881) |
| Disposal | 0 | 0 |
| Financial fixed assets | (8,100) | (87) |
| (Purchase) | (8,100) | (87) |
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. - Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 - Fax +39 035995225 - www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 - P. IVA IT 02833670165 - R.E.A. 193331





NEO
DECOR
TECH
| Disposal | 0 | 0 |
|---|---|---|
| Current financial assets | 0 | 0 |
| (Purchase) | 0 | 0 |
| Disposal | 0 | 0 |
| Proceeds from disposal of assets | 23 | (25) |
| B Cash flow from investing activities | (11,135) | (5,796) |
| --- | --- | --- |
| Free cash flow | (3,427) | (4,663) |
| Liabilities | 9,547 | 770 |
| Increase (decrease) in short-term bank payables | (1,462) | 1,466 |
| New loans | 7,000 | 2,000 |
| Repayment of loan | (4,150) | (3,507) |
| Financial liabilities to other lenders | 3,929 | 0 |
| Change in financial receivables from other lenders | 42 | 0 |
| Change in financial receivables - Intercompany | 4,188 | 811 |
| Equity | (1,282) | (702) |
| Share capital increase | 0 | 0 |
| Sale (purchase) of treasury shares | 440 | (702) |
| Other changes in equity | (1,722) | 0 |
| C Cash flow from financing activities | 8,265 | 68 |
| Increase (decrease) in cash funds (A ± B ± C) | 4,838 | (4,595) |
| Cash funds at 1 January | 1,629 | 6,224 |
| Cash funds at 31 December | 6,467 | 1,629 |
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. - Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 - Fax +39 035995225 - www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 - P. IVA IT 02833670165 - R.E.A. 193331
CARBON
NEUTRAL
scope 1+2
FSC
www.fsc.org
FSC CREDIT
MADE IN THE
IT01
CERTIFIED
MANAGEMENT SYSTEM
CQY
CERTIQUALITY
UNI EN ISO 9001:2008
UNI EN ISO 14001:2006
CERTIFIED ID 00070006
SELLINGSLIST
CERTIQUALITY
UNI EN ISO 9001:2005
CERTIFICATE
CQY
CERTIQUALITY
UNI EN ISO 14001:2008
NEO
DECOR
TECH
Neodecortech S.p.A.
Neodecortech is one of Europe's top players in the production of decorative surfaces for laminated panels and flooring used in interior design. The Group's business is in the production of complete and technologically advanced solutions for the realization of interior design projects, covering all stages of the production process for the production of decorative paper, from raw material management, through surface finishing and impregnation, up to the finished product and the management of end-of-line logistics. The Group offers multiple product categories: decorative papers; decorative printings; finish foil; melamine film; PPF and PPLF, CPL laminates, CLPL laminates, EOS anti-fingerprint surfaces (www.neodecortech.it).
ISIN Code ordinary shares: IT0005275778
For further information:
| SPECIALIST | INVESTOR RELATIONS |
|---|---|
| BPER Banca S.p.A. | |
| [email protected] | |
| 051-2756537 | |
| www.bper.it | Neodecortech S.p.A. |
| T +39 035 99 63 02 | |
| F +39 035 99 52 25 | |
| Luigi Cologni | |
| [email protected] | |
| www.neodecortech.it | |
| INVESTOR RELATIONS & CORPORATE AND FINANCIAL MEDIA RELATIONS | |
| My Twin Communications S.r.l. | |
| TWIN | |
| INVESTORS RELATIONS | |
| Mara Di Giorgio | [email protected] |
| Federico Bagatella | [email protected] |
| CORPORATE AND FINANCIAL MEDIA RELATIONS | |
| Elena Filippi | [email protected] |
This press release is for informational purposes only and does not constitute an offer to the public or an invitation to subscribe or purchase financial instruments in Italy or any other country where such offer or solicitation would be
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
CARBON
PRINTING
SCOOLS 1+2
FSC
www.fsc.org
FSC-CHS0768
MADE IN ITALY
IT01
CERTIFICA
CERTIFICATO
CQY
CERTIQUALITY
CERTIFICA DI GESTIONE
DELL'ENERGIA CERTIFICATO
CQY
CERTIQUALITY
UNI EN ISO 9000:2008
UNI EN ISO 90000:2008
UNI ISO 45000:2004
CERTI
UNI-ISO-EN ISO 90000:2008
NEO
DECOR
TECH
subject to restrictions or authorization by local authorities or otherwise prohibited by law. This press release may not be published, distributed or transmitted to the United States, Canada, Australia or Japan. The shares mentioned in this press release cannot be offered or sold in either Italy or the United States or any other jurisdiction without registration under the applicable provisions or an exemption from the obligation to register under the applicable provisions. The shares mentioned in this press release have not been and will not be registered under the US Securities Act of 1933 nor under the applicable provisions in Italy, Australia, Canada, Japan or any other jurisdiction. There will be no offer to the public of the Company's shares either in Italy or in the United States, Australia, Canada or Japan or elsewhere.
Decors and surfaces
for sustainable living.
Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
Tel. +39 035996111 – Fax +39 035995225 – www.neodecortech.it
Capitale Sociale Euro 18,804,209.37 i.v.
C.F. e R.I. 00725270151 – P. IVA IT 02833670165 – R.E.A. 193331
CARBON
NEUTRAL
SCORE 1+2
FSC
www.fsc.org
FSC-CHS0766
MADE IN
ITALY
IT01
EDITORIAL INSTITUTE CERTIFICATE
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CERTIQUALITY
CQY-CERTIQUALITY
UN 01-03-0000000
UN 01-03-0000000
UN 01-03-0000000
EDITION & SECTIONS
DELL'INSERVA CERTIFICATA
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