BREAKING NEWS

In the press release dated July 31st, 2026, Convergenze S.p.A., a Benefit Corporation operating in the Telecommunications and 100% green Energy sectors, active throughout Italy through its proprietary EVO (Electric Vehicle Only) network and its proprietary fiber-optic infrastructure based on the innovative XGS-PON technology, and listed on Euronext Growth Milan, announced its preliminary revenue figures as of June 30th, 2026, which have not been audited, together with selected key business KPIs. In the first half of 2026, Convergenze reported revenues of €13.10 million, up approximately 3.7% compared to €12.70 million in the first half of 2025, confirming the Company’s strengthening position in its reference markets. In particular: TLC BU generated revenues of €5.70 million, up from €5.60 million in the first half of 2025, supported by a solid customer base and the increasing contribution of services delivered through the Company’s proprietary infrastructure.  Energy BU contributed €7.40 million in revenues, compared to €7.10 million in 1H25, benefiting both from higher wholesale energy prices in the domestic market and the organic expansion of its customer base. In terms of profitability, the Telecommunications BU is expected to report an EBITDA margin in the range of 27.0%–28.0% for the first half of 2026, representing a slight decline compared with the corresponding period of the previous year. Nevertheless, the ongoing consolidation of the Italian telecommunications market is showing the first signs of stabilization, with competitive pressure on margins expected to ease progressively over the remainder of the year. The Energy BU is expected to achieve an EBITDA margin in the 4.5%–5.5% range, reflecting a sustainable balance between volumes, pricing and ongoing investments, particularly in technological development and infrastructure. As of June 30th, 2026, the total number of contracted services exceeded 71,900: TLC BU reached more than 61,200 contracted services, up 9.8% from approximately 55,770 in the first half of 2025. This figure also includes 3,009 active SIM cards, confirming the continued expansion of the telecommunications business. Energy BU recorded approximately 10,700 active contracts, compared with more than 11,200 in the first half of 2025, a trend consistent with the specific dynamics of the energy market. In terms of infrastructure, the Company continues to execute its proprietary fiber-optic network expansion plan, a strategic asset underpinning its long-term positioning. As of June 30th, 2026, the network exceeded 14,000 km, up 16.9% from more than 12,000 km a year earlier. At the same time, penetration of the proprietary network continued to improve, with 58.0% of Telecommunications BU customers served through the Company’s FTTH and Wi-Fi infrastructure, compared with 57.1% in the first half of 2025. The Company also continued to strengthen its wireless infrastructure during the semester. The number of installed wireless nodes increased to 133, up 2.3% from 130 in the first half of 2025. In particular, the number of 60 GHz nodes rose to 41, compared with 28 a year earlier, marking a 46.4% year-on-year increase. This reflects the ongoing qualitative enhancement of the infrastructure in terms of operational efficiency, transmission capacity and service resilience, in line with the Company’s long-term strategic objectives and its commitment to preserving and supporting profitability over time. In the Energy business, the number of active PODs stood at 9,368 as of June 30th, 2026, down from 9,848 a year earlier. Meanwhile, electricity sales volumes totaled more than 19.9 million kWh since the beginning of the year, broadly in line with the corresponding period of 2025 (+0.2% YoY). Overall, the preliminary operating results for the first half of 2026 confirm the strength of Convergenze’s growth trajectory and the effectiveness of its development strategy, built on the integration of infrastructure, digital services and sustainability. The first signs of stabilization in the telecommunications market, together with the positive contribution from the Energy BU, support an increasingly constructive outlook for the Group and point to stronger growth in the second half of the year. In light of these developments, we reiterate our BUY recommendation, with a target price of €4.10 and a Medium risk profile.

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