{"id":37159,"date":"2026-10-28T09:27:37","date_gmt":"2026-10-28T08:27:37","guid":{"rendered":"https:\/\/integrae.it\/?p=37159"},"modified":"2026-10-28T09:27:38","modified_gmt":"2026-10-28T08:27:38","slug":"update-134","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-134\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the first half of 2026, Pozzi Milano recorded strong growth in volumes, reporting a value of production of \u20ac 11.98 mln, up 14.4% compared to \u20ac 10.47 mln in 1H25A, mainly driven by the expansion of the Group\u2019s consolidation perimeter. In terms of profitability, the semester reflects the strengthening of the Group\u2019s corporate structure, with EBITDA amounting to \u20ac 0.48 mln, compared to \u20ac 1.07 mln in 1H25A, and an EBITDA margin of 4.1%. Profitability was affected by higher transportation and logistics costs, as well as increased personnel expenses associated with the expansion of the Group\u2019s perimeter. At the operating level, EBIT stood at \u20ac 0.27 mln, compared to \u20ac 0.88 mln in 1H25A, while net profit remained positive at \u20ac 0.03 mln. In the second half of the year, which traditionally represents the more significant period for the sector, the Group is expected to benefit from the contribution of the newly acquired brands.<br><br>In light of the results published in the 1H26A interim financial report, the acquisitions completed during the second half of the year, and the anti-dumping measures, which are expected to impact profitability in 2026 before being progressively absorbed in subsequent years, we revise our estimates for both the current year and the following years. Specifically, for FY26E, we expect a value of production of \u20ac 37.00 mln and EBITDA of \u20ac 3.00 mln, corresponding to an EBITDA margin of 8.3%. By 2028, we forecast the value of production to increase to \u20ac 61.00 mln (FY25A\u2013FY28E CAGR: 31.5%) and EBITDA to reach \u20ac 6.00 mln, with an EBITDA margin of 10.0%. We have valued Pozzi Milano\u2019s equity using the DCF methodology. The DCF method, which prudently incorporates an additional company-specific risk premium of 2.5% in the WACC calculation, yields an equity value of \u20ac 71.5 mln. <strong>We therefore set a target price of \u20ac 1.40 per share, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the first half of 2026, Pozzi Milano recorded strong growth in volumes, reporting a value of production of \u20ac 11.98 mln, up 14.4% compared to \u20ac 10.47 mln in 1H25A, mainly driven by<\/p>\n","protected":false},"author":5,"featured_media":17446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[165],"class_list":["post-37159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-pozzi-milano-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-134\/\" \/>\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=\"In the first half of 2026, Pozzi Milano recorded strong growth in volumes, reporting a value of production of \u20ac 11.98 mln, up 14.4% compared to \u20ac 10.47 mln in 1H25A, mainly driven by\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-134\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-28T08:27:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-28T08:27:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-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-134\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In the first half of 2026, Pozzi Milano recorded strong growth in volumes, reporting a value of production of \u20ac 11.98 mln, up 14.4% compared to \u20ac 10.47 mln in 1H25A, mainly driven by","og_url":"https:\/\/integrae.it\/en\/research\/update-134\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-28T08:27:37+00:00","article_modified_time":"2026-10-28T08:27:38+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-logo.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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