INITIATION OF COVERAGE

RT&L Group is an Italian operator active in freight forwarding and customs services, with an asset-light model and a range of services organised across three complementary business lines. Customs Brokerage, managed by the subsidiary P&A Spedizioni, encompasses customs clearance activities at the ports of Genoa and Genoa-Prà and at the Rivalta Scrivia freight village, and is characterised by recurring revenue, strong margins and high barriers to entry. Project Cargo deals with exceptional and oversized shipments and delivers high added value due to the high operational complexity of the contracts. Finally, General Cargo focuses on the transport of standardised goods in containers, with a strategic presence on the China–Italy route. The integration of these three lines enables the Group to offer an end-to-end logistics service and to combine recurring business with higher-margin activities. RT&L began trading on Euronext Growth Milan on 3 December 2025. The IPO took place at a price of €1.80 per share, through the placement of 3,054,000 ordinary shares, of which 2,777,000 were newly issued and 277,000 resulted from the exercise of the over-allotment option, raising a total of approximately €5.50 million. Following the transaction, the share capital consists of 10,827,608 ordinary shares and 926,392 multiple-voting shares, with a free float of 28.1%. From a financial perspective, the pro forma FY25A figures show a marked acceleration compared with the pro forma FY24A: production value rises from €8.70 million to €10.63 million (+22.1% YoY), EBITDA rises from €1.37 million to €2.69 million (+96.6% YoY), with the EBITDA margin expanding from 15.7% to 25.3%, EBIT rises from €0.62 million to €1.78 million and Net Income from €0.27 million to €1.02 million. Growth was driven primarily by Customs Brokerage, which by 2025 accounts for approximately 77.0% of production value. In terms of financial position, NFP improved from €0.40 million cash positive in 2024 to €5.30 million cash positive at the end of 2025, also benefiting from the proceeds raised through the listing. For the period 2026–2028, we anticipate a further phase of sustained growth, with production value expected to rise from €12.50 million in 2026 to €20.50 million in 2028, and EBITDA projected to increase from €3.20 million to €5.55 million over the same period. The main drivers remain the further development of Customs Brokerage, cross-selling opportunities with General Cargo, the expected increase in Project Cargo orders and the potential strengthening of the presence in Italian ports through external growth operations, also in light of the recent establishment of Olitrans in Livorno (a company active in intra-port services and internal port logistics). The valuation was carried out using the DCF method and market multiples. The DCF method yields an equity value of €58.72 million, using a WACC of 11.9%, whilst the multiples method results in an equity value of €47.10 million. The average of the two approaches gives an equity value of €52.91 million, corresponding to a Target Price of €4.50 per share, with a BUY rating and MEDIUM risk.

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