| The first half of 2026 unfolded against a challenging market environment for the Italian residential air conditioning sector. The Group’s Value of Production stood at € 13,35 million, down 22,6% compared to € 17,25 million in 1H25A, with sales revenues amounting to € 13,21 million (€ 16,77 million in 1H25A). EBITDA stood at € -0,64 million, compared to € 0,94 million in 1H25A, with an EBITDA margin of -4,8% (5,5% in 1H25A). Following depreciation and amortization of € 0,37 million, EBIT was negative at € 1,01 million (€ 0,58 million in 1H25A). Financial expenses decreased to € 0,20 million from € 0,60 million in 1H25A (including € 0,09 million in costs related to the sale of Ecobonus tax credits in 1H26A), and the Group closed the semester with a net loss of € 1,22 million, compared to a net loss of € 0,02 million in 1H25A. From a balance sheet perspective, the semester recorded a significant improvement in the Net Financial Position (NFP), which stood at € 2,09 million, compared to € 5,18 million at the end of 2025. In light of the results published in the financial report for 1H26A, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E Value of Production at € 29,20 million and EBITDA at € -1,15 million, corresponding to an EBITDA margin of -3,9%. For the following years, we expect Value of Production to increase to € 34,50 million (CAGR 25A-28E: 1,4%) in FY28E, with EBITDA reaching € 2,10 million (corresponding to an EBITDA margin of 6,1%), compared to € -0,80 million in FY25A (corresponding to an EBITDA margin of -2,4%). Finally, from a balance sheet perspective, we estimate a Net Financial Position (NFP) of € 2,72 million in net debt for FY26E. We conducted our valuation of the equity value of E-Globe based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2,5% in the calculation of the WACC) returned an equity value of € 11,7 million. The target price is € 0,65, with a BUY rating and MEDIUM risk. |
