Update

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Research Update 10/06/2026

UPDATE

At the end of FY25, the Promotica Group announced consolidated sales revenues of € 137.44 million, up 43.1% compared to € 96.04 million recorded at the end of FY24. EBITDA amounted to € 10.25

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Research Update 9/06/2026

UPDATE

In a press release dated 5 June 2026, ESPE, a group active since 1974 in the renewable energy sector as an EPC contractor for the construction of photovoltaic plants and owner of the “ESPE”

- Riferimento
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Research Update 27/05/2026

UPDATE

In FY25A, E-Globe reported Sales Revenues of €32.62 million, up 21.8% compared to €26.78 million in FY24A, confirming the progressive strengthening of its competitive positioning in the air conditioning and climate control market. EBITDA

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Research Update 25/05/2026

UPDATE

ESPE closed FY25A with strong results, with Value of Production equal to € 83.31 million (+26.2%), EBITDA of € 15.10 million (+74.8%) and EBITDA margin at 18.1%. The improvement reflects growth in the utility

- Riferimento
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Research Update 22/05/2026

UPDATE

In FY25A, Simone reported Revenues of €17.05 million, up 6.7% compared to €15.98 million in FY24A. EBITDA amounted to €2.54 million in FY25A, increasing by 21.9% compared to €2.08 million in FY24A. The EBITDA

VEDI DETTAGLI
Research Update 15/05/2026

UPDATE

In the press release dated 14 May 2026, Siav SpA Società Benefit, a leading Italian player in the Enterprise Content Management and Business Process Outsourcing sector, announced that it had signed a binding agreement

- Riferimento
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Research Update 27/04/2026

UPDATE

During 2025, the Group recorded a significant expansion in its core business, with a value of production equal to € 13.09 million, up by 45.7% compared to € 8.99 million as of December 31st,

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Research Update 27/04/2026

UPDATE

Production value for FY25A stood at €41.89 million, up 20.9% from €34.66 million in FY24A. In FY25A, EBITDA stands at €1.55 million (compared to €-0.74 million in FY24A), whilst the EBITDA margin stands at

VEDI DETTAGLI
Research Update 24/04/2026

UPDATE

In FY25A, ISCC reported a performance below both FY24A and our expectations, highlighting how the recovery expected in the second part of the year did not materialize to the extent initially envisaged. Value of

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Research Update 24/04/2026

UPDATE

FY25A marked a year of profound reorganization for SolidWorld, characterized by the launch of a broad review of the corporate perimeter aimed at reducing administrative duplication and easing structural fixed costs, as well as

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Research Update 22/04/2026

UPDATE

FY25A represents a key milestone in Redelfi’s growth path, as it confirms both the validity of the strategic focus on Italy and the increasing ability to translate the progress of the BESS pipeline into

VEDI DETTAGLI
Research Update 18/04/2026

UPDATE

During 2025, Litix reported a value of production of € 5.62 million, down from € 6.44 million in the corresponding period of 2024. This trend reflects a challenging operating environment, already highlighted at the

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Research Update 18/04/2026

UPDATE

At the end of FY25A, the Group’s value of production amounted to € 8.09 million, representing a decrease of -14.4% compared to € 9.46 million in FY24A and coming in below our previous estimates

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Research Update 16/04/2026

UPDATE

As of December 31st, 2025, Convergenze reported a value of production of € 25.90 million, slightly down compared to € 26.61 million in FY24A. This trend is attributable to a cyclical contraction affecting both

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Research Update 13/04/2026

UPDATE

In FY25A, Lindbergh reported a Value of Production of € 32.82 million, up 36.0% from € 24.13 million in FY24A. Revenues from sales and services amounted to € 32.35 million (+37.4% YoY), supported by

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Research Update 10/04/2026

UPDATE

In FY25A, EdgeLab reported production value of €1.39 million, a slight decline (-12.9%) compared to €1.60 million in FY24A and our previous estimates. This figure primarily reflects the natural timing mismatch between the progress

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Research Update 9/04/2026

UPDATE

At the end of the financial year, the Group recorded significant growth across its main economic and financial indicators. Specifically, the value of production for FY25A* reached € 11.41 million, representing an increase of

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Research Update 8/04/2026

UPDATE

In FY25A, Predict reported a Value of Production of € 8.87 million, up 20.9% from € 7.34 million in FY24A and above our previous estimate of € 8.50 million. EBITDA stood at € 0.78

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Research Update 7/04/2026

UPDATE

In 2025, Reway Group delivered another year of strong growth, with value of production reaching € 278.33 million, up 19.8% vs FY24A and above our € 259.00 million forecast. EBITDA came in at €

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Research Update 7/04/2026

UPDATE

In FY25A, Doxee reported a Value of Production of € 33.95 million, up 13.7% from € 29.85 million in FY24A and broadly in line with our previous estimates, supported by the positive performance of

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Research Update 7/04/2026

UPDATE

In FY25A, Haiki+ reported a Value of Production of € 281,12 mln, up 52.7% compared to € 184.13 mln in FY24A, reflecting the contribution of the new consolidation perimeter following growth transactions, in particular

VEDI DETTAGLI
Research Update 31/03/2026

UPDATE

In FY25A, the Group reported revenues of € 93.58 million, up 27.4% from € 73.43 million in FY24A and above our estimate of € 87.90 million. EBITDA amounted to € 20.52 million, increasing by

- Riferimento
VEDI DETTAGLI
Research Update 30/03/2026

UPDATE

In 2025, Siav reported a Value of Production of € 36.41 million, up 7.4% from € 33.92 million in FY24A, supported by an improved revenue mix increasingly oriented towards higher value-added and more recurring

- Riferimento
VEDI DETTAGLI
Research Update 25/03/2026

UPDATE

In the press release dated 4 March 2026, the Franchetti Group, which operates in advanced diagnostics, digital monitoring and predictive maintenance of infrastructure, announced the signing of a binding agreement for the acquisition of

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Research Update 13/01/2026

UPDATE

In the press release dated 30th December 2025, Metriks AI SpA, an AI Data Company focused on the development of innovative B2B data-driven solutions enhanced by Artificial Intelligence, based on a Service as a

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Research Update 24/11/2025

UPDATE

Borgosesia reported results in line with the Business Plan, confirming a stable operating model and high profitability. Consolidated revenues amounted to €14.43 million, supported by real estate sales and income from repossession strategy receivables.

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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
VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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
VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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 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

VEDI DETTAGLI
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

VEDI DETTAGLI
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
VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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 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

VEDI DETTAGLI
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
VEDI DETTAGLI
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
VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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 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 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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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 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,

VEDI DETTAGLI
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 €

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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
VEDI DETTAGLI
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

VEDI DETTAGLI
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
VEDI DETTAGLI
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 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
VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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
VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
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

VEDI DETTAGLI
Research Update 26/11/2024

UPDATE – 26.11.2024

In the press release of November 25, 2024, Saccheria F.lli Franceschetti SpA, a leading company in Italy specializing in industrial packaging made from polypropylene raffia fabric and listed on the Euronext Growth Milan (EGM)