{"id":37049,"date":"2026-10-21T10:00:29","date_gmt":"2026-10-21T08:00:29","guid":{"rendered":"https:\/\/integrae.it\/?p=37049"},"modified":"2026-10-21T10:00:38","modified_gmt":"2026-10-21T08:00:38","slug":"update-125","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-125\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>At the end of the first half of 2026, Promotica Group announced consolidated sales revenues of \u20ac 61.65 mln, down 9.6% compared to \u20ac 68.23 mln recorded in 1H25A. Despite the decline in revenues, EBITDA came in at \u20ac 6.03 mln, up 10.2% compared to \u20ac 5.47 mln in the first half of the previous year. The EBITDA margin reached 9.8%, improving from 8.0% in 1H25A, benefiting from more efficient management of direct costs. EBIT, after depreciation, amortization and impairment charges totaling \u20ac 1.63 mln, amounted to \u20ac 4.40 mln, compared to \u20ac 4.89 mln in 1H25A, with an EBIT margin of 7.1%, substantially stable compared to 7.2% in 1H25A. Net income amounted to \u20ac 3.45 mln, up 28.5% compared to \u20ac 2.69 mln as of 30 June 2025. This performance reflects the improvement in the Group\u2019s operating profitability and a lower tax burden in the period.<br><br>In light of the results published in the half-year report as of 30 June 2026, we have slightly revised our estimates for both the current year and the coming years. We estimate a value of production for FY26E of \u20ac 142.80 mln and EBITDA of \u20ac 12.20 mln, corresponding to a margin of 8.6%. For the following years, we expect the value of production to increase to \u20ac 175.80 mln (CAGR 25A-28E: 8.6%) in FY28E, with EBITDA of \u20ac 18.10 mln (corresponding to a margin of 10.4%), up from \u20ac 10.25 mln in FY25A (corresponding to an EBITDA margin of 7.5%). On the balance sheet side, we estimate a net cash position of \u20ac 3.90 mln for FY28E. We conducted the valuation of Promotica\u2019s equity value using the DCF methodology, including a specific risk premium of 2.5%. This results in an equity value of \u20ac 122.90 mln. <strong>The target price is therefore \u20ac 7.20. We confirm our BUY rating and MEDIUM risk<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the first half of 2026, Promotica Group announced consolidated sales revenues of \u20ac 61.65 mln, down 9.6% compared to \u20ac 68.23 mln recorded in 1H25A. Despite the decline in revenues,<\/p>\n","protected":false},"author":5,"featured_media":11539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[181],"class_list":["post-37049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-promotica-en"],"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-125\/\" \/>\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=\"At the end of the first half of 2026, Promotica Group announced consolidated sales revenues of \u20ac 61.65 mln, down 9.6% compared to \u20ac 68.23 mln recorded in 1H25A. Despite the decline in revenues,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-125\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-21T08:00:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-21T08:00:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/promotica.jpg\" \/>\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\/jpeg\" \/>\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=\"3 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-125\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"At the end of the first half of 2026, Promotica Group announced consolidated sales revenues of \u20ac 61.65 mln, down 9.6% compared to \u20ac 68.23 mln recorded in 1H25A. 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