Research

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Research Update 5/11/2025

UPDATE

Nel 1H25A la Società ha registrato ricavi pari a € 37,18 mln, in crescita del 12,2% rispetto ai € 33,13 mln del 1H24A, sostenuti dall’incremento dei volumi e dal buon andamento delle attività nei

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Research Update 29/10/2025

UPDATE

The Value of Production for the first half of 2025 remained substantially unchanged compared to € 18.04 million recorded in the same period of 2024, confirming the Group’s resilience despite the ongoing crisis in

- Riferimento
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Research Update 28/10/2025

UPDATE

At the end of 1H25A, the value of production amounted to € 8.78 million, up 8.5% compared to € 8.10 million recorded in 1H24A, driven by the increase in core revenues, particularly supported by

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Research Update 28/10/2025

UPDATE

RIn 1H25A, Confinvest’s revenues amounted to €47.82 million, showing a strong increase compared to €16.07 million recorded in the same period of the previous year. First Margin, a true proxy for the turnover of

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Research Update 28/10/2025

UPDATE

At the end of the first half of 2025, the value of production amounted to € 5.71 million, up 62.4% compared to € 3.52 million as of June 30th, 2024. This increase reflects the

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Research Update 27/10/2025

UPDATE

In the first half of 2025, revenues amounted to €4.03 million, up 2.1% compared to €3.95 million recorded in 1H24A. EBITDA, as of June 30, 2025, stood at €-0.02 million, showing an improvement over

- Riferimento
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Research Update 27/10/2025

UPDATE

In 1H25A, the Group recorded a value of production of € 11.60 million, up 18.2% compared to € 9.81 million in 1H24A. EBITDA stood at € 1.06 million, an increase from € 0.90 million

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Research Update 27/10/2025

UPDATE

The Value of Production amounted to € 10.90 million, down from €12.55 million recorded in the first half of 2024. EBITDA, equal to € 1.70 million, decreased by 9.7% compared to € 1.89 million

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Research Update 24/10/2025

UPDATE

Operating revenues for FY24A reached €361.43 million, up 45.6% from €248.23 million in FY23A, and exceeding previous estimates of €321.10 million. In 2024, EBITDA came in at €9.43 million, in line with the €9.51

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Research Update 24/10/2025

UPDATE

In 1H25A, ISCC Fintech reported a more moderate performance compared to 1H24A, reflecting a decline in volumes across its core activities, mainly due to the postponement of several major sale transactions to the second

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Research Update 22/10/2025

UPDATE

The interim management report of Deodato shows sales revenues of € 3.03 million in 1H25A, marking a significant contraction (-34.2%) compared to the € 4.61 million recorded as of June 30th, 2024. EBITDA for

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Research Update 22/10/2025

UPDATE

In 1H25A, revenues amounted to € 2.53 million, down from € 5.51 million in 1H24A, reflecting the expected contraction in the tax credit segment. This trend is part of a broader transformation of the

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Research Update 22/10/2025

UPDATE

In 1H25A, the Group recorded a Value of Production of € 2.95 million (vs € 3.39 million in 1H24A), impacted by the new U.S. import tariffs that slowed down the Robotor division. The Torart

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Research Update 21/10/2025

UPDATE

The Value of Production in 1H25A amounted to €9.00 million, up 11.2% compared to €8.10 million in 1H24A. In 1H25A, Adjusted EBITDA stood at €-3.30 million (compared to €-4.17 million in 1H24A), while the

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Research Update 21/10/2025

UPDATE

In 1H25A, Promotica recorded consolidated production value of € 67.84 mln, up 9.9% compared to € 61.72 mln in 1H24A. EBITDA amounted to € 5.47 mln, with an EBITDA margin of 8.0%, improving from

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Research Update 21/10/2025

UPDATE

In the first half of 2025, Reway Group reported strong growth results, with a production value of € 134.75 million, up +16.0% compared to 1H24A, driven by the progressive execution of contracts acquired in

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Research Update 21/10/2025

UPDATE

At the end of the first half of 2025, sales revenues amounted to € 27.73 mln, down from € 32.46 mln recorded in 1H24A (-14.6%). This decline is attributable to the decrease in revenues

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Research Update 21/10/2025

UPDATE

During the first half of 2025, Solid World Group experienced a phase of profound transformation, marked by steady revenues and a temporary decline in profitability due to the transition of its business model and

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Research Update 20/10/2025

UPDATE

In 1H25A, Simone recorded a production value of €8.34 million, down 13.4% compared to €9.63 million in 1H24A, primarily due to the postponement of several major public competitions. EBITDA amounted to €0.39 million, compared

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Research Update 20/10/2025

UPDATE

In 1H25A, the Group recorded a value of production of €11.78 million, up 62.1% compared to €7.27 million in 1H24A. EBITDA amounted to €2.66 million, increasing from €1.75 million in 1H24A, with an EBITDA

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Research Breaking News 16/10/2025

UPDATE

Consolidated total revenues for 2024 amounted to €21.57 million, reflecting an 11.7% increase compared to €19.31 million in the previous year, fully in line with the forecasts outlined in our previous report. In 2024,

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Research Update 16/10/2025

UPDATE

As expected, the Vimi Group closed 2024 with an 8.4% decline in value of production, from € 61.35 million in 2023 to € 56.19 million, as a result of macroeconomic dynamics and destocking strategies

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Research Update 16/10/2025

UPDATE

In 1H25A, the Company reported revenues of € 2.40 million, up 90.0% vs € 1.26 million in 1H24A, driven by the traditional SBUs Imaging and People Support. Imaging remained the main growth driver with

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Research Update 14/10/2025

UPDATE

In 2025, ESPE presents the first consolidated interim report in its history, confirming the path of growth and organizational strengthening initiated after its listing. The half-year marks a phase of industrial consolidation and external

- Riferimento
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Research Update 14/10/2025

UPDATE

In 1H25A, the Group recorded a Value of Production of € 15.84 million (+51.0% vs € 10.46 million in 1H24A). The HVAC BU reached revenues of € 7.16 million (+220.0%), driven by acquisitions and

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Research Update 14/10/2025

UPDATE

The results for the first half of 2025 confirm that Convergenze continues to progress steadily along its growth trajectory: the company reported a 5.4% increase in value of production, rising from € 12.10 million

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Research Update 14/10/2025

UPDATE

In the first half of 2025, the consolidated value of production rose to €15.94 million (+53.8%), driven by the Green division (€15.06 million, 94.5% of the total), while the Innovation Technology division contributed €0.72

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Research Breaking News 9/10/2025

BREAKING NEWS

On October 8, 2025, Siav SpA Società Benefit, a leading Italian company in the Content Service Platform sector according to Gartner’s classification and listed on Euronext Growth Milan (EGM), announced the issuance of a

- Riferimento
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Research Update 9/10/2025

UPDATE

In 1H25, the Group reported revenues of € 18.57 million (-15.7% vs € 22.02 million in 1H24), affected by the slowdown in the European and American manufacturing industries. EBITDA stood at € 0.66 million

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Research Update 8/10/2025

UPDATE

Nel 1H25A il Gruppo ha registrato ricavi pari a € 16,77 mln, in crescita del 58,9% rispetto ai € 10,55 mln del 1H24A. Il valore della produzione si attesta a € 17,25 mln, in

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Research Update 7/10/2025

UPDATE

In 1H25A, the Group reported revenues of € 16.84 million, slightly down compared to € 17.29 million in 1H24A. The Parent Company remained the main contributor with € 12.52 million (74.4% of total), while

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Research Breaking News 3/10/2025

UPDATE

At the end of 1H25A, the value of production amounted to € 10.86 million, up 56.9% compared to € 6.92 million in 1H24A, driven by the traditional B2B lines and the increasing contribution of

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Research Update 3/10/2025

UPDATE

Saccheria F.lli Franceschetti closed the first half of 2025 with revenues of €10.16 million, up 11.7% compared to €9.09 million in 1H24A. EBITDA amounted to €1.34 million, an increase of 21.9% versus €1.10 million

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Research Update 3/10/2025

UPDATE

In 1H25A, the Group reported a Value of Production of € 17.15 mln (+3.0% vs € 16.69 mln), supported by the launch of PNRR-related projects in the Public Administration sector. EBITDA amounted to €

- Riferimento
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Research Update 1/10/2025

UPDATE

In 1H25A the Group reported revenues of € 43.02 mln, up 45.1% compared to € 29.64 mln in 1H24A, driven by strong performances in key international and emerging markets, as well as by the

- Riferimento
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Research Update 30/09/2025

UPDATE

In 1H25A, the Group reported markedly improved results, with consolidated revenues of € 15.13 mln (+20.7%) and EBITDA of € 2.89 mln, driven by higher revenues and efficiency measures on direct costs. The combined

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Research Update 29/09/2025

UPDATE

In 1H25A, the Company reported a Value of Production of € 27.89 mln, up 6.1% compared to € 26.29 mln in 1H24A, mainly driven by Ultra-Broadband connections (€ 16.20 mln, +20.2%) and Voice and

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Research Update 19/09/2025

UPDATE

In 1H25A, the Group recorded revenues of € 11.04 mln, broadly stable compared to € 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to € 10.40 mln, with a

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Research Breaking News 11/08/2025

BREAKING NEWS

In the press release dated August 7, 2025, Litix SpA, an Innovative SME that combines art, technology, tradition, and innovation through three business units offering solutions ranging from the design and production of robotic

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Research Breaking News 6/08/2025

BREAKING NEWS

On August 4th, 2025, Litix SpA, an Innovative SME that combines art, technology, tradition, and innovation—offering, through its three business units, solutions ranging from the design and creation of robotic islands for processing marble

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Research Breaking News 6/08/2025

BREAKING NEWS

On July 31st, 2025, iVision Tech SpA, an Innovative SME and a leading “Made in Italy” manufacturing company engaged in the design and production of acetate frames for prescription glasses, sunglasses and combined eyewear,

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Research Breaking News 4/08/2025

BREAKING NEWS

In the press release dated 31 July 2025, Convergenze SpA Società Benefit and B-Corp – an integrated technology operator active in the 100% green Telecommunications and Energy sectors, with nationwide presence through its patented

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Research Breaking News 4/08/2025

BREAKING NEWS

In press releases dated July 30 and 31, 2025, Promotica SpA, a loyalty agency specializing in the development of marketing solutions aimed at increasing sales, customer loyalty, and brand advocacy, announced (i) the approval

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Research Breaking News 4/08/2025

BREAKING NEWS

In the press release dated July 30, 2025, Pozzi Milano SpA—a company operating in the tableware fashion industry, owner of the “EasyLife” brand, and through its subsidiary Pozzi Brand Diffusion Srl, of the historic

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Research Breaking News 4/08/2025

BREAKING NEWS

In the press release dated 31 July 2025, ESPE – operating since 1974 in the renewable energy sector as an EPC contractor in the supply of photovoltaic systems and owner of the proprietary “ESPE”

- Riferimento
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Research Breaking News 31/07/2025

BREAKING NEWS

In the press release dated July 29th, 2025, Litix SpA — an Innovative SME that combines art, technology, tradition, and innovation through three business units — announced the signing of a new contract worth

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Research Initiation of Coverage 30/07/2025

INITIATION OF COVERAGE

Energy Time is an enterprise operating in the renewable energy sector, with a primary focus on the construction of medium- and large-scale photovoltaic plants. Founded in 2008 in Campobasso (CB), the Company has evolved

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Research Breaking News 25/07/2025

BREAKING NEWS

On July 23, 2025, Marzocchi Pompe SpA, an Italian company engaged in the design and production of high-performance gear pumps and motors for industrial, mobile, and automotive applications, approved its preliminary consolidated results for

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Research Update 24/07/2025

UPDATE

In the press release issued on July 22nd, 2025, Redelfi – the Genoa-based parent company of the Redelfi Group, active in the development of innovative and sustainable infrastructure supporting the energy transition – announced

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Research Breaking News 26/06/2025

BREAKING NEWS

On June 24, 2025, Marzocchi Pompe SpA, an Italian company specialized in the design and production of high-performance gear pumps and motors for industrial, mobile, and automotive applications, announced the commissioning of two new

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Research Update 26/06/2025

UPDATE

Borgosesia made significant progress in its transformation into an integrated manager of alternative assets, strengthening the recurring component of its business and expanding third-party asset management activities. The value of production stood at €

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Research Update 24/06/2025

UPDATE

During FY24A, E-Globe recorded a production value of €27.44 million, down by 8.2% compared to €29.89 million in the previous year. The EBITDA for FY24A amounted to € -1.39 million, down from € 5.41

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Research Breaking News 19/06/2025

UPDATE

Solid World Group’s year 2024 closes under the banner of strategic refocusing, which has primarily seen the gradual exit from the solar business (SolidFactory) to concentrate resources on the industrial and biomedical sectors, which

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Research Breaking News 19/06/2025

UPDATE

In 2024 ESPE presents the first consolidated financial statements in recent history, expanding the scope of consolidation only one year after listing and reflecting structural expansion driven by vertical integration and growth by external

- Riferimento
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Research Update 9/06/2025

UPDATE

In FY24A, the Group recorded a production value of €57.78 million, up 4.2% compared to €55.44 million in 2023. In 2024, consolidated EBITDA amounted to €0.94 million, a marked improvement compared to the negative

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Research Breaking News 6/06/2025

BREAKING NEWS

In the press release dated June 4, 2025, Simone SpA, a publishing company listed on Euronext Growth Milan, announced that it has signed a preliminary agreement to acquire 51.0% of the share capital of

- Riferimento
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Research Update 21/05/2025

UPDATE

In FY24A, Simone reported a Value of Production of € 17.58 million, representing a 6.8% decrease compared to the € 18.87 million recorded in FY23A, and falling short by 8.2% relative to the previous

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Research Update 19/05/2025

UPDATE

The results of the Promotica Group confirm, as expected, the growth in volumes both in Italy and abroad (VoP +14.6% yoy), but reflect higher personnel, freight, and logistics costs, incurred to strengthen the commercial

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Research Breaking News 16/05/2025

UPDATE

Consolidated total revenues for 2024 amounted to €21.57 million, reflecting an 11.7% increase compared to €19.31 million in the previous year, fully in line with the forecasts outlined in our previous report. In 2024,

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Research Breaking News 14/05/2025

BREAKING NEWS

On May 13, 2025, ESPE – active since 1974 in the renewable energy sector as an EPC contractor in the supply of photovoltaic systems, and owner of the “ESPE” trademark technology for the development

- Riferimento
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Research Breaking News 12/05/2025

BREAKING NEWS

In the press release dated May 7, 2025, Intred SpA, a telecommunications operator listed on the Euronext Growth Milan market, announced that revenues as of March 31, 2025—unaudited and inclusive of revenue generated by

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Research Breaking News 9/05/2025

BREAKING NEWS

Preliminary Results FY24A In the press release dated April 28, 2025, ESPE S.p.A. – based in Grantorto (PD), operating since 1974 in the renewable energy sector as an EPC contractor in the supply of

- Riferimento
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Research Update 7/05/2025

BREAKING NEWS

In the press release dated April 30th, 2025, Vivenda Group SpA — a company active in the Out Of Home (OOH) and Digital Out of Home Advertising (DOOH) sectors, and leading the namesake Group

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Research Breaking News 7/05/2025

BREAKING NEWS

On May 2, 2025, Siav S.p.A. Società Benefit, a leading Italian company in the Content Service Platform sector (according to Gartner’s classification) and listed on Euronext Growth Milan (EGM), announced the establishment of Siav

- Riferimento
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Research Breaking News 5/05/2025

BREAKING NEWS

On April 24, 2025, Convergenze SpA Società Benefit and B-Corp, an integrated technology operator active nationwide in the 100.0% green Energy and Telecommunications sectors—through its patented EVO network (Electric Vehicle Only) and proprietary fiber optic

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Research Update 28/04/2025

UPDATE

The Value of Production amounted to €22.93 million, an increase from the €19.48 million recorded at the end of 2023 but a decline from the €26.00 million estimated in our previous report. EBITDA totalled

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Research Update 28/04/2025

UPDATE

The Value of Production for FY24A amounted to €34.66 million, representing a 6.0% increase compared to €32.71 million in FY23A, and broadly in line with the previously estimated figure of €35.85 million. In FY24A,

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Research Update 28/04/2025

UPDATE

At the end of FY24A, the value of production amounted to €14.87 million, standing below both the result recorded in FY23A* (€22.58 million, -34.1%) and our previous estimates of €18.10 million. EBITDA for FY24A

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Research Update 24/04/2025

UPDATE

In 2024, Litix recorded a value of production of € 6.44 million, marking an 18.5% increase compared to FY23A, although below expectations. The performance was mainly driven by the Robotor Business Unit, which doubled

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Research Update 24/04/2025

UPDATE

Circle’s Value of Production for FY24A stood at €14.58 million, compared to €13.21 million recorded at the end of 2023 and below the €15.70 million estimated in our previous report. EBITDA stood at €3.01

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Research Update 24/04/2025

UPDATE

At the end of FY24A, the value of production amounted to € 9.46 million, recording a slight decrease both compared to FY23A (-16.9%), which was € 11.37 million, and our previous estimates of €

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Research Update 23/04/2025

UPDATE

At the end of FY24A, the value of production amounted to € 8.99 million, marking an increase both compared to the result recorded in FY23A (+28.0%), which was € 7.02 million, and relative to

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Research Update 23/04/2025

UPDATE

In FY24A, Green Oleo recorded a production value of €72.12 million, of which €71.24 million was attributable to sales revenues, €-0.02 million related to the negative change in inventories, and €0.90 million referred to

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Research Update 23/04/2025

UPDATE

In 2024, Siav maintained a stable Value of Production at € 33.91 mln, in line with both the previous year and expectations. Revenue growth, reaching € 33.65 mln (+4.9%), was driven by management efficiency

- Riferimento
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Research Update 23/04/2025

UPDATE

Operating revenues for FY24A reached €361.43 million, up 45.6% from €248.23 million in FY23A, and exceeding previous estimates of €321.10 million. In 2024, EBITDA came in at €9.43 million, in line with the €9.51

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Research Update 22/04/2025

UPDATE

In 2024, the Value of Production amounted to € 27.34 mln, up from € 26.40 mln in 2023 but below our estimate of € 29.00 mln. The Software House division contributed € 14.98 mln

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Research Update 22/04/2025

UPDATE

At the end of FY24A, the value of production amounted to € 18.35 million, significantly above both the result recorded in FY23A* (€ 10.52 million, +74.4%) and our previous estimate of € 16.30 million.

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Research Update 22/04/2025

UPDATE

As of the end of 2024, the consolidated value of production for the Spindox Group amounted to € 111.77 million, reflecting an 11.9% increase compared to € 99.85 million recorded in FY23A. Normalized EBITDA

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Research Update 22/04/2025

UPDATE

In 2024, the SEIF Group recorded a value of production of € 35.92 million, up 4.0% compared to € 34.54 million in 2023 and slightly below the € 38.00 million estimated in our previous

- Riferimento
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Research Update 22/04/2025

UPDATE

Redelfi accelerates on its BESS core business, closing 2024 with a value of production of € 19.82 million (+81.7%) and EBITDA of € 9.39 million (+85.8%), driven by the expansion of its pipeline in

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Research Initiation of Coverage 17/04/2025

UPDATE

In 2024, Predict reported a Value of Production of € 7.34 mln, down 8.5% compared to the previous year due to a contraction in both public and private demand. Revenues amounted to € 6.63

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Research Update 17/04/2025

UPDATE

In 2024, Finanza.tech recorded revenues of € 7.21 mln, down 32.3% compared to FY23A, reflecting the expected contraction in the tax credit sector. This trend is part of a broader transformation of the business

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Research Update 16/04/2025

UPDATE

The Company’s revenues at the end of FY24A amounted to € 8.48 million, representing a 25.4% increase compared to € 6.77 million in FY23A. EBITDA for the period stood at € -0.13 million, showing

- Riferimento
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Research Update 15/04/2025

UPDATE

In 2024, Pozzi Milano exceeded expectations, reaching a production value of € 21.72 million, up 12.4% from € 19.31 million in 2023, confirming the solidity of its business model even in a complex macroeconomic

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Research Update 15/04/2025

UPDATE

In the consolidated financial statements as of December 31, 2024, Palingeo reported revenues of € 62.99 million, up 7.7% compared to the € 58.50 million recorded in the previous year. EBITDA for the period

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Research Update 15/04/2025

UPDATE

As expected, the Vimi Group closed 2024 with an 8.4% decline in value of production, from € 61.35 million in 2023 to € 56.19 million, as a result of macroeconomic dynamics and destocking strategies

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Research Update 14/04/2025

UPDATE

In FY24A, the Group reported improving results, with consolidated revenues of € 26.47 mln (+2.4%) and a return to positive EBITDA of € 2.94 mln, driven by efficiency initiatives and the new ONE Company

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Research Update 10/04/2025

UPDATE

Consolidated revenues as of 31 December 2024 amounted to €20.00 million, marking an increase of 79.9% compared to the previous year when the Company recorded revenues of €11.12 million (€15.12 million the pro-forma figure

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Research Update 10/04/2025

UPDATE

In 2024, Reway Group recorded strong growth results, with a value of production of € 232.32 million, up 75.6% compared to the previous year, driven by the acceleration in new contracts and the contribution

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Research Update 8/04/2025

UPDATE

In FY24A, the Group’s revenues amounted to € 36.89 million, marking a 3.1% increase compared to 2023, although slightly below previous estimates. The Parent Company remains the main growth driver, contributing 75.2% of total

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Research Update 7/04/2025

UPDATE

In FY24A, the value of production amounted to € 24.13 mln, down from € 26.91 mln in 2023, mainly due to the deconsolidation of Lindbergh France. EBITDA grew by 26.3% year-on-year, reaching € 4.33

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Research Update 3/04/2025

UPDATE

Convergenze (B-Corp since 2025) exceeded expectations, reaching a production value of € 26.61 million, up 16.61% compared to 2023. The Energy BU in particular showed a strong recovery, with volumes up 22.9% and a

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Research Update 31/03/2025

UPDATE

In 2024, the Group recorded revenues of € 73.43 million, up by 10.1% compared to € 66.67 million in 2023 and above the previous estimate of € 70.00 million. The performance was driven by

- Riferimento
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Research Update 31/03/2025

UPDATE

In 2024, ISCC recorded a strong economic improvement, with revenues nearly tripling to € 8.76 million and a positive EBITDA of € 2.40 million (EBITDA margin of 27.8%) after the negative result of the

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Research Update 31/03/2025

UPDATE

In 2024, Intred recorded solid results, with a Value of Production amounting to € 55.89 million, up by 10.6% compared to the previous year, mainly driven by Ultra-Broadband services and recurring fees. EBITDA reached

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Research Update 27/03/2025

UPDATE

Saccheria F.lli Franceschetti closed 2024 with revenues of €17.68 million, broadly in line with both the FY23A figure of €17.79 million. EBITDA amounted to €2.10 million, reflecting a slight decrease of 8.3% compared to

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Research Breaking News 25/03/2025

BREAKING NEWS

In the press release dated March 24th, 2025, Pozzi Milano SpA, a company active in the tableware fashion segment and owner of the “EasyLife” brand, as well as the historical brands “Pozzi” and “Castello

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Research Update 21/03/2025

UPDATE

In FY24A, the Group recorded revenues of € 22.68 million, marking a 14.7% increase compared to the previous year and exceeding projected estimates. This solid performance was driven by the acquisition of Lunghezza D’Onda

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Research Breaking News 23/12/2024

BREAKING NEWS – 23.12.2024

In the press release dated December 19th, 2024, Casta Diva Group SpA, a multinational company listed on Euronext Growth Milan, active in the communication sector for the production of branded content, viral videos, digital

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Research Breaking News 17/12/2024

BREAKING NEWS – 17.12.2024

In the press release dated December 16, 2024, Simone S.p.A., a publishing company listed on Euronext Growth Milan, announced that the tax credit provided under the Special Economic Zone (ZES), applied for by the