{"id":36912,"date":"2026-10-13T09:58:51","date_gmt":"2026-10-13T07:58:51","guid":{"rendered":"https:\/\/integrae.it\/?p=36912"},"modified":"2026-10-13T09:59:04","modified_gmt":"2026-10-13T07:59:04","slug":"update-119","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-119\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In the first half of 2026, Value of Production amounted to \u20ac 4.40 mln, up 2.7% compared to \u20ac 4.28 mln in 1H25A, while Sales Revenues reached \u20ac 4.09 mln, increasing by 1.5% from \u20ac 4.03 mln in 1H25A. EBITDA returned to positive territory, reaching \u20ac 0.03 mln, an improvement of \u20ac 0.05 mln compared to the negative \u20ac 0.02 mln recorded in 1H25A. EBIT stood at \u20ac -0.41 mln, improving from \u20ac -0.44 mln in 1H25A, after depreciation, amortization and impairment charges of \u20ac 0.44 mln, reflecting the ongoing investments in product development. Net Income amounted to \u20ac -0.38 mln, broadly in line with the \u20ac -0.39 mln recorded in 1H25A. From a balance sheet perspective, NFP shifted from a net cash position of \u20ac 0.07 mln as of December 31, 2025, to a net debt position of \u20ac 0.07 mln as of June 30, 2026.

In light of the results published in the interim financial report for 1H26A, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E Sales Revenues of \u20ac 9.50 mln and EBITDA of \u20ac 0.35 mln, corresponding to an EBITDA margin of 3.7%. For the following years, we expect Sales Revenues to increase to \u20ac 12.00 mln (CAGR 25A-28E: 9.1%) in FY28E, with EBITDA reaching \u20ac 2.50 mln (corresponding to an EBITDA margin of 20.8%), up from \u20ac 0.33 mln in
FY25A (corresponding to an EBITDA margin of 3.6%). Finally, from a balance sheet perspective, we expect an improvement in NFP, which, according to our estimates, will move from a net cash position of \u20ac 0.07 mln in FY25A to a net cash position of \u20ac 0.11 mln in FY26E. We conducted our valuation of the equity value of ICC based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 7.4 million. The
target price is \u20ac 1.55, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In the first half of 2026, Value of Production amounted to \u20ac 4.40 mln, up 2.7% compared to \u20ac 4.28 mln in 1H25A, while Sales Revenues reached \u20ac 4.09 mln, increasing by 1.5% from<\/p>\n","protected":false},"author":5,"featured_media":12109,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[173],"class_list":["post-36912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-icc-en"],"acf":[],"yoast_head":"\nUPDATE - 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-119\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 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