BREAKING NEWS – 09.02.2024

In a press release of February 5, 2024, Nusco SpA, a Company active in the production and marketing of interior doors and windows made of wood, PVC, aluminum and iron under the NUSCO brand, listed on Euronext Growth Milan, reported that FY23A consolidated preliminary revenues amounted to approximately € 56.60 million, registering an increase of 11.0% over the FY22A figure of € 50.90 million. Specifically, 36.0% of the revenues were generated by the subsidiary Pinum Doors & Windows Srl, amounting to € 20.40 million. The excellent result comes mainly from the increase in sales volumes, which is attributable to the positive outcome of the Company’s strategy to diversify and customize its offerings in order to improve quality standards. Analyzing the results in more detail, it emerges that there was an increase in production volumes of PVC windows and doors, aluminum products and the iron window and door line related to security, while door production remained stable compared to 2022. Investments related to high-tech products that combine design and sustainability, with a specific focus on energy efficiency, are also growing. During 2023, Nusco consolidated its international presence with the opening of two new sales branches in Dubai and Tripoli. In addition, the Group continued to invest in R&D, aimed at reducing consumption, optimizing industrial processes and developing innovative products in terms of environmental impact, energy efficiency and design. The Group pursued its strategy of extrenal growth, through the acquisition of 44.17 % of Modo Srl, an Italian company related to the Nusco family and operating in the production of windows and doors, further expanding the value chain in the production and marketing in the BU Windows. Nusco has also strengthened its commitment to ESG, drawing up the Sustainability Report starting last May, aimed at reporting transparently on the Company’s objectives from environmental, social and economic perspectives. Regarding business development, as of December 31, 2023, the Group’s order backlog stood at € 11.30 million, up 7.6 % from the FY22A figure of € 10.40 million. The result reaffirms the positive trend for the Group and outlines an important growth path in the medium to long term. While waiting to evaluate the fiscal year 2023 financial statements, we confirm our recommendation: Target Price € 3.15, Rating BUY and Risk MEDIUM.

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