BREAKING NEWS – 08.02.2023

In the press release of 6 February 2023, Nusco SpA, a company active in the production and marketing of doors for interiors and windows in wood, PVC, aluminum, and iron, listed on the Euronext Growth Milan market, announced the results relating to the consolidated preliminary final revenues as of 31 December 2022. Considering the contribution of the subsidiary Pinum Doors & Windows Srl consolidation, active in the same sector as Nusco and acquired in August 2022, consolidated revenues amount to approximately € 50.80 million, of which € 21.20 million are attributable to Pinum. The acquisition has therefore contributed significantly and is part of the external growth strategy to strengthen the competitive position of the Nusco group in the national and international reference market. The positive result also derives from strong organic growth, resulting from the consolidation of the franchise network, greater diversification and customization of the commercial offer, and the development of commercial initiatives on foreign markets of greater interest. Investments in research and development continued with a focus on reducing consumption and optimizing internal processes. As of 31 December 2022, the order book to be processed amounted to € 10.50 million, of which € 4.50 million deriving from the activities of the newly acquired subsidiary Pinum. The positive results confirm Nusco’s growth trend, demonstrating the effectiveness of the business model and strengthening our positive view of the Company. Waiting to evaluate the full results of the 2022 financial statements, we confirm our recommendation: target price € 3.00, BUY rating, and risk Medium

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