{"id":37153,"date":"2026-10-28T09:15:45","date_gmt":"2026-10-28T08:15:45","guid":{"rendered":"https:\/\/integrae.it\/?p=37153"},"modified":"2026-10-28T09:15:46","modified_gmt":"2026-10-28T08:15:46","slug":"update-132","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-132\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The first half of 2026 unfolded against a challenging market environment for the Italian residential air conditioning sector. The Group\u2019s Value of Production stood at \u20ac 13,35 million, down 22,6% compared to \u20ac 17,25 million in 1H25A, with sales revenues amounting to \u20ac 13,21 million (\u20ac 16,77 million in 1H25A). EBITDA stood at \u20ac -0,64 million, compared to \u20ac 0,94 million in 1H25A, with an EBITDA margin of -4,8% (5,5% in 1H25A). Following depreciation and amortization of \u20ac 0,37 million, EBIT was negative at \u20ac 1,01 million (\u20ac 0,58 million in 1H25A). Financial expenses decreased to \u20ac 0,20 million from \u20ac 0,60 million in 1H25A (including \u20ac 0,09 million in costs related to the sale of Ecobonus tax credits in 1H26A), and the Group closed the semester with a net loss of \u20ac 1,22 million, compared to a net loss of \u20ac 0,02 million in 1H25A. From a balance sheet perspective, the semester recorded a significant improvement in the Net Financial Position (NFP), which stood at \u20ac 2,09 million, compared to \u20ac 5,18 million at the end of 2025.<br><br>In light of the results published in the financial report for 1H26A, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E Value of Production at \u20ac 29,20 million and EBITDA at \u20ac -1,15 million, corresponding to an EBITDA margin of -3,9%. For the following years, we expect Value of Production to increase to \u20ac 34,50 million (CAGR 25A-28E: 1,4%) in FY28E, with EBITDA reaching \u20ac 2,10 million (corresponding to an EBITDA margin of 6,1%), compared to \u20ac -0,80 million in FY25A (corresponding to an EBITDA margin of -2,4%). Finally, from a balance sheet perspective, we estimate a Net Financial Position (NFP) of \u20ac 2,72 million in net debt for FY26E. We conducted our valuation of the equity value of E-Globe 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 11,7 million. <strong>The target price is \u20ac 0,65, with a BUY rating and MEDIUM risk<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The first half of 2026 unfolded against a challenging market environment for the Italian residential air conditioning sector. The Group\u2019s Value of Production stood at \u20ac 13,35 million, down 22,6% compared to \u20ac 17,25<\/p>\n","protected":false},"author":5,"featured_media":19022,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[299],"class_list":["post-37153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-e-globe-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-132\/\" \/>\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=\"The first half of 2026 unfolded against a challenging market environment for the Italian residential air conditioning sector. The Group\u2019s Value of Production stood at \u20ac 13,35 million, down 22,6% compared to \u20ac 17,25\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-132\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-28T08:15:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-28T08:15:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/e-Globe-logo.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-132\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"The first half of 2026 unfolded against a challenging market environment for the Italian residential air conditioning sector. 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