{"id":34835,"date":"2026-04-18T19:30:35","date_gmt":"2026-04-18T17:30:35","guid":{"rendered":"https:\/\/integrae.it\/?p=34835"},"modified":"2026-04-18T19:30:36","modified_gmt":"2026-04-18T17:30:36","slug":"update-91","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-91\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>During 2025, Litix reported a value of production of \u20ac 5.62 million, down from \u20ac 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 \u20ac 0.10 million, significantly down from \u20ac 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 \u20ac 0.64 million, was negative at \u20ac 0.54 million, down compared to \u20ac 0.24 million in FY24A. Net Income at period-end stood at -\u20ac 0.56 million (\u20ac 0.12 million in FY24A).<br><br>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 \u20ac 7.50 million and EBITDA at \u20ac 0.90 million, corresponding to a margin of 12.0%. For the following years, we expect the value of production to increase up to \u20ac 11.00 million (CAGR 25A\u201328E: 25.1%) in FY28E, with EBITDA reaching \u20ac 1.65 million (corresponding to a margin of 15.0%), compared to \u20ac 0.78 million in FY24A (corresponding to an EBITDA margin of 12.1%). We carried out the valuation of Litix\u2019s equity value based on the DCF methodology and a set of comparable companies\u2019 multiples. The DCF method (which prudently includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of \u20ac 12.3 million. The equity value derived using market multiples is equal to \u20ac 9.1 million. This results in an average equity value of approximately \u20ac 10.7 million. <strong>The target price is \u20ac 1.60, rating BUY, and risk MEDIUM.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>During 2025, Litix reported a value of production of \u20ac 5.62 million, down from \u20ac 6.44 million in the corresponding period of 2024. This trend reflects a challenging operating environment, already highlighted at the<\/p>\n","protected":false},"author":5,"featured_media":25362,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[332],"class_list":["post-34835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-litix-technologies-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-91\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"During 2025, Litix reported a value of production of \u20ac 5.62 million, down from \u20ac 6.44 million in the corresponding period of 2024. This trend reflects a challenging operating environment, already highlighted at the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-91\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-18T17:30:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-18T17:30:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/06\/Logo-Litix.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-91\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"During 2025, Litix reported a value of production of \u20ac 5.62 million, down from \u20ac 6.44 million in the corresponding period of 2024. 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