BREAKING NEWS

In the press release dated 2 February 2026, Doxee SpA, a high-tech multinational and a leading provider of Customer Communications Management and Customer Experience Management solutions, released selected preliminary consolidated figures as of 31 December 2025, which have not been subject to audit. The figures point to a financial year characterized by strong revenue growth, a marked recovery in profitability, and a significant improvement in the financial structure. In detail, 2025 sales revenues are expected to range between € 30.70 million and € 31.00 million, up by more than 15.0% compared to € 26.50 million in FY24A. The figure is broadly in line with our FY25E estimates, which forecast revenues of € 31.00 million. The year’s performance was mainly driven by the DACH area, which had already shown particularly robust momentum in the first half, confirming its strategic role, supported by a strengthened sales and marketing organization, as well as by the solid performance of the domestic market, helped by repositioning towards the top enterprise segment. EBITDA is expected to range between € 6.00 million and € 6.20 million, sharply up from € 2.90 million in FY24A and in line with our estimate of € 6.10 million, benefiting from a more efficient cost structure and an increasingly favorable revenue mix. Consistent with what was observed in 1H25A, the improvement in profitability appears to be driven both by volume growth and by the efficiency measures introduced by management during 2024, which progressively translated into results in the following year. In addition, subscription revenues—which accounted for more than 72.2% of consolidated turnover in the first half—continue to support earnings visibility and strengthen the Group’s operating leverage, enhancing the scalability of the business model. The evolution of the net financial position is particularly noteworthy: at year-end it is expected to range between € 13.90 million and € 14.40 million, a significant improvement both versus € 19.30 million in FY24A and versus our estimate of € 15.50 million. The figure confirms stronger-than-expected operating cash generation and highlights the Group’s ability to translate the recovery in profitability into a tangible strengthening of its financial structure, thereby reducing the overall risk profile. Overall, the 2025 preliminary figures appear consistent with the growth path outlined in the latest half-year update and support the achievement of the Group’s industrial targets. In light of the information disclosed, we confirm our recommendation: target price € 6.40, rating BUY, risk Medium.

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