BREAKING NEWS – 15.05.2023

In its press release of 15 May 2023, Spindox, a leading company in the market of ICT (Information & Communication Technology) services and products for the digital innovation of companies, communicated the main consolidated economic and financial data for the first quarter of 2023. The Consolidated Value of Production as of 31 March 2023 amounted to € 24.80 million, recording an increase of 30.7% compared to the same period of the previous fiscal year. This significant growth is mainly attributable to the excellent performance and the increase in volumes in the Automotive, Manufacturing & Retail and Mobility, Travel & Logistics markets. Similarly, there is significant growth in the activities and services provided in the field of Cybersecurity, with the subsidiary Oplium Italia, founded at the beginning of 2022 and active in this market, which achieved in the first quarter of 2023 a Value of Production equal to € 0.70 million compared to the result achieved in FY22A equal to € 1.00 million. Deep Consulting Srl, a company active in the design and end-to-end implementation of ICT solutions in the telecommunications, energy, multiservice utilities, aerospace, and defence industries, which was acquired by Spindox at the beginning of Q4 2022, contributed € 2.40 million to the Group’s Q1 2023 Value of Production increase. Consolidated EBITDA at the end of the first quarter of 2023 amounted to € 1.80 million and recorded a 20.7% growth compared to the same period of the previous year. The EBITDA margin stands at 7.1% compared to 7.7% in Q1 2022. In this regard, it should be noted that management expects for the rest of the year a progressive and continuous improvement in marginality which will be enabled mainly by the completion of the integration process of Deep Consulting. The NFP as of 31 March 2023 amounted to € 3.10 million of debt, resulting in an improvement compared to the value as of 31 December 2022 equal to € 3.91 million of debt. This improvement of € 0.80 million is mainly attributable to the positive financial impact of the economic margins generated by the Group’s operating activities and the lack of significant investments made in the period under analysis. These results strengthen our positive view on the security. For this reason, we confirm our estimates: target price € 16.00, BUY rating and MEDIUM risk

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