BREAKING NEWS

On October 8, 2025, Siav SpA Società Benefit, a leading Italian company in the Content Service Platform sector according to Gartner’s classification and listed on Euronext Growth Milan (EGM), announced the issuance of a € 2.00 million bond fully structured and subscribed by Banca Valsabbina. The bond, named “SIAV S.p.A. Società Benefit – ISIN IT0005669947 – VAR Rate + 2.75% 2025–2032”, is non-convertible and unlisted. It was approved by the Board of Directors on September 18, 2025, with Banca Valsabbina acting as the sole investor and responsible for the main functions related to the issuance and ongoing management of the security. The transaction falls within the scope of Banca Valsabbina’s “Smart Minibond” program, designed to support the growth and competitiveness of Italian SMEs. The subscription covers 20 indivisible bonds with a nominal value of € 0.10 million each, issued under Italian law in dematerialized form and centrally administered by Monte Titoli SpA. The bonds provide for an “Italian-style” amortization plan with semi-annual repayments starting in October 2027 and final maturity in October 2032, following a 24-month grace period. The coupon is indexed to the 6-month Euribor plus a spread of 275 basis points. The proceeds will be allocated to strategic extraordinary finance operations aimed at strengthening and expanding the company’s business, in line with the development guidelines defined by management. This move is part of the broader financial consolidation and relaunch strategy initiated by Siav in 2025, following the corporate reorganization and focus on core business already discussed in the commentary on the June 30, 2025 results. The bond issuance confirms Siav’s intention to equip itself with flexible financial instruments to support both organic growth and future M&A initiatives, consistent with the positive outlook outlined in the company’s industrial plan. Taking into account the information reported in the release, we confirm our recommendation: Target price: € 5.35, Rating Buy and Risk Medium.

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