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Consolidated Financial Results as at 30 June 2026
REVO: FIRST HALF OF THE “TECHUMAN ERA”
PLAN CLOSES WITH POSITIVE RESULTS
Gross written premiums reached €230.6 million (+15.0%) in the period, with an adjusted1 operating profit increased to €29.1 million (+13.0%), supported by an 84.8% combined ratio2 and a strong, stable solvency position.
Gross written premiums € 2 30.6 million Insurance revenues € 1 65.7 million Adjusted operating profit € 2 9.1 million Net profit € 1 3.5 million Adjusted net profit € 1 6.4 million Group Solvency II ratio3 224.0%
Verona, 6 August 2026 – The Board of Directors of REVO Insurance S.p.A., parent company of the REVO Insurance Group, today approved the Group’s consolidated financial results as of 30 June 2026.
KEY INDICATORS
Gross written premiums of €230.6 million , up 15.0% compared with the same period of 2025
(€200.5 million);
Broad -based growth across the Group’s main lines of business , both in Italy and Spain, with a further diversified insurance portfolio;
Adjusted operating profit of €29.1 million , marking significant growth of 13.0% compared with the first half of 2025, supporting the operational growth trajectory envisaged in the Business
Plan;
1 Adjustments include recurring investment income and expenses and exclude extraordinary one -off costs, including, among others, expenses related to exceptional advisory services, the one -time provision associated with the renewal of the ANIA National Collec tive Labour Agreement, amorti zation of the acquired portfolio (ex -VoBA ) and Long -Term Incentive (LTI) costs, as well as other non -material items such as depreciation of tangible assets, deferred severance indemnity (TFM) settlements and finance costs related to financial liabilities.
2 IFRS 17 Combined Ratio = (Insurance service expenses incurred + Reinsurance result) / (Insurance revenue before VoBA amorti zation) 3 Calculation based on the Standard Formula, with the application of Undertaking Specific Parameters (USPs) for the Credit and Surety lines of business.
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Strong technical profitability, with a loss ratio4 of 32.3% , in line with the first half of 2025 and the Group’s medium -term targets;
Positive investment contribution of €4.9 million (€3.8 million in H1 2025), while maintaining a relatively short duration and a high degree of geographical asset diversification, supporting portfolio resilience even during periods of market volatility;
IT investment plan on track, (with approximately €6 million invested during the period ), while operating expenses continued to evolve in line with Business Plan targets;
Consolidated net profit of €13.5 million (€16.4 million adjusted), up from €11.3 million (€15.0 million adjusted) in the first half of 2025, a period that was characterized by a higher impact of non -recurring items than the current reporting period;
Capital strength remained solid at high levels, with a Group Solvency II ratio of 224.0% .
Alberto Minali, Chief Executive Officer of REVO, commented: “The first half of the year marks the start of the 2026 -2028 Business Plan, confirming the Group’s ability to translate its strategic priorities into tangible results along a sustainable growth path. In this context, the Eurocaution transaction represents the second building block of our international growth strategy, following REVO Iberia. The transaction also strengthens our presence in the highly specialized surety segment, a business characterized by significant technical experti se and a strong ability to contribute to the profitability and stability of the insurance portfolio .”
STRATEGIC PERFORMANCE
During the first half of the year, the growth initiatives identified in the 2026 -2028 Industrial Plan, “THE TECHUMAN ERA”, were implemented:
premium growth across the Group’s core “Specialty Focus ” lines of business, with significant progression in the Surety (+15.8%) and Engineering (+13.3%) LoBs compared with the first half of 2025. Volumes in the Energy LoB, launched during 2025, increased substantially, as did those in the Legal Protection business (+79% compared with the first half of 2025). The Financial Lines5 segment recorded 17% growth, contributing to portfolio diversification and the stabilization of technical performance;
further enhancement of the OverX technology platform and advancement of its Artificial Intelligence capabilities , including the introduction of new functionalities supporting Underwriting processes and the adoption of AI -assisted software development tools, such as vibe coding , which accelerated the release of new solutions;
4 Loss Ratio IFRS 17 = (Gross claims incurred from direct and assumed business) / (Insurance revenue before commissions and VoB A amortisation) 5 PI, D&O and Cyber
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continued strengthening of REVO Iberia’s growth trajectory , which recorded gross written premiums of €9.9 million in the first half of the year, more than doubling the €4.5 million generated in the corresponding period of 2025 . Commercial presence in the Spanish market continued to expand, with the distribution network reaching 55 local and international intermediaries (42 in 2025). During the period, premium collection activities were launched in Liability , while the organizational structure was further strengthened through the addition of seven new professionals across the Underwriting, Operations and Reinsurance areas ;
strengthening of the distribution network , through the expansion of commercial relationships across all key distribution channels. As of 30 June 2026, REVO works with 121 agencies and 87 brokers (including 17 international brokers). Particularly noteworthy is the activity of REVO Underwriting, wh ose role is to identify and recruit new agents in line with the strategy set out in the Industrial Plan: to date, REVO Underwriting manages approximately 400 agency
relationships ;
solid progress in the bancassurance business , supported by the commercial relationships developed by the newly appointed Head of the business unit, which are expected to further strengthen its market positioning in the coming quarters;
expansion of the parametric insurance offering , with approximately 50 thousand policies issued in the first half of 2026, up 51% compared with the same period of 2025, and extended across multiple sectors, ranging from travel insurance, through the enhancement of solutions dedicated to specialised intermediaries and the launch of the new flight cancellation product on Facile.it , to utilities and the agri -food sector;
targeted recruitment of new professionals , primarily within the Operations and Underwriting areas , in line with the roadmap set out in the Industrial Plan and aimed at supporting the Company's innovation trajectory and technological transformation;
confirmation of the A - rating with Stable Outlook by S&P , recognising REVO’s financial strength and growth path. The agency’s assessment reflects the Company’s ability to combine profitability, high technical portfolio quality and prudent risk management, confirming its favourable positioning to achieve the obj ectives outlined in the Industrial Plan.
Among the significant events occurring after the end of the reporting period, it should be noted that, on 3 August 2026 , REVO submitted a binding offer for the acquisition of Eurocaution S.A. , a Luxembourg -based company that is a leading distributor and active underwriter in the surety business in Luxembourg and Belgium, for a maximum consideration of €22 million . Once completed, the transaction, which is subject to the negotiation and execution of the contractual documentation, the fulfilment of the relevant conditions precedent and the receipt of the required regulatory approvals, will enable the Group to extend i ts position of excellence in the surety sector to the markets of Luxembourg, Belgium and, in the future, the Netherlands , leveraging the technical expertise of the Eurocaution team.
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KEY PLAN AND ECONOMIC PERFORMANCE KPIs
The table below provides a summary of the main income statement items recorded during the reporting period .
Main Income Statement Items - € 000 30.06.2026 30.06.2025 Insurance revenues deriving from insurance contracts written 165 ,666 135 ,228 Insurance service result 24,777 22,173 Investment result 4,902 3,779 Operating expenses -4,916 -5,087 Other income / expenses -5,380 -4,111 Profit (loss ) before tax 19,383 16,754 Profit (loss ) after tax 13,540 11,310 During the period, gross written premiums reached €230.6 million , up 15.0% compared with the corresponding period of 2025. As at 30 June 2026, the business mix was more diversified, while maintaining significant exposure to the Surety segment (+15.8% compared with the corresponding period of 2025), alongside strong growth in Engineering, D&O and Legal Protection . At the same time, the Company maintained a particularly selective underwriting approach in lines undergoing portfolio remediation, including Motor Hull (CVT) and Marine , which recorded lower volumes compared with the first half of the previous year.
The table below provides a breakdown of the portfolio business mix as at 30 June 2026:
BUSINESS LINES - € 000 30.06.2026 % 30.06.2025 %
Bond 55,767 24.2% 48,153 24.0% Property 51,763 22.5% 48,892 24.4% Motor Vehicles 13,358 5.8% 14,348 7.2% Marine 12,936 5.6% 14,726 7.3% Engineering 12,886 5.6% 11,372 5.7%
PI 12,095 5.2% 10,120 5.0%
Casualty 11,108 4.8% 11,086 5.5% Agro 9,644 4.2% 8,431 4.2% Medmal 8,620 3.7% 4,616 2.3% Aviation 7,752 3.4% 7,783 3.9% Energy 7,219 3.1% 407 0.2%
FI 6,349 2.8% 2,501 1.2%
Cyber 4,995 2.2% 5,023 2.5% Property CAT 4,206 1.8% 3,325 1.7%
PA 3,560 1.5% 2,908 1.5%
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D&O 3,363 1.5% 2,327 1.2%
Legal Protection 2,846 1.2% 1,585 0.8%
FA&S 1,051 0.5% 1,023 0.5%
Parametric 534 0.2% 399 0.2% Others 512 0.2% 1,434 0.7% Total Gross Written P remi um 230 ,564 100 .0% 200 ,459 100 .0%
The operating performance achieved during the first half of the year was driven by the following
factors:
Insurance revenue amounted to €165.7 million (+22.5%), growing at a faster pace than gross written premiums (+15.0%) as a result of the recognition of premiums written in previous
periods;
Loss ratio remained stable compared with the first half of 2025 at 32.3% , already including the customary actuarial and statistical reserve strengthening adjustments (amounting to approximately €9.6 million during the period), aimed at anticipating in the income statement the effects of potential claim reporting delays and future reserve revaluations relating to claims already reported. The ratio was also impacted by the deterioration in the technical perfor mance of the Agriculture portfolio, which recorded a loss ratio of 88.5% , compared with 53.1% in the corresponding period of 2025;
Acquisition ratio6 of 17.6% , slightly down from 18.1% in the corresponding period of 2025, mainly reflecting the different business mix underwritten during the period;
Cost ratio7 improved further, standing at 18.8% compared with 19.7% in the first half of 2025, benefiting from the lower relative impact of costs as a result of increased operating leverage, in line with the Company’s medium -term objectives;
Reinsurance8 cost ratio of 17.9% , up from 15.6% in the corresponding period of 2025, mainly due to the particularly low level of large losses recorded during the semester, which resulted in reduced recoveries from reinsurers, as well as the lower contribution from reinsurance commissions associated wit h the higher retention of the portfolio.
6 IFRS 17 Acquisition Ratio = (Total acquisition commissions) / (Gross insurance revenue excluding commissions and VoBA) 7 IFRS 17 Cost Ratio = (Total operating expenses, excluding amortisation of intangible assets, + other operating income/(expens es)) / (Insurance revenue before commissions and VoBA amortisation) 8 IFRS 17 Reinsurance Cost Incidence = (Insurance revenues and expenses from reinsurance ceded) / (Gross insurance revenue excl uding commissions and VoBA)
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As a result of these factors, the gross Combined Operating Ratio9 (COR) stood at 84.8% for the period, compared with 83.2% in the first half of 2025. The ratio improved from the 86.3% reported at year -end and remained in line with the targets set out in the Industrial Plan.
The investment portfolio also delivered a positive contribution , generating a result of €4.9 million, compared with €3.8 million in 2025. This performance was primarily driven by higher coupon income, supported by the diversification of the investment portfolio in line with the strategic asset allocation, within a con text of reduced volatility resulting from its limited duration.
The table below presents the reconciliation between Operating Result and Adjusted Result for the
period:
ADJUSTE D OPERATING RESULT - € 000 30.06.2026 30.06.2025
Insurance result 24,777 22,173 Operating expenses -6,447 -6,445
LTI -929 -800
Amort ization of intangible assets a llocated to technical result 4,808 3,562 Net interest income/expense 4,852 3,411 Operati ng result 27,061 21,901 One-off costs 598 1,340 Extraordinary incentive costs ( 2025 ) - 993
LTI 929 800
TFM settlement 13 59 Amortization of tangible assets (excluding IFRS 16) 65 61 Amortization of acquired portfolio value (ex VoBA) 480 633 Interest adjustments on loan - -
Adjusted operating result 29,146 25,787
A particularly significant increase in Operating Result was recorded during the period (+23.6% compared with the corresponding period of 2025 ). This was accompanied by more moderate growth in Adjusted Operating Result (+13.0%), primarily reflecting the lower level of adjustments recognized during the first half of the year compared with financial year 2025.
The table below presents the reconciliation of the Adjusted Net Result for the first half of the year, which was affected by the same adjustment dynamics described above:
ADJUSTED NET RESULT - € 000 30.06.2026 30.06.2025
Net result 13,540 11,310 Realiz ed and fair value gains/loses -49 -353 Interest adjustments on loan - -
One-off cost s and extraordinary incentiv e costs (2025 ) 598 2,333 Amort ization of tangible assets (excluding IFRS 16) 65 61
LTI 929 800
Settlement of Directors’ Severance Indemnity (TFM) 13 59 Amortization of acquired portfolio value (ex VoBA) 480 633
9 Gross IFRS 17 Combined Ratio = (Insurance service expenses incurred + Reinsurance result) / (Insurance revenue before VoBA am ortisation)
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Taxes on the release of the LTI provision and accrual of incentive compensation 1,462 1,267 Tax adjustments -640 -1,089 Adjusted net result 16,398 15,021
STATEMENT OF FINANCIAL POSITION
The table below provides a summary of the Group’s financial position :
ASSETS - € 000 30.06.2026 31.12.2025
Intangible assets 104 ,680 103 ,154 Tangible assets 12,796 11,622 Insurance -related assets 161 ,536 146 ,851 Investment s 369 ,041 286 ,763 Other financial assets 4,245 7,292 Other assets 21,757 53,269 Cash and cash equivalents 10,971 6,278 Total Assets 685 ,027 615 ,229
SHAREHOLDERS ’ EQUITY AND LIABILITIES - € 000 30.06.2026 31.12.2025
Shareholders’ equity 270 ,443 263 ,835 Provisions for risks and charges 2,394 2,754 Insurance -related liabilities 359 ,549 305 ,334 Financial liabilities 14,007 12,799 Payables 12,561 14,847 Other liabilities 26,073 15,661 Total equity and liabilities 685 ,027 615 ,229
Shareholders’ equity amounted to €270.4 million at the end of the period, up from €263.8 million as at 31 December 2025.
As at 30 June 2026, the Company held 229,550 treasury shares , representing 0.78% of its share capital, consisting exclusively of ordinary shares.
Further confirming the Group’s strong capital position, the Solvency II Ratio stood at 224.0% as at 30 June 2026 , substantially in line with the 223.2% reported as at 31 December 2025.
FINANCIAL REPORTING OFFICER
Pursuant to Article 154 -bis of the Consolidated Law on Finance, the Manager responsible for preparing the company’s financial reports, Mr. Jacopo Tanaglia, declares that the accounting information contained in this press release corresponds to the document ary evidence, books, and accounting records.
The Company informs that the consolidated Half -Year Financial Report as of 30 June 202 6 will be made available to the public at the registered office and on the website www.revoinsurance.com , in the manner and within the timeframe established by applicable laws and regulations.
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The results as of 30 June 202 6 will be presented to the financial community today at 6:00 PM (CET) via conference call. Dial -in numbers are: +39 02 802 09 11 (Italy), +44 1 212818004 (UK), and +1 718 7058796 (USA).
The presentation related to the results is available on the website www.revoinsurance.com in the Investor Relations section.
The consolidated balance sheet and income statement of REVO Insurance S.p.A. as of 30 June 202 6 are attached below, with the note that the consolidated report and related documentation have not yet been certified by the independent auditors, nor have the Solvency II data, pursuant to IVASS Regulation no. 42 of 2 August 2018.
ABOUT REVO
(REVO Insurance S.p.A. (www.revoinsurance.com) is an insurance company based in Italy, listed on the Euronext STAR Milan market and active in non -life insurance with a focus on specialty lines and parametric risks and mainly oriented on the SME sector. REV O Insurance is an innovative and cutting -edge player, with an entrepreneurial formula that leverages technological leadership to optimize and make the risk underwriting and claims management process more efficient and flexible – including through the use of blockchain technology – and with a strong ESG vocation as a key part of its strategic orientation.
This press release is available on the Company’s website and on www.1info.it NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN REVO Insurance S.p.A.
Registered office: Viale dell’Agricoltura 7, 37135 Verona Operational headquarters: Via Monte Rosa 91, 20149 Milan Via Cesarea 12, 16121 Genova Phone: +39 02 92885700 | Certified email: revo@pec.revoinsurance.com
FOR MORE INFORMATION, PLEASE CONTACT
REVO Insurance S.p.A.
Investor Relations Manager
Jacopo Tanaglia
Phone: +39 045 8531662 | investor@revoinsurance.com
Communications & ESG Director
Marica Cammaroto
Phone: +39 335 1557142 | communication@revoinsurance.com
Media Relations
Incontra - Studio Cisnetto Enrico Cisnetto | Chiara Volontè Phone: +39 06 4740739
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CONSOLIDATED INCOME STATEMENT
ITEMS - € 000 30.06.2026 30.06.2025
1. Insurance revenues deriving from insurance contracts written 165 ,666 135 ,228 2. Costs of insurance services deriving from insurance contracts written -103 ,658 -86,335 3. Insurance revenues deriving from cessions to reinsurance 47,321 56,300 4. Costs of insurance services deriving from cessions to reinsurance -84,552 -83,020 5. Result of insurance services 24,777 22,173 6. Income/expenses from financial assets and liabilities measured at FVPL 717 682 7. Income/expenses on investments in associates and joint ventures 44 15 8. Income/expenses from other financial assets and liabilities and from investment property 4,141 3,082 8.1 - Interest income calculated according to the effective interest method 4,498 3,634 8.2 - Interes t expense -211 -223 8.3 - Other income /expenses - -
8.4 - Realised gains/losses -61 -272 8.5 - Valuation gains/losses -85 -57 o/w : Related to non -performing finan cial assets - -
9. Investment result 4,902 3,779 10. Net financial costs/revenues relating to insurance contracts written -1,438 -1,415 11. Net financial revenues/costs relating to cessions to reinsurance 727 731 12. Net financial result 4,191 3,095 13. Other revenues/costs -1,532 -1,264 14. Operating expenses: -4,916 -5,087 14.1 - Investment management expenses -18 -53 14.2 - Other administrative expenses -4,898 -5,034 15. Net provisions for risks and charges - -250 16. Write -downs/write -backs of tangible assets -952 -871 17. Write -downs/write -backs of intangible assets -1 -1 o/w: Goodwill write -downs - -
18. Other operating income/expenses -2,184 -1,041 19. Profit (loss) for the year before tax 19,383 16,754 20. Taxes -5,843 -5,444 21. Profit (loss) for the year after tax 13,540 11,310 22. Profit (loss) on discontinued operations - -
23. Consolidated profit (loss) 13,540 11,310
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSET ITEMS - € 000 30.06.2026 31.12.2025
1. INTANGIBLE ASSETS 104 ,680 103 ,154
o/w: Goodwill 74,323 74,323
2. TANGIBLE ASSETS 12,796 11,622
3. INSURANCE ASSETS 161 ,536 146 ,851
3.1 Insurance contracts written classified as assets - -
3.2 Cessions to reinsurance classified as assets 161 ,536 146 ,851
4. INVESTMENT S 369 ,041 286 ,763
4.1 Investmen t property - -
4.2 Investments in associates and joint ventures 77 33 Investments in subsidiaries - -
Investments in associates 77 33 Investments in joint ventures - -
4.3 Financial assets measured at amortised cost 1,028 1,038 4.4 Financial assets measured at fair value through OCI 341 ,119 266 ,645 4.5 Financial assets measured at fair value through profit or loss 26,817 19,047 a) Financial assets held for trading - -
b) Financial assets designated at fair value - -
c) Other financial assets compulsorily measured at fair value 26,817 19,047
5. OTHER FINANCIAL ASSETS 4,245 7,292
OTHER FINANCIAL ASSETS 4,245 7,292
6. OTHER ASSETS 21,757 53,269
6.1 Non -current assets or disposal groups held for sale - -
6.2 Tax assets 4,516 6,569 a) C urrent 256 382 b) D eferred 4,260 6,187 6.3 Other assets 17,241 46,700 Other assets 17,241 46,700 Consolidation adjustments (IC elimination) - assets - -
7. CASH AND CASH EQUIVALENTS 10,971 6,278
TOTAL ASSETS 685 ,027 615 ,229
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EQUITY AND LIABILITY ITEMS - € 000 30.06.2026 31.12.2025
1. TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 270 ,443 263 ,835
1.1 Capital 6,680 6,680 1.2 Other equity instruments - -
1.3 Capital reserves 170 170 1.4 Earnings reserves and other equity reserves 255 ,699 242 ,533 1.5 Treasury shares (-) -2,164 -5,366 1.6 Valuation reserves -3,482 -2,589 Assets attributable to non -controlling interests (+/ -) - -
Capital of non -controlling interests - -
Other equity instruments of non -controlling interests - -
Capital reserves of non -controlling interests - -
Earnings reserves and other equity reserves of non -controlling interests - -
Own shares ( -) of non -controlling interests - -
1.7 Valuation reserves of non -controlling interests - -
1.8 Profit (loss) for the year (+/ -) 13,540 22,407 1.9 Profit (loss) for the year attributable to non -controlling interests (+/ -) - -
2. PROVISIONS FOR RISKS AND CHARGES 2,394 2,754
3. INSURANCE LIABILITIES 359 ,549 305 ,334
3.1 Insurance contracts written classified as liabilities 359 ,549 305 ,334 3.2 Cessions to reinsurance classified as liabilities - -
4. FINANCIAL LIABILITIES 14,007 12,799
4.1 Financial liabilities measured at fair value through profit or loss - -
a) Financial liabilities held for trading - -
b) Financial liabilities designated at fair value - -
4.2 Financial liabilities measured at amortised cost 14,007 12,799
5. PAYABLES 12,561 14,847
6. OTHER LIABILITIES 26,073 15,661
6.1 Liabilities of disposal groups held for sale - -
6.2 Tax liabilities 36 1 a) C urrent 36 -
b) Deferred - 1 6.3 Other liabilities 26,037 15,660 Other liabilities 26,037 15,660 Consolidation adjustments (IC elimination) - liabilities - -