BREAKING NEWS

In its press release dated July 22, 2026, Marzocchi Pompe SpA, the Italian company specializing in the design and manufacture of high-performance gear pumps and motors for industrial, mobile, and automotive applications, announced selected preliminary consolidated results for the first half of 2026. Consolidated net revenues for the first half of 2026 amounted to € 18.70 million, up 0.6% compared to € 18.60 million recorded in the first half of 2025. Despite a macroeconomic environment still characterized by weak demand and recessionary dynamics on a global scale, the Group succeeded in maintaining substantially stable revenues thanks to the initial benefits generated by the production and logistics reorganization initiatives implemented during 2025, as well as the full-year impact of the price increases introduced at the beginning of 2026. Looking at the revenue mix, the Core Business further strengthened its contribution, accounting for approximately 89.3% of total sales (compared to 86.2% in FY25A), with revenues of € 16.70 million, up 3.8% compared to the first half of 2025 and 4.2% versus the second half of the previous fiscal year. This performance confirms that the industrial business continues to represent the Group’s primary growth driver, supported by its ability to pass price increases on to customers and its ongoing focus on technologically advanced products. Conversely, the Automotive segment continued to be affected by the persistent weakness impacting the sector, reporting revenues of € 2.00 million (-19.7% compared to the first half of 2025 and -21.3% versus the second half of 2025), confirming it as the most challenged business segment within the Group. From a geographical perspective, the domestic market continued to strengthen, accounting for 35.1% of total revenues compared to 31.4% in the previous period, while exports represented 64.9% of total sales, remaining the largest contributor despite a slight decline from 68.2% recorded at the end of 2025. This trend reflects both the relative strengthening of domestic demand and the still uncertain environment across the Group’s key international markets. From a financial standpoint, the Group’s adjusted Net Financial Position remained substantially stable at € 7.80 million, compared to € 7.70 million both as of December 31, 2025 and June 30, 2025, confirming an essentially unchanged financial position following the investments and reorganization initiatives carried out during 2025. During the first half of 2026, the Company also continued to pursue initiatives aimed at innovation and commercial development. In particular, Marzocchi Pompe obtained a patent for its new bi-directional reversible pumps, further expanding its portfolio of proprietary, high value-added technological solutions. On the international expansion front, in April the Company established Marzocchi Pumps India Private Limited, a joint venture with a local partner, with the objective of strengthening its commercial presence in the Indian market and increasing the penetration of its Core Business in a geographical area offering attractive growth prospects. At the same time, the Company is evaluating the timeline for completing the transfer of production and logistics activities from the Casalecchio di Reno facility to the Zola Predosa plant, which is expected to become the Group’s sole manufacturing site in Italy.  Overall, the preliminary results for the first half of 2026 confirm the resilience of Marzocchi Pompe’s business model despite a still challenging market environment. Pending the approval of the interim financial results, scheduled for September 28, 2026, and in light of the information disclosed in the press release, we confirm our recommendation: target price € 5.10, rating BUY, risk Medium.

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