BREAKING NEWS

On 3 February 2026, Siav SpA Società Benefit, an Italian market leader in the Content Service Platform segment according to Gartner’s classification and listed on Euronext Growth Milan (EGM), released its main preliminary (unaudited) consolidated figures for the financial year ended 31/12/2025. Revenues from sales and services amounted to € 35.70 million, up by approximately 7.0% compared to € 33.65 million in FY24A and above our FY25E estimate of € 35.00 million. The Company also noted that growth would be approximately 10.0% on a like-for-like perimeter versus 31/12/2024, therefore neutralizing the effects of the disposal of Mitric Srl (completed on 27 May 2025, with effects from 1 January 2025). This confirms that, even excluding the disposal, commercial momentum remains solid, supported by the increasing contribution of higher value-added business lines: Software increased by +1.0% (+7.0% on a like-for-like basis), Outsourcing rose by +15.0% (+15.0% on a like-for-like basis), and Services grew by +11.0% (+15.0% on a like-for-like basis). Preliminary EBITDA reached € 9.00 million, up significantly (+43.5%) versus € 6.27 million as of 31/12/2024 and well above our FY25E estimate of € 7.75 million. This reflects the structured cost-optimization and operating-efficiency enhancement program implemented by the Company within the reorganization plan and process review already discussed in our previous research note. The benefits of the reorganization plan appear increasingly tangible and fully embedded, with measurable effects on profitability. On the balance sheet side, net financial position as of 31/12/2025 improved to net debt of € 18.20 million from net debt of € 20.88 million as of 31/12/2024, and came in below our FY25E estimate of net debt of € 19.56 million. This trend is mainly driven by stronger operating cash flow generation from the core business, which supports balance sheet strength and increases the Company’s financial flexibility to sustain its growth trajectory. In summary, the FY25A preliminary figures point to a year-end characterized by revenue growth and, above all, a marked improvement in profitability and net financial position compared to FY2024. Based on the information disclosed in the press release, we confirm our recommendation: target price € 5.35, rating BUY, risk Medium.

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