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 the first half of 2025. These figures, not yet subject to audit, confirm the anticipated decline in revenues expected for H1 2025, primarily due to the global industrial slowdown, with a particularly strong impact on the automotive market (by category) and the U.S. market (by geography). In H1 2025, Marzocchi Pompe recorded consolidated net revenues of € 18.60 million, down by -15.6% compared to € 22.00 million in H1 2024, but showing a 3.1% recovery compared to the second half of the same year. Despite being affected by the overall downturn in the manufacturing industry, this figure is in line with management expectations, which had already forecasted a challenging market environment. The cyclical weakness impacted both European and U.S. economies, particularly affecting the automotive segment, where Marzocchi reported a 28.4% year-on-year decline in sales, from € 3.50 million to € 2.50 million. However, a modest rebound of +2.3% was recorded compared to H2 2024. Looking at the core business, sales of pumps and motors for industrial applications, the performance was more resilient, despite a -13.2% year-on-year decrease from € 18.50 million in H1 2024 to € 16.00 million in H1 2025, along with a 3.2% increase over the previous semester. Geographically, the domestic market showed growth, increasing its share of total revenues from 29.0% to 31.4%. In contrast, exports fell to 68.6% from 71.7% in 2024, penalized by weaker U.S. demand, partially due to trade tensions stemming from tariffs imposed on Europe. From a financial standpoint, Net Financial Position (NFP) stood at € 7.70 million in debt, worsening by 32.7% compared to € 5.80 million in debt at the end of 2024, as a result of ongoing investments aimed at expanding production capacity. These include the launch of two new assembly and testing lines for the Elika 1P and Elika 2 product families at the Zola Predosa facility. As of June 30, 2024, the NFP was € 7.00 million. In conclusion, the performance in H1 2025 reflects a weak macroeconomic environment, widely anticipated by management, influenced by declining demand in key reference markets and an international scenario marked by increasing economic uncertainty and geopolitical tensions. Despite the challenging backdrop, the Group has confirmed a clear strategic direction, continuing with the launch of new products, such as the ELIKA series motors, and the implementation of its industrial investment plan. Notably, the activation in June of two new assembly and testing lines at the Zola Predosa plant represents a significant step in terms of operational efficiency and readiness for growth. These initiatives reaffirm Marzocchi Pompe’s proactive approach, aimed at strengthening its competitive positioning and swiftly capitalizing on market recovery signals. In light of the above, we confirm our recommendation: Target Price € 5.00, Rating BUY and Risk Medium.

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