Friulchem
On 23 July 2019, Friulchem S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 25 July 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 4.5 million, through the issuance of 2,499,750 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 1.80; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 14.4 million.
The enterprise. Friulchem (AIM: FCM), active for over 20 years on the market, is today one of the main Italian CDMOs (Contract Development Manufacturing Organizations) active internationally in healthcare through the research and development and production on behalf of third parties of semi-finished and finished products containing both pharmaceutical active ingredients and food supplements, with particular specialization in so-called drug delivery systems for the veterinary sector that represents Friulchem’s excellence, and in the development of dossiers for generic drugs for the human sector. Friulchem is an innovative SME and B2B company with an appreciable propensity for the end client to have solid Italian roots thanks to the production plant in Vivaro (Pordenone) and the administrative headquarters in Milan. The Company, strongly oriented to R&D, boasts consolidated relationships with the main multinationals in the pharmaceutical sector.
Ultima Ricerca Friulchem
BREAKING NEWS| In the press release dated July 31st, 2026, Convergenze S.p.A., a Benefit Corporation operating in the Telecommunications and 100% green Energy sectors, active throughout Italy through its proprietary EVO (Electric Vehicle Only) network and its proprietary fiber-optic infrastructure based on the innovative XGS-PON technology, and listed on Euronext Growth Milan, announced its preliminary revenue figures as of June 30th, 2026, which have not been audited, together with selected key business KPIs. In the first half of 2026, Convergenze reported revenues of €13.10 million, up approximately 3.7% compared to €12.70 million in the first half of 2025, confirming the Company’s strengthening position in its reference markets. In particular: TLC BU generated revenues of €5.70 million, up from €5.60 million in the first half of 2025, supported by a solid customer base and the increasing contribution of services delivered through the Company’s proprietary infrastructure. Energy BU contributed €7.40 million in revenues, compared to €7.10 million in 1H25, benefiting both from higher wholesale energy prices in the domestic market and the organic expansion of its customer base. In terms of profitability, the Telecommunications BU is expected to report an EBITDA margin in the range of 27.0%–28.0% for the first half of 2026, representing a slight decline compared with the corresponding period of the previous year. Nevertheless, the ongoing consolidation of the Italian telecommunications market is showing the first signs of stabilization, with competitive pressure on margins expected to ease progressively over the remainder of the year. The Energy BU is expected to achieve an EBITDA margin in the 4.5%–5.5% range, reflecting a sustainable balance between volumes, pricing and ongoing investments, particularly in technological development and infrastructure. As of June 30th, 2026, the total number of contracted services exceeded 71,900: TLC BU reached more than 61,200 contracted services, up 9.8% from approximately 55,770 in the first half of 2025. This figure also includes 3,009 active SIM cards, confirming the continued expansion of the telecommunications business. Energy BU recorded approximately 10,700 active contracts, compared with more than 11,200 in the first half of 2025, a trend consistent with the specific dynamics of the energy market. In terms of infrastructure, the Company continues to execute its proprietary fiber-optic network expansion plan, a strategic asset underpinning its long-term positioning. As of June 30th, 2026, the network exceeded 14,000 km, up 16.9% from more than 12,000 km a year earlier. At the same time, penetration of the proprietary network continued to improve, with 58.0% of Telecommunications BU customers served through the Company’s FTTH and Wi-Fi infrastructure, compared with 57.1% in the first half of 2025. The Company also continued to strengthen its wireless infrastructure during the semester. The number of installed wireless nodes increased to 133, up 2.3% from 130 in the first half of 2025. In particular, the number of 60 GHz nodes rose to 41, compared with 28 a year earlier, marking a 46.4% year-on-year increase. This reflects the ongoing qualitative enhancement of the infrastructure in terms of operational efficiency, transmission capacity and service resilience, in line with the Company’s long-term strategic objectives and its commitment to preserving and supporting profitability over time. In the Energy business, the number of active PODs stood at 9,368 as of June 30th, 2026, down from 9,848 a year earlier. Meanwhile, electricity sales volumes totaled more than 19.9 million kWh since the beginning of the year, broadly in line with the corresponding period of 2025 (+0.2% YoY). Overall, the preliminary operating results for the first half of 2026 confirm the strength of Convergenze’s growth trajectory and the effectiveness of its development strategy, built on the integration of infrastructure, digital services and sustainability. The first signs of stabilization in the telecommunications market, together with the positive contribution from the Energy BU, support an increasingly constructive outlook for the Group and point to stronger growth in the second half of the year. In light of these developments, we reiterate our BUY recommendation, with a target price of €4.10 and a Medium risk profile. |
