| During 2025, Litix reported a value of production of € 5.62 million, down from € 6.44 million in the corresponding period of 2024. This trend reflects a challenging operating environment, already highlighted at the time of the half-year results, marked by geopolitical tensions that directly affected demand in the Robotor segment. As of December 31st, 2025, Litix reported EBITDA of € 0.10 million, significantly down from € 0.78 million in FY24A, with an EBITDA margin of 1.8%, compared to 12.1% in the comparison period. The contraction in operating profitability was mainly attributable to the reduction in the value of production and to a different business mix, affected by the slowdown in the Robotor Business Unit. In this context, the increase in service costs was not offset by a similar rise in revenues, as part of the deliveries was postponed to 2026, with the related invoicing consequently deferred. EBIT, after depreciation, amortisation and write-downs of € 0.64 million, was negative at € 0.54 million, down compared to € 0.24 million in FY24A. Net Income at period-end stood at -€ 0.56 million (€ 0.12 million in FY24A). In light of the results published in the FY25A annual report and the contracts already secured at the end of 2025, with expected effects on 2026, we have slightly revised our estimates for both the current year and the following years. In particular, we forecast FY26E value of production at € 7.50 million and EBITDA at € 0.90 million, corresponding to a margin of 12.0%. For the following years, we expect the value of production to increase up to € 11.00 million (CAGR 25A–28E: 25.1%) in FY28E, with EBITDA reaching € 1.65 million (corresponding to a margin of 15.0%), compared to € 0.78 million in FY24A (corresponding to an EBITDA margin of 12.1%). We carried out the valuation of Litix’s equity value based on the DCF methodology and a set of comparable companies’ multiples. The DCF method (which prudently includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of € 12.3 million. The equity value derived using market multiples is equal to € 9.1 million. This results in an average equity value of approximately € 10.7 million. The target price is € 1.60, rating BUY, and risk MEDIUM. |
