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Neodecortech Interim / Quarterly Report 2025
4087_rns_2025-11-13_9a58196a-3003-421a-89dd-29a1f9331f84.pdf
Interim / Quarterly Report
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PRESS RELEASE
Neodecortech S.p.A. - Revenue up 13.8%, EBITDA up 41.5%, sharp 11.2% reduction in net financial debt. These are the figures approved by the Neodecortech BoD today presented in the consolidated financial report at 30 September 2025.
In first nine months 2025 Neodecortech achieved:
- Net revenue of € 138.3 million, up sharply (+13.8%) versus 30 September 2024 (€ 121.5 million);
- Significant growth in EBITDA reaching € 15.7 million, +41.5% versus 30 September 2024 (€ 11.1 million); EBITDA margin (on revenue) rises to 11.4% versus 9.1% in the same period of the prior year;
- EBIT of € 7.5 million, a strong improvement (+69.2%) versus 30 September 2024 (€ 4.4 million); EBIT margin at 5.4% (3.6% at 30 September 2024);
- Consolidated net profit of € 5.2 million, +144.4% versus 30 September 2024 (€ 2.1 million), with profitability of 3.8%, more than double versus the same period of the prior year (1.8%);
- Net Financial Debt of € 34.7 million, down (-11.2%) versus 30 September 2024 (€ 39.1 million) and up slightly (+4.8%) versus 31 December 2024 (€ 33.1 million) after expenditure of € 5.7 million and dividend payout of € 2.0 million.
Specifically, in third quarter 2025 Neodecortech achieved:
- Net revenue of € 47.9 million (+32.3% versus third quarter 2024);
- EBITDA of € 6.5 million (+54.8% versus third quarter 2024), with an EBITDA margin of 13.6% compared to 11.6% in the same period of the previous year;
- EBIT of € 3.2 million (+60.0% versus third quarter 2024), with an EBIT margin of 6.7% compared to 5.5% in the same period of the previous year;
- Consolidated net profit of € 2.4 million (+166.7% versus third quarter 2024).
"The results of the first nine months confirm the strength of our business model and the Group's ability to deliver value in a persistently selective market environment. The growing profitability reflects the strategic positioning based on diversified offerings, recently enhanced by the launch of Kraft Paper, the quality of operations, and the ongoing commitment to production and financial efficiency, as recently demonstrated by SAP's recognition as winner of its annual supply chain management award and Deloitte's Best Managed Companies award. We will keep investing in innovation, sustainability, and the development of high value-added products to further reinforce our competitive position and market confidence." says Luigi Cologni, CEO of Neodecortech S.p.A.
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Filago, 13 November 2025
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 the Euronext STAR Milan Segment organized and managed by Borsa Italiana S.p.A., announces that the Board of Directors met today and approved the Consolidated Interim Management Statement at 30 September 2025, which will be published within the time limits of law, together with the results of the limited audit currently underway.
CONSOLIDATED OPERATING AND FINANCIAL HIGHLIGHTS AT 30 SEPTEMBER 2025
In first nine months 2025, Neodecortech reported sustained revenue growth of € 138.3 million, up € 16.7 million (+13.8%) versus first nine months 2024. This result was driven by the strong performance of the Bio Energia Guarcino S.r.l. (+52.6%) and the solid resilience of the Neodecortech Division (+6.7%), while Cartiere di Guarcino S.p.A. (-7.3%) was negatively impacted by lower volumes.
Specifically, revenue in the Energy Division rose by +52.6% versus the same period of the prior year, driven by ARERA resolutions (linked to the implementation of the Guaranteed Minimum Prices incentive scheme GMP) and a rise in volumes.
Consolidated net revenue in third quarter 2025 alone amounted to € 47.9 million (+32.3%) versus € 36.2 million in third quarter 2024.
In the first nine months, cost of sales and other net operating costs totaled € 107.1 million, representing 77.5% of revenue, an improvement versus the same period of the prior year (80.7% of revenue, or € 98.1 million).
Personnel expense totaled € 16.6 million, rising in absolute terms versus first nine months 2024 (€ 15.9 million) but declining as a percentage to 12% (13.1% at 30 September 2024). At 30 September 2025, the Group had 397 employees.
EBITDA confirmed the recovery in efficiency, reaching € 15.7 million (up +41.5% versus € 11.1 million at 30 September 2024), equal to 11.4% of net revenue (9.1% at 30 September 2024).
EBITDA in third quarter 2025 alone totaled € 6.5 million (+54.8% versus third quarter 2024). The EBITDA margin rose sharply to 13.6% from 11.6% in the same period of the prior year.
Amortization and depreciation amounted to € 8.2 million, increasing versus 30 September 2024 (€ 6.7 million) due to intangible expenditure linked to the new company Enterprise Resource Planning (ERP) implemented in 2025.
EBIT came to € 7.5 million (5.4% of revenue) versus € 4.4 million (3.6% of revenue) at 30 September 2024, reflecting an increase of +69.2%.
EBIT showed a strong increase in third quarter 2025 to € 3.2 million versus € 2.0 million in third quarter 2024 (+60%), with an EBIT margin in 2025 at 6.7% versus 5.5% in the same period of the previous year.
Financial expense remained steady in absolute value versus 30 September 2024, decreasing to 1.2% of revenue versus 1.4% 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 +113.1%, reaching € 5.8 million versus € 2.7 million in the same period of the prior year.
Lastly, net profit recorded strong growth (+144.4%) to € 5.2 million (3.8% of revenue) versus € 2.1 million (1.8% of
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revenue) in the same period of the prior year.
Profit in third quarter 2025 was € 2.4 million (+166.7%) versus € 0.9 million recorded in the same period last year.
Net working capital (NWC) at 30 September 2025 amounted to € 48.7 million, up from € 42.5 million at 31 December 2024 and broadly in line with € 48.6 million at 30 September 2024.
The main combined effects behind the € +6.2 million increase in NWC versus 31 December 2024 were (i) lower trade receivables offset by higher other current receivables linked to the billing cycle of GMP; (ii) a € 4.2 million rise in inventory due mainly to certain sales postponed to the next quarter, and (iii) a € 3.3 million reduction in trade payables.
Capital expenditure made in tangible and intangible fixed assets in first nine months 2025 amounted to € 5.7 million versus € 5.5 million in the same period of 2024. 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 change in intangible fixed assets is related to the ERP system change, which went live on 1 January 2025 and is currently being finalized.
Consolidated equity at 30 September 2025, amounting to € 83.4 million, reflects the allocation of profit for the period and the dividend distribution.
Consolidated net financial debt at 30 September 2025 decreased significantly to € 34.7 million (versus € 39.1 million at 30 September 2024). The € 4.4 million decrease was due mainly to the closure of part of the current debt, supported in part by the dynamics of collections related to maximization and GMP. In first nine months 2025, Neodecortech S.p.A. 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 the Parent Company's business plan. At 31 December 2024, consolidated net financial debt stood at € 33.1 million, with expenditure during the nine months totaling € 5.7 million.
EVENTS AFTER THE END OF THE QUARTER
No significant events occurred after the end of third quarter 2025.
OUTLOOK FOR THE YEAR
Despite an environment still marked by external factors that remain only partly defined, the group maintains a prudent and adaptable approach to business planning, continuing to closely monitor developments in its target markets. The dynamics linked to the introduction of new tariffs between economic areas are constantly assessed to anticipate potential impacts and adopt timely corrective actions.
Market conditions continue to affect consumer purchasing behaviour in the durable goods sector and the trend of key strategic raw materials. Nevertheless, thanks to its industrial strength and effective cost management, the Group remains well positioned to safeguard competitiveness and capture emerging opportunities in the coming months.
Energy costs are not expected to change significantly during last quarter 2025.
From a financial perspective, the downward trend in interest rates appears to have largely ended, and no significant rate changes are expected in coming months that could materially affect the Group's overall financial expense. The Group continues to pursue its policy of optimizing debt lines between short and medium-to-long term and managing its net financial position prudently.
Lastly, the Group maintains its commitment to sustainability through implementation of various projects under the 2024 - 2026 ESG Plan, with a particular focus on reducing emissions, promoting circular use of materials, and advancing social
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initiatives.
ALTERNATIVE PERFORMANCE MEASURES (APM)
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 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 nonrecurring 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.
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The Financial Reporting Manager, Marina Fumagalli, declares, pursuant to paragraph 2 of Article 154-bis of the TUF, that the financial information contained herein is consistent with the underlying accounting documents, books and records.
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On 14 November 2025 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://bit.ly/47wOBQ4
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Notice is hereby given that the Consolidated Interim Management Statement at 30 September 2025, approved by the Board of Directors today, will be published, in accordance with current regulations, at the Company's registered office and made available on the Company website at the following address www.neodecortech.it as well as at the authorized storage mechanism www.1info.it, within the time limits of law, together with the results of the audit currently underway.
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Neodecortech S.p.A. – Via Provinciale 2, 24040 Filago (BG) Italy
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Attached are the Consolidated Income Statement, Consolidated Statement of Financial Position, and Consolidated Statement of Cash Flows at 30 September 2025, the limited audit of which is still underway.
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CONSOLIDATED INCOME STATEMENT AT 30 SEPTEMBER 2025
| (Euro thousands) | 30 SEPT.2025 | % | 30 SEPT.2024 | % | Chg. | % chg. |
|---|---|---|---|---|---|---|
| Revenue from sales and services | 138,291 | 100.0% | 121,546 | 100.0% | 16,745 | 13.8% |
| Changes in work in progress, semi-finished andfinished products | (52) | (0.0%) | 1,842 | 1.5% | (1,894) | (102.8%) |
| Other revenue | 1,222 | 0.9% | 1,784 | 1.5% | (562) | (31.5%) |
| Value of Production | 139,461 | 100.8% | 125,172 | 103.0% | 14,289 | 11.4% |
| Raw and ancillary materials and consum. | (87,137) | (63.0%) | (78,855) | (64.9%) | (8,282) | 10.5% |
| Other operating expense | (20,012) | (14.5%) | (19,260) | (15.8%) | (752) | 3.9% |
| Value Added | 32,312 | 23.4% | 27,057 | 22.3% | 5,255 | 19.4% |
| Personnel expense | (16,582) | (12.0%) | (15,941) | (13.1%) | (641) | 4.0% |
| EBITDA | 15,730 | 11.4% | 11,116 | 9.1% | 4,614 | 41.5% |
| Amortization and depreciation | (8,223) | (5.9%) | (6,647) | (5.5%) | (1,576) | 23.7% |
| Allocations | (35) | (0.0%) | (53) | (0.0%) | 18 | (34.0%) |
| EBIT | 7,472 | 5.4% | 4,416 | 3.6% | 3,056 | 69.2% |
| Financial expense | (1,798) | (1.3%) | (2,058) | (1.7%) | 260 | (12.6%) |
| Financial income | 144 | 0.1% | 372 | 0.3% | (228) | (61.3%) |
| Profit/(loss) before tax | 5,818 | 4.2% | 2,730 | 2.2% | 3,088 | 113.1% |
| Income tax | (575) | (0.4%) | (585) | (0.5%) | 10 | (1.7%) |
| Profit/(loss) for the year | 5,243 | 3.8% | 2,145 | 1.8% | 3,098 | 144.4% |
| Of which Group profit/(loss) for the year | 5,284 | 2,172 | 3,112 | |||
| Of which Profit/(loss) for the year of non-controllinginterests | (41) | (27) | 14 |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2025
| Assets(Euro thousands) | 30 SEPT. 2025 | % | 31 DEC. 2024 | % | Chg. | % chg. |
|---|---|---|---|---|---|---|
| Intangible assets | 3,130 | 1.8% | 3,317 | 1.9% | (187) | (5.6%) |
| Tangible assets | 72,169 | 41.5% | 74,480 | 42.9% | (2,311) | (3.1%) |
| Financial assets | 1 | 0.0% | 0 | 0.0% | 1 | 0.0% |
| Other non-current assets | 406 | 0.2% | 358 | 0.2% | 48 | 13.4% |
| Non-current financial receivables | 445 | 0.3% | 512 | 0.3% | (67) | (13.1%) |
| Deferred tax assets | 1,587 | 0.9% | 1,055 | 0.6% | 532 | 50.4% |
| Non-current assets | 77,738 | 44.7% | 79,722 | 46.0% | (1,984) | (2.5%) |
| Inventory | 44,274 | 25.4% | 40,049 | 23.1% | 4,225 | 10.5% |
| Trade receivables | 30,250 | 17.4% | 35,713 | 20.6% | (5,463) | (15.3%) |
| Receivables from tax consolidation | 351 | 0.2% | 348 | 0.2% | 3 | 0.9% |
| Tax receivables | 2,823 | 1.6% | 1,989 | 1.1% | 834 | 41.9% |
| Current financial receivables | 0 | 0.0% | 81 | 0.0% | (81) | (100.0%) |
| Other current receivables | 8,383 | 4.8% | 3,081 | 1.8% | 5,302 | 172.1% |
| Cash funds | 10,267 | 5.9% | 12,483 | 7.2% | (2,216) | (17.8%) |
| Current assets | 96,348 | 55.3% | 93,744 | 54.0% | 2,604 | 2.8% |
| Total assets | 174,086 | 100.0% | 173,466 | 100.0% | 620 | 0.4% |
| Equity and liabilities(Euro thousands) | 30 SEPT. 2025 | % | 31 DEC. 2024 | % | Chg. | % chg. |
|---|---|---|---|---|---|---|
| Share capital | 18,804 | 10.8% | 18,804 | 10.8% | 0 | 0.0% |
| Share premium reserve | 18,864 | 10.8% | 18,864 | 10.9% | 0 | 0.0% |
| Other reserves | 31,801 | 18.3% | 30,276 | 17.5% | 1,525 | 5.0% |
| Prior years' profit (loss) | 8,712 | 5.0% | 8,761 | 5.1% | (49) | (0.6%) |
| Profit (loss) for the year | 5,284 | 3.0% | 4,057 | 2.3% | 1,227 | 30.2% |
| Group equity | 83,465 | 47.9% | 80,762 | 46.6% | 2,703 | 3.3% |
| 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 | (41) | 0.0% | (80) | 0.0% | 39 | (48.8%) |
| Equity attributable to non-controlling interests | (64) | 0.0% | (37) | 0.0% | (27) | 73.0% |
| Equity | 83,401 | 47.9% | 80,725 | 46.5% | 2,676 | 3.3% |
| Provisions for risks and charges | 1,042 | 0.6% | 771 | 0.4% | 271 | 35.1% |
| Deferred tax | 5,325 | 3.1% | 5,534 | 3.2% | (209) | (3.8%) |
| Post-employment benefits | 1,899 | 1.1% | 2,091 | 1.2% | (192) | (9.2%) |
| Non-current financial liabilities | 20,611 | 11.8% | 19,968 | 11.5% | 643 | 3.2% |
| Non-current liabilities | 28,877 | 16.6% | 28,364 | 16.4% | 513 | 1.8% |
| Trade payables | 26,635 | 15.3% | 29,951 | 17.3% | (3,316) | (11.1%) |
| Payables from tax consolidation | 535 | 0.3% | 31 | 0.0% | 504 | 1,625.8% |
| Tax payables | 719 | 0.4% | 1,244 | 0.7% | (525) | (42.2%) |
| Current financial liabilities | 24,406 | 14.0% | 25,689 | 14.8% | (1,283) | (5.0%) |
| Other current payables | 9,513 | 5.5% | 7,462 | 4.3% | 2,051 | 27.5% |
| Current liabilities | 61,808 | 35.5% | 64,377 | 37.1% | (2,569) | (4.0%) |
| Total equity and liabilities | 174,086 | 100.0% | 173,466 | 100.0% | 620 | 0.4% |
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CONSOLIDATED STATEMENT OF NET FINANCIAL DEBT AT 30 SEPTEMBER 2025
| (Euro thousands) | 30 SEPT. 2025 | 31 DEC.2024 | Chg. | 30 SEPT. 2024 | Chg. |
|---|---|---|---|---|---|
| A. Cash funds | 10,267 | 12,483 | (2,216) | 7,300 | 2,967 |
| B. Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
| C. Other current financial assets | 0 | 82 | (82) | 0 | 0 |
| D. Cash (A) + (B) + (C) | 10,267 | 12,565 | (2,298) | 7,300 | 2,967 |
| E. Current financial debt | (15,358) | (16,226) | 868 | (14,473) | (885) |
| F. Current portion of non-current debt | (9,048) | (9,464) | 416 | (9,409) | 361 |
| G. Current financial debt (E)+(F) | (24,406) | (25,690) | 1,284 | (23,882) | (524) |
| H. Net current financial debt (G)-(D) | (14,139) | (13,125) | (1,014) | (16,582) | 2,443 |
| I. Non-current financial debt | (20,611) | (19,968) | (643) | (22,544) | 1,933 |
| J. Debt instruments | 0 | 0 | 0 | 0 | 0 |
| K. Trade payables and other non-current payables | 0 | 0 | 0 | 0 | 0 |
| L. Non-current financial debt (I)+(J)+(K) | (20,611) | (19,968) | (643) | (22,544) | 1,933 |
| M. Total financial debt (H)+(L) | (34,750) | (33,093) | (1,657) | (39,126) | 4,376 |
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CONSOLIDATED STATEMENT OF CASH FLOWS AT 30 SEPTEMBER 2025
| (Euro thousands) | 30 SEPT. 2025 | 30 SEPT. 2024 |
|---|---|---|
| Profit (loss) for the year | 5,243 | 2,145 |
| Income tax | 1,307 | 560 |
| Deferred/(prepaid) tax | (732) | 25 |
| Interest expense/(interest income) | 1,781 | 1,770 |
| (Dividends received) | 0 | 0 |
| (Gains)/losses from disposal of assets | (4) | 0 |
| 1 Profit (loss) for the year before income tax, interest, | 7,595 | 4,500 |
| dividends and gains/losses from disposals | ||
| Adjustments for non-monetary items that had no | ||
| balancing entry in net working capital: | ||
| Allocation to post-employment benefits | 41 | 35 |
| Allocations to other provisions | 1,423 | 132 |
| Amortization and depreciation of fixed assets | 8,223 | 6,647 |
| Write-downs for impairment losses | 0 | 0 |
| Other adjustments for non-monetary items | 368 | (369) |
| 2 Cash flow before changes in NWC | 17,650 | 10,945 |
| Changes in net working capital: | ||
| Decrease/(increase) in receivables from customers | 5,462 | (1,405) |
| Decrease/(increase) in inventory | (5,705) | (3,369) |
| Increase/(decrease) in payables to suppliers | (3,325) | (5,729) |
| Decrease/(increase) in other receivables | (6,638) | (7,456) |
| Increase/(decrease) in other payables | 1,147 | 1,824 |
| Other changes in net working capital | 0 | 0 |
| 3 Cash flow after changes in NWC | 8,591 | (5,190) |
| Other adjustments: | ||
| Interest received/(paid) | (1,524) | (1,684) |
| (Income tax paid) | (412) | (102) |
| (Gains)/losses from disposal of assets | 0 | 0 |
| Dividends received | 0 | 0 |
| (Utilization of provisions) | 0 | (9) |
| (Utilization of provisions for post-employment benefits) | (111) | (95) |
| 4 Cash flow after other adjustments | 6,544 | (7,080) |
| A Cash flow from operations | 6,544 | (7,080) |
| Tangible fixed assets | (5,266) | (4,369) |
| (Purchase) | (5,281) | (4,389) |
| Disposal | 15 | 20 |
| Intangible fixed assets | (444) | (1,093) |
| (Purchase) | (444) | (1,093) |
| Disposal | 0 | 0 |
| Financial fixed assets | (1) | (137) |
| (Purchase) | (1) | (144) |
| Disposal | 0 | 7 |
| Current financial assets | 0 | 0 |
| (Purchase) | 0 | 0 |
| Disposal | 0 | 0 |
| Proceeds from disposal of assets | 4 | 0 |
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| B Cash flow from investing activities | (5,707) | (5,599) |
|---|---|---|
| Liabilities | (481) | 8,294 |
| Increase (decrease) in short-term bank payables | (671) | 4,870 |
| New loans | 7,000 | 8,000 |
| Repayment of loan | (6,810) | (4,576) |
| Financial liabilities to other lenders | 0 | 0 |
| Change in financial receivables from other lenders | 0 | 0 |
| Equity | (2,572) | (472) |
| Share capital increase | 0 | 93 |
| Sale (purchase) of treasury shares | (534) | (565) |
| Other changes in equity | (2,038) | 0 |
| C Cash flow from financing activities | (3,053) | 7,822 |
| Increase (decrease) in cash funds (A ± B ± C) | (2,216) | (4,857) |
| Opening cash funds at 1 January | 12,483 | 12,157 |
| Cash funds at 30 June | 10,267 | 7,300 |
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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 7 product categories: decorative papers; decorative printings; finish foil; melamine film; PPF and PPLF; laminates; EOS anti-fingerprint surfaces (www.neodecortech.it).
ISIN Code ordinary shares: IT0005275778
For further information:
SPECIALIST
BPER Banca S.p.A. [email protected] 051-2756537 www.bper.it
INVESTOR RELATIONS
Neodecortech S.p.A. T +39 035 99 63 02 F +39 035 99 52 25 Luigi Cologni
INVESTOR RELATIONS & CORPORATE AND FINANCIAL MEDIA RELATIONS
My Twin Communications S.r.l.
INVESTORS RELATIONS
Mara Di Giorgio | m.digiorgio@ mytwincommunication.com | +39 335 7737417 Federico Bagatella | [email protected] | +39 331 8007258
CORPORATE AND FINANCIAL MEDIA RELATIONS
Lorenzo Morelli | [email protected] | +39 347 7640744 Elena Filippi | [email protected] | +39 366 6595978
* * *
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 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
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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.
