K.R. Energy

9/02/2001

On 09 February 2001 K.R. Energy obtained the admission of the shares on the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 2 March 2001.

On 13 September 2013 Integræ SIM assumed the role of Specialist of the Issuer

The enterprise. K.R.ENERGY is an investment company specializing in the renewable energy sector, listed on the Milan Stock Exchange, investing both in the acquisition of assets already active in the production of renewable energy and the implementation of projects, including innovative ones, developed internally.

Ultima Ricerca K.R. Energy

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.