PRESS
RELEASE
FAE
TECHNOLOGY
GROUP:
BOARD
OF
DIRECTORS
APPROVES
CONSOLIDATED
HALF-YEAR
FINANCIAL
REPORT
AT
JUNE
30,
2026
VALUE
OF
PRODUCTION
UP
48.0%
TO
EURO
47.6
MILLION
(PRO-FORMA
1 )
EBITDA
UP
63.3%
TO
EURO
3.5
MILLION
(PRO-FORMA
1 )
Group
pro-forma
1
operating
and
financial
highlights
at
June
30,
2026
Consolidated
half-year
financial
report
at
June
30,
2026
figures
based
on
statutory
scope
in
brackets
●
Revenues:
Euro
43.5
million
(Euro
39.5
million),
+33.3%
vs
Euro
32.6
million
in
H1
2025
●
Value
of
Production:
Euro
47.6
million
(Euro
42.3
million),
+48.0%
vs
Euro
32.2
million
in
H1
2025
●
EBITDA:
Euro
3.5
million
(Euro
2.6
million),
+63.3%
vs
Euro
2.2
million
in
H1
2025
●
EBITDA
margin:
7.4%
(6.2%)
vs
6.7%
in
H1
2025
●
Net
Profit:
Euro
1.2
million
(Euro
0.6
million),
vs
Euro
0.2
million
in
H1
2025
●
Net
Financial
Debt:
Euro
11.8
million
(Euro
13.5
million),
vs
Euro
3.5
million
in
H1
2025
Growth
driven
by
key
target
markets,
with
an
ever-growing
contribution
from
the
defense
and
high-reliability
sectors
The
strong
order
backlog
supports
expectations
for
a
second
half
of
the
year
in
line
with
the
first
and
for
further
growth
in
2027
Gazzaniga
(BG),
September
29,
2026
–
The
Board
of
Directors
of
FAE
Technology
S.p.A.
–
Benefit
Company
(“ FAE
Technology
”
or
the
“
Company
”),
the
high-tech
industrial
group
which
designs,
engineers
and
produces
advanced
electronics-based
systems
for
high-reliability
terrestrial
and
space
markets
(the
“
Group
”),
today
approved
the
consolidated
half-year
financial
report
at
June
30,
2026,
voluntarily
subject
to
audit.
Note
1,
pro-form a
figures:
to
provide
a
better
understanding
of
the
Group’s
performance
for
the
period
ended
June
30,
2026,
the
key
pro-forma
consolidated
highlights
are
presented
below.
These
figures
were
prepared
by
the
Company
assuming
the
full
consolidation
of
Kayser
Italia
S.r.l.
as
if
the
full
acquisition
had
taken
place
on
January
1,
2026.
The
consolidated
figures
shown
in
brackets
meanwhile
concern
the
amounts
reported
in
the
consolidated
financial
statements
as
of
June
30,
2026,
based
on
the
statutory
consolidation
scope,
and
therefore
exclude
the
effect
of
the
full
consolidation
of
Kayser
Italia
S.r.l..
FAE
Technology
currently
holds
a
29.9%
stake
in
Kayser
Italia
S.r.l.,
pursuant
to
the
binding
agreement
signed
on
September
9,
2025,
for
the
acquisition
of
the
entire
share
capital;
the
second
closing,
for
the
remaining
70.1%,
is
expected
by
December
31,
2026.
Gianmarco
Lanza
,
Chairperson
and
Chief
Executive
Officer
of
FAE
Technology,
stated
:
“ The
first-half
results
confirm
the
Group’s
robust
trajectory
and,
together
with
the
strength
of
our
order
backlog,
provide
good
visibility
into
the
second
half
of
the
year.
The
growth
in
volumes
is
accompanied
by
measures
targeting
efficiencies
and
the
cost
structure,
with
the
goal
of
progressively
improving
profit
margins.
We
look
ahead
to
2027
on
an
even
stronger
foundation,
leveraging
the
integration
of
our
expertise
and
commercial
offerings,
alongside
an
increasingly
structured
presence
on
those
markets
where
we
can
deliver
the
greatest
technological
value.
Space
and
Defense
are
two
such
sectors
with
great
potential,
in
which
we
are
strengthening
relationships,
expertise
and
industrial
capabilities.
We
continue
to
work
diligently
to
drive
volumes
and
expand
margins,
with
the
goal
of
strengthening
the
Group’s
ability
to
generate
value
over
time
” .
H1
2026
Pro-forma
Key
Financial
Highlights
The
FAE
Technology
Group’s
pro-forma
consolidated
revenues
totaled
Euro
43.5
million
in
H1
2026
(
+33.3%
on
Euro
32.6
million
in
H1
2025),
while
the
pro-forma
value
of
production
was
Euro
47.6
million
,
up
48.0%
on
Euro
32.2
million
in
the
same
period
of
2025.
The
Group
continued
in
the
period
on
the
growth
trajectory
initiated
in
H2
2025,
driven
by
expansion
on
its
key
markets,
including
electrification,
telecommunications
and
the
energy
transition.
The
defense
and
high-reliability
(Hi-Rel)
sectors
made
a
particularly
strong
contribution,
with
FAE
Technology
consolidating
its
position
thanks
to
the
engineering
and
manufacturing
expertise
developed
throughout
the
electronics
supply
chain.
MY
Fast
PCBA
also
continues
to
grow,
reporting
revenues
of
Euro
1.9
million
for
the
period
-
up
26.7%
from
Euro
1.5
million
in
the
first
half
of
2025
-
and
further
establishing
its
role
as
a
channel
for
business
development
and
the
generation
of
qualified
leads.
Pro-forma
EBITDA
in
H1
2026
totaled
Euro
3.5
million
,
up
63.3%
on
Euro
2.2
million
in
the
previous
year.
This
growth
is
driven
by
volumes,
while
the
EBITDA
margin
stands
at
7.4%
(6.7%
in
the
same
period
of
2025).
The
Net
Profit
was
Euro
1.2
million
(in
H1
2025
amounting
to
Euro
0.2
million).
The
Net
Financial
Debt
at
June
30,
2026
was
Euro
11.8
million
,
increasing
on
Euro
3.5
million
at
December
31,
2025.
The
increase
is
mainly
due
to
the
rise
in
non-current
financial
liabilities.
H1
2026
Key
Financial
Highlights
Excluding
the
effects
of
the
full
consolidation
of
Kayser
Italia
S.r.l.
(included
in
the
pro-forma
figures),
the
revenues
reported
in
the
consolidated
half-year
financial
report
at
June
30,
2026
totaled
Euro
39.5
million
(
+21.0%
on
Euro
32.6
million
in
H1
2025).
The
value
of
production
rose
to
Euro
42.3
million
,
a
31.4%
increase
on
Euro
32.2
million
in
the
same
period
of
2025.
EBITDA
in
H1
2026
reached
Euro
2.6
million
,
improving
20.7%
on
Euro
2.2
million
in
the
previous
year,
while
the
EBITDA
margin
was
6.2%
(6.7%
in
the
same
period
of
2025).
The
Net
Profit
was
Euro
0.6
million
,
compared
to
Euro
0.2
million
in
H1
2025.
At
period-end,
Net
Working
Capital
amounted
to
Euro
30.6
million
,
up
on
Euro
22.1
million
as
of
December
31,
2025,
in
line
with
the
growth
in
Group
volumes
and
operations.
The
Net
Financial
Debt
at
June
30,
2026
was
Euro
13.5
million
,
increasing
on
Euro
3.5
million
at
December
31,
2025.
Shareholders’
Equity
amounted
to
Euro
33.7
million
,
slightly
increasing
on
Euro
32.9
million
at
December
31,
2025.
Significant
events
in
H1
2026
The
following
significant
events
in
the
first
half
of
2026
are
reported:
New
TLC
sector
orders
New
orders
worth
a
total
of
Euro
6
million
were
acquired
as
part
of
the
new
supply
relationship
in
the
telecommunications
sector,
as
announced
to
the
market
on
October
14,
2025.
The
orders,
awarded
to
the
parent
company,
are
part
of
the
collaboration
with
an
electronic
communications
equipment
manufacturer
customer
belonging
to
a
leading
international
Group,
and
involve
prototyping
and
production
for
complex
high-performance
electronic
systems.
The
supplementation
of
the
contracts
represents
an
initial
significant
development
of
the
commercial
relationship
and
lays
a
solid
foundation
for
the
structured
development
of
the
collaboration,
confirming
the
prospects
for
the
gradual
expansion
of
supplies
in
the
telecommunications
sector.
The
total
value
of
the
orders
(approximately
Euro
11
million)
will
materialize
in
2026
-
helping
to
further
strengthen
the
Group’s
order
backlog.
Partnership
with
Qualcomm
regarding
industrial
modules
with
native
AI
for
highly-complex
applications
FAE
Technology
S.p.A.
-
Benefit
Company
has
begun
a
partnership
with
Qualcomm
Technologies,
Inc.,
a
global
edge
AI,
high-performance
and
low-power
computing
and
advanced
connectivity
technologies
leader.
At
Embedded
World
2026,
held
from
March
10
to
12,
2026,
the
collaboration
led
to
the
unveiling
of
Nari
and
Deva,
two
industrial
modules
based
on
the
Qualcomm
Dragonwing™
IQ6
Series
and
Q6
Series
processors,
designed
for
edge
AI,
industrial
automation,
robotics,
computer
vision
and
advanced
IoT
applications.
These
solutions,
which
are
already
integrated
with
Foundries.io,
support
the
development
of
secure,
updatable
and
cyber-resilient
applications.
The
transaction
expands
the
Group's
capabilities
in
the
development
and
integration
of
high-performance
hardware-software
platforms,
combining
local
computing,
native
artificial
intelligence
and
energy
efficiency
on
architectures
designed
for
high-reliability
industrial
applications.
Joining
the
Qualcomm
Partner
Network
(IoT
&
Industrial
track)
also
gives
FAE
Technology
access
to
resources,
development
tools
and
the
Qualcomm
partner
ecosystem,
strengthening
its
position
as
a
deep-tech
leader
in
highly
complex
embedded
segments
and
its
ability
to
manage
the
entire
development
cycle,
from
design
to
industrial
validation.
Launch
of
the
Digiproto
prototyping
platform
On
March
18,
2026,
FAE
Technology
launched
DigiProto,
a
proprietary
digital
platform
for
the
configuration,
quoting
and
production
of
assembled
electronic
circuit
board
prototypes,
designed
for
the
Spanish
and
Portuguese
markets.
DigiProto
is
the
first
operational
application
of
the
strategic
partnership
begun
with
Digiproces,
a
Spanish
Electronics
Manufacturing
Services
(EMS)
enterprise,
and
combines
FAE
Technology’s
digital
platform
and
prototyping
expertise
with
the
partner’s
industrial
and
commercial
presence
on
the
Iberian
market.
The
platform
accelerates
the
process
from
the
customer's
request
to
the
quote
and
prototyping,
through
an
integrated
digital
environment
and
production
at
FAE
Technology's
facility.
The
initiative
strengthens
the
Group’s
international
development
model,
which
is
based
on
the
integration
of
manufacturing
assets,
engineering
expertise,
proprietary
digital
solutions
and
local
industrial
partnerships,
with
the
goal
of
reducing
time-to-market
and
ensuring
a
more
scalable
prototyping
service.
DigiProto
also
serves
as
an
initial
model
for
potentially
replicating
the
approach
in
other
geographic
markets.
Approval
of
the
new
2026–2032
stock
option
plan
At
the
Shareholders’
Meeting
of
May
28,
2026,
the
regulation
governing
the
2026-2032
stock
option
plan
was
approved,
which
is
designed
to
incentivize
and
retain
the
Company’s
key
personnel
and
align
their
interests
with
those
of
the
shareholders,
focusing
them
on
achieving
the
growth
objectives
and
creating
value
over
the
medium
to
long-term.
The
Plan
provides
for
the
grant
of
up
to
1,800,000
options
(approximately
8.2%
of
the
shares
issued
by
the
Company
as
of
the
date
of
the
Shareholders’
Meeting),
each
of
which
confers
the
right
to
purchase
or
subscribe
to
one
FAE
Technology
share
at
a
pre-set
price.
The
shares
resulting
from
the
exercise
of
the
Options
may
stem
from
a
capital
increase
reserved
for
the
beneficiaries
of
the
Plan
or,
at
the
discretion
of
the
Board
of
Directors,
from
treasury
shares
held
by
the
Company.
The
granting
of
the
Options
is
divided
into
two
tranches:
the
First
Tranche,
scheduled
for
no
later
than
September
30,
2026,
and
the
Second
Tranche,
scheduled
for
no
later
than
December
31,
2028.
The
number
of
Options
granted
in
each
tranche
will
be
determined
by
the
Board
of
Directors,
subject
to
an
overall
maximum
limit
of
1,800,000
Options.
The
Exercise
Price
is
determined
based
on
the
Volume-Weighted
Average
Price
(VWAP)
of
FAE
Technology
shares
on
the
Euronext
Growth
Milan,
in
accordance
with
the
Regulation
and
on
a
differentiated
basis
for
the
two
tranches.
For
the
First
Tranche,
the
price
is
Euro
2.59
per
share,
corresponding
to
the
VWAP
for
the
three
calendar
months
preceding
April
30,
2026.
For
the
Second
Tranche,
the
price
will
be
determined
based
on
the
VWAP
for
the
three
calendar
months
preceding
the
relevant
grant
date.
Launch
of
the
new
“SUPERFAE”
production
hub,
one
of
Italy’s
largest
facilities
for
the
production
of
high-tech
electronics
On
June
11,
2026,
FAE
Technology
S.p.A.
-
Benefit
Company
entered
into
a
long-term
lease
agreement
for
a
new
industrial
site
located
in
the
municipality
of
Cene
(BG),
which
is
set
to
become
the
main
production
hub
for
the
Company
and
the
Group
(known
as
“SuperFAE”).
The
transaction
involves
the
redevelopment
and
modernization
of
the
former
Zambaiti
cotton
mill
in
Cene,
a
historic
manufacturing
site
in
the
Seriana
Valley,
where
the
production
activities
currently
carried
out
between
the
Gazzaniga
and
Vertova
production
plants
will
gradually
be
consolidated.
Operations
at
the
new
facility,
which
covers
an
area
of
more
than
20,000
square
meters,
are
scheduled
to
begin
in
Q1
2027.
The
initial
investment
amounts
to
approximately
Euro
6
million
and
is
supported
by
new
medium
to
long-term
funding.
Once
fully
operational,
the
new
site
will
double
current
production
capacity,
facilitating
the
better
integration
of
industrial
processes
and
further
improving
technological
and
quality
standards.
The
new
plant
is
a
strategic
asset
that
supports
the
Group's
growth
in
markets
demanding
high
reliability,
traceability
and
manufacturing
expertise
standards,
including
the
defense
sector
and
other
mission-critical
applications.
The
initiative
seeks
to
strengthen
the
Group’s
position
in
the
most
technologically
advanced
industrial
segments
and
to
establish
the
necessary
production
conditions
to
support
the
next
phase
of
growth.
The
action
plan
includes
the
overall
renovation
of
the
spaces,
the
upgrading
of
infrastructure
and
logistics
flows,
the
provision
of
new
services
to
support
staff
and
of
facilities
and
equipment
that
meet
the
requirements
of
the
advanced
electronics
industry.
The
goal
is
to
transform
the
site
into
a
production
hub
featuring
the
highest
technological,
quality
and
organizational
standards.
Vincenzo
Difronzo,
a
top-tier
manager
with
extensive
international
experience
in
the
embedded
systems,
edge
computing
and
edge
AI
sectors,
joins
the
management
team.
On
June
24,
2026,
FAE
Technology
S.p.A.
-
Benefit
Company
announced
the
appointment,
effective
June
30,
2026,
of
Vincenzo
Difronzo
as
Managing
Director
of
the
new
Solutions
Division.
A
manager
with
extensive
international
experience
in
the
embedded,
edge
computing
and
edge
AI
sectors,
Difronzo
was
Chief
Sales
Officer
at
SECO
S.p.A.
from
2020,
having
previously
served
as
the
Company’s
EMEA
Sales
Director
-
following
on
from
his
managerial
experience
at
Advantech,
Arrow
Electronics,
Intel
Corporation
and
Texas
Instruments.
This
appointment
comes
with
the
setting
up
of
the
Solutions
division,
which
seeks
to
integrate
the
Group’s
expertise
and
embedded
assets
with
advanced
cloud
and
cloud
AI
technologies
and
services,
expanding
the
offering
toward
solutions
with
higher
added-value
covering
the
entire
development
cycle.
The
division
will
focus
in
particular
on
leveraging
Elettronica
GF’s
expertise
and
synergies
with
the
other
Group
companies,
with
the
goal
of
accelerating
the
development
of
integrated
solutions
in
markets
with
a
higher
technological
content.
The
new
structure
represents
a
strategic
pillar
of
FAE
Technology’s
offerings
in
the
embedded,
cloud
and
AI
segments,
with
the
goal
of
expanding
the
Group’s
scope
of
expertise
and
supporting
its
medium
to
long-term
growth.
Subsequent
events
FAE
Technology
joins
the
Intermonte
Valore
Italia
Index
On
July
2,
2026,
FAE
Technology
was
selected
as
one
of
the
100
companies
listed
on
Borsa
Italiana
included
in
the
Intermonte
Valore
Italia
Index,
dedicated
to
listed
Italian
SME’s
with
a
market
capitalization
of
under
Euro
1
billion
not
belonging
to
the
FTSE
MIB.
The
index
selects
companies
based
on
criteria
such
as
liquidity,
investability,
corporate
governance
and
financial
strength,
with
the
goal
of
promoting
and
boosting
the
visibility
of
listed
Italian
SME’s
among
investors.
The
initiative
is
part
of
the
PMI2Change
project
promoted
by
Banca
Generali
and
has
led
to
the
launch
-
in
collaboration
with
Intermonte
and
Investlinx
-
of
an
actively
managed,
PIR-compliant
ETF
that
will
invest
primarily
in
the
Index’s
companies.
Banca
Generali
has
projected
an
initial
fundraising
target
of
Euro
100
million,
with
the
goal
of
reaching
Euro
500
million
over
the
medium-term.
FAE
Technology’s
inclusion
in
the
Index
therefore
boosts
the
Company’s
visibility
within
the
financial
community
and
the
stock’s
potential
exposure
to
new
investment
inflows.
Outlook
Based
on
its
strong
order
backlog,
the
Group
looks
with
confidence
to
the
remainder
of
the
year,
forecasting
H2
volumes
substantially
in
line
with
the
first
half
of
the
year.
This
forecast
allows
us
to
confirm
2026
as
a
strong
year
overall
and
to
look
to
2027
as
one
of
steady
growth.
The
Group
expects
margins
to
expand
significantly
on
the
first
half
of
the
year,
driven
by
a
more
favorable
revenue
mix,
the
ongoing
operational
streamlining
and
a
better
absorption
of
overheads.
We
in
addition
consider
the
initiatives
already
underway
to
optimize
the
production
and
procurement
processes,
while
maintaining
strict
discipline
on
costs
and
overheads.
The
macroeconomic
and
geopolitical
landscape
is
however
closely
monitored
and
continues
to
exhibit
volatility
and
uncertainty.
The
sector
in
particular
remains
exposed
to
fluctuations
in
industrial
demand,
changes
in
international
trade
policies,
the
availability
and
lead
times
of
electronic
components,
in
addition
to
potential
raw
material,
energy
and
logistics
cost
pressures.
Against
this
backdrop,
the
diversification
of
the
markets
served,
the
strength
of
the
customer
portfolio
and
the
Group’s
ability
to
manage
the
supply
chain
are
key
factors
supporting
its
resilience.
Subject
to
any
unforeseen
disruptions,
management
therefore
considers
that
the
Group
has
the
industrial,
commercial
and
organizational
foundations
necessary
to
continue
to
grow
and
consolidate
profitability.
****
The
half-year
financial
report
at
June
30,
2026
shall
be
made
available
to
the
public
at
the
registered
offices
of
FAE
Technology
and
in
the
Investor
Relations/Financial
Statements
and
periodic
reports
section
https://fae.technology/investor-relations/
,
according
to
the
timeframe
established
by
the
applicable
regulation,
and
also
on
the
website
https://www.borsaitaliana.it/
,
in
the
Shares/Documents
section.
****
For
the
dissemination
of
regulated
information
FAE
Technology
uses
the
1INFOSDIR
dissemination
system
(
www.1info.it
)
operated
by
Computershare
S.p.A.,
with
registered
office
in
Milan,
Via
Lorenzo
Mascheroni
No.
19
and
authorized
by
Consob.
This
Press
Release
is
available
in
the
Investors
Relations/Press
Releases
section
of
the
website
https://fae.technology/
and
at
www.1info.it
.
****
FAE
Technology
S.p.A.
-
Benefit
Company
is
a
high-tech
industrial
Group
listed
on
the
Euronext
Growth
Milan
market
and
engaged
in
the
design,
engineering
and
production
of
advanced
electronics-based
systems
for
high-reliability
terrestrial
and
space
sector
markets.
Through
the
Electronics
Division,
the
Group
operates
as
an
Original
Design
Manufacturer
(ODM)
and
comprises
several
highly-specialized
companies:
FAE
Technology,
Elettronica
GF,
IpTronix
and
MAS
Elettronica.
The
Space
division
operates
through
Kayser
Space,
providing
technology
and
support
for
space
exploration
activities
and
microgravity
experimentation.
Together,
the
various
entities
form
a
technology
platform
that
covers
the
entire
life
cycle
of
a
solution:
from
R&D
to
co-design,
from
material
supply
to
prototyping
and
production
and
from
advanced
testing
to
after-sales
support.
Founded
in
1990
in
Gazzaniga
(BG)
by
Francesco
Lanza,
who
began
by
producing
a
small
series
of
electronic
boards,
FAE
Technology
has
been
led
since
2008
by
his
son
Gianmarco
Lanza,
current
Chairperson
and
Chief
Executive
Officer.
FAE
Technology
is
known
for
its
focus
on
innovation
-
promoting
open
innovation
and
shared
research
at
the
“Kilometro
Rosso”
hub
-
and
on
sustainability
and
corporate
social
responsibility,
becoming
a
Benefit
Company
on
May
13,
2022.
FAE
Technology
benefits
from
memberships
with
renowned
universities
and
research
centers,
including
the
"Senseable
City
Lab"
at
the
MIT
(Massachusetts
Institute
of
Technology)
in
Boston,
in
addition
to
strategic
partnerships
with
major
sector
players.
The
Group's
ability
to
tap
into
both
organic
and
acquisition-led
growth
opportunities,
including
through
supply
chain
and
market
consolidation,
strengthens
its
role
as
a
strategic
technology
development
partner
to
companies
and
organizations.
The
Group
reports
a
consolidated
value
of
production
of
Euro
67.6
million
for
2025,
with
a
pro-forma
value
of
production
of
Euro
47.6
million
in
H1
2026,
up
48.0%
on
H1
2025.
ISIN
FAE
Ordinary
Shares
IT0005500688
-
ISIN
Warrants
WFAE25
IT0005500639
Contacts
FAE
Technology
S.p.A.
-
Benefit
Company
Investor
Relations
Manager
Gianmarco
Lanza,
ir@fae.technology
THANAI
Communication
Advisors
Press
Office
Thanai
Bernardini,
mob.
335.7245418,
me@thanai.it
Alessandro
Bozzi
Valenti,
mob.
348.0090866,
alessandro.valenti@thanai.it
Calvin
Kloppenburg,
mob.
393.1188058,
calvin.kloppenburg@thanai.it
Alantra
Euronext
Growth
Advisor
Tel.
+39
3346267243,
ega@alantra.com
Annexes:
The
main
financial
statements
of
the
Group
are
presented
below,
concerning
the
consolidated
half-year
financial
report
at
June
30,
2026,
compared
where
possible
with
the
comparative
figures
in
thousands
of
Euro,
and
specifically
the:
-
Pro-forma
Reclassified
Consolidated
Income
Statement
for
H1
2026
(vs
Reclassified
Income
Statement
for
H1
2025);
-
Pro-forma
Consolidated
Net
Financial
Debt
at
30.06.2026
(vs
Consolidated
Net
Financial
Debt
at
31.12.2025).
-
Reclassified
Consolidated
Income
Statement
for
H1
2026
(vs
Reclassified
Income
Statement
for
H1
2025);
-
Consolidated
Balance
Sheet
at
30.06.2026
(vs
Reclassified
Consolidated
Balance
Sheet
at
31.12.2025);
-
Consolidated
Net
Financial
Debt
at
30.06.2026
(vs
Consolidated
Net
Financial
Debt
at
31.12.2025)
Consolidated
Financial
Highlights
The
Proforma
Reclassified
Consolidated
Income
Statement
for
H1
2026,
compared
with
H1
2025,
is
as
follows:
(*)
Margin
on
the
value
of
production
(**)
EBITDA
indicates
the
operating
result
before
income
taxes,
financial
income
and
expenses,
amortization
and
depreciation
and
provisions
for
risks
and
charges.
EBITDA
is
not
indicated
as
an
accounting
measure
under
Italian
GAAP
and
therefore
should
not
be
considered
as
an
alternative
measure
to
assess
the
company
operating
performance.
As
the
composition
of
EBITDA
is
not
regulated
by
the
applicable
accounting
standards,
the
criterion
used
by
the
company
for
its
calculation
may
not
be
uniform
with
that
adopted
by
other
companies
and/or
groups
and
therefore
may
not
be
comparable.
(***)
EBIT
indicates
the
result
before
income
taxes
and
financial
income
and
expenses.
EBIT
therefore
represents
the
operating
result
before
the
remuneration
of
both
debt
and
equity
capital.
EBIT
is
not
indicated
as
an
accounting
measure
under
Italian
GAAP
and
therefore
should
not
be
considered
as
an
alternative
measure
to
assess
the
company
operating
performance.
As
the
composition
of
EBIT
is
not
regulated
by
the
applicable
accounting
standards,
the
criterion
used
by
the
company
for
its
calculation
may
not
be
uniform
with
that
adopted
by
other
companies
and/or
groups
and
therefore
may
not
be
comparable.
Consolidated
Net
Financial
Debt
The
Proforma
Consolidated
Net
Financial
Debt
at
June
30,
2026,
compared
with
December
31,
2025,
follows:
Consolidated
Financial
Highlights
The
Reclassified
Consolidated
Income
Statement
for
H1
2026,
compared
with
H1
2025,
is
as
follows:
(*)
Margin
on
the
value
of
production
(**)
EBITDA
indicates
the
operating
result
before
income
taxes,
financial
income
and
expenses,
amortization
and
depreciation
and
provisions
for
risks
and
charges.
EBITDA
is
not
indicated
as
an
accounting
measure
under
Italian
GAAP
and
therefore
should
not
be
considered
as
an
alternative
measure
to
assess
the
company
operating
performance.
As
the
composition
of
EBITDA
is
not
regulated
by
the
applicable
accounting
standards,
the
criterion
used
by
the
company
for
its
calculation
may
not
be
uniform
with
that
adopted
by
other
companies
and/or
groups
and
therefore
may
not
be
comparable.
(***)
EBIT
indicates
the
result
before
income
taxes
and
financial
income
and
expenses.
EBIT
therefore
represents
the
operating
result
before
the
remuneration
of
both
debt
and
equity
capital.
EBIT
is
not
indicated
as
an
accounting
measure
under
Italian
GAAP
and
therefore
should
not
be
considered
as
an
alternative
measure
to
assess
the
company
operating
performance.
As
the
composition
of
EBIT
is
not
regulated
by
the
applicable
accounting
standards,
the
criterion
used
by
the
company
for
its
calculation
may
not
be
uniform
with
that
adopted
by
other
companies
and/or
groups
and
therefore
may
not
be
comparable.
Consolidated
balance
sheet
highlights
The
Reclassified
Consolidated
Balance
Sheet
with
the
sources
and
uses
as
of
June
30,
2026,
compared
with
December
31,
2025,
is
as
follows:
(*)
Net
Working
Capital
is
calculated
as
the
sum
of
inventories,
trade
receivables,
trade
payables,
other
current
assets,
other
current
liabilities,
tax
receivables
and
payables,
and
net
accruals
and
deferrals.
Net
Working
Capital
is
not
identified
as
an
accounting
measure
by
the
applicable
accounting
standards.
The
criteria
applied
by
the
Company
may
not
be
uniform
with
those
adopted
by
other
companies,
and
therefore
the
values
may
not
be
comparable
with
those
determined
by
the
latter.
(**)
Net
Capital
Employed
is
calculated
as
Net
Working
Capital,
Net
Fixed
Assets
and
Non-current
Liabilities
(provision
for
risks
and
charges
and
post-employment
benefits).
Capital
employed
is
not
identified
as
an
accounting
measure
by
the
applicable
accounting
standards.
The
criteria
applied
by
the
Company
may
not
be
uniform
with
those
adopted
by
other
companies,
and
therefore
the
values
may
not
be
comparable
with
those
determined
by
the
latter.
(***)
It
is
noted
that
the
Net
Financial
Debt
is
calculated
as
the
sum
of
cash
and
cash
equivalents,
non-current
financial
liabilities,
and
was
determined
in
accordance
with
the
"Guidance
on
Disclosure
Requirements
under
the
Prospectus
Regulation"
(ESMA32-382-1138)
published
by
ESMA
(European
Securities
and
Markets
Authority).
Consolidated
Net
Financial
Debt
The
Consolidated
Net
Financial
Debt
at
June
30,
2026,
compared
with
December
31,