I.S.C.C. Fintech S.p.A.

22/12/2021

On 20 December 2021 I.S.C.C. Fintech S.p.A. announces that it has received today from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 22 December 2021.

The total equivalent of the resources collected through the IPO is approximately equal to Euro 14.5 million.

The enterprise established in December 2019, specialized in the analysis, of the purchase of granular non-performing loans portfolios, (otherwise called NPL loans) by financial institutions, regulated companies providing goods or services (telephony, gas, electricity), special purpose vehicles and financial companies under Article 106 of the Consolidated Law on Banking. It also operates in the management and collection of the same (so-called “Credit Management”) or the complete management of the extrajudicial debt collection (through telephone collection and home collection actions) and judicial debt collection (through the subsidiary Lawyers S.t.A.).

Ultima Ricerca I.S.C.C. Fintech S.p.A.

UPDATE

The first half of 2026 marked a period of significant growth for ISCC Fintech, with the Group reporting a Value of Production of € 4.88 million, a sharp increase (+75.1%) compared to € 2.79 million in 1H25A. In terms of profitability, EBITDA reached € 1.30 million, returning firmly to positive territory from € -0.37 million in 1H25A. After depreciation and amortization of € 0.33 million, including capitalized costs related to the ISCC WEB management system, and a prudential provision of € 0.12 million for the impairment of receivables in the portfolio, EBIT stood at € 0.85 million (€ -0.86 million in 1H25A). Net Income was positive at € 0.60 million, compared to a loss of € 0.87 million in 1H25A. The Group’s financial position strengthened significantly, with NFP turning cash positive at € 1.06 million, compared to net debt of € 0.67 million at year-end 2025, representing an improvement of € 1.73 million, primarily driven by cash flows generated from operating activities.

In light of the results published in the 1H26A interim financial report, we confirm our estimates for both the current year and the following years. In particular, we expect FY26E revenues to reach € 7.65 million, with EBITDA of € 1.00 million, corresponding to an EBITDA margin of 11.3%. Looking ahead, we expect revenues to increase to € 12.55 million (CAGR 25A-28E: 32.5%) in FY28E, with EBITDA reaching € 4.80 million (corresponding to an EBITDA margin of 38.7%), compared to € -0.93 million in FY25A. Finally, in terms of financial position, we expect NFP to remain broadly stable, moving from net debt of € 0.67 million in FY25A to net debt of € 0.66 million in FY26E.
We carried out the valuation based on the DCF methodology, including in the calculation of the WACC a specific risk premium of 2.5%. This results in an equity value of € 36.1 million. The target price is € 2.80, with a BUY rating and MEDIUM risk.