Informazione
Regolamentata n.
20232-12-2026Data/Ora Inizio Diffusione 29 Settembre 2026 18:04:36Euronext Growth Milan
Societa' :COFLE
Utenza - referente :COFLEN02 - BARBIERI ALESSANDRA
Tipologia :1.2
Data/Ora Ricezione :29 Settembre 2026 18:04:36 Data/Ora Inizio Diffusione :29 Settembre 2026 18:04:36
Oggetto :CONSOLIDATED INTERIM FINANCIAL
REPORT AS OF JUNE 30, 2026
Testo del comunicato
Vedi allegato
COFLE GROUP PRESS RELEASE
THE BOARD OF DIRECTORS OF COFLE S.P.A.
APPROVED THE CONSOLIDATED INTERIM FINANCIAL REPORT AS OF JUNE 30, 2026
THE SHIFT IN GEAR TRANSLATES INTO PROFITABILITY
EBITDA MORE THAN TRIPLED
ECONOMIC AND OPERATIONAL CONSOLIDATION PATH CONFIRMED
STRONG ACCELERATION IN PROFITABILITY: EBITDA MORE THAN TRIPLED AND
MARGINS AT THE HIGHEST LEVEL IN THE FIRST SIX MONTHS OF THE LAST THREE YEARS
Key consolidated figures as of June 30, 2026:
• Revenues at € 25.1 million, up 2.6% (€ 24.4 million as of June 30, 2025) • Personnel costs down by 15.1% • Adjusted Ebitda at € 4.7 million (€ 3.6 million as of June 30, 2025 ); Adjusted Ebitda Margin at 17.9% (13.9% as of June 30, 2025 ) • Ebitda at € 3.9 million (€ 1.2 million as of June 30, 2025 ); Ebitda Margin at 14.7% (4.4% as of June 30, 2025 ) • Net Result at € 0.9 million (€ - 3.3 million as of June 30, 2025 ) • Net Financial Debt at € 13.4 million; Adjusted Net Financial Debt at € 18.3 million
Trezzo sull'Adda (MI), 29 September 2026 – The Board of Directors of Cofle S.p.A. (EGM: CFL) – a leading global company in the design, production and marketing of control cables and remote control systems that operates globally through two divisions: Original Equipment (OE), dedicated to customized systems for the Agritech, Luxury Automotive and off-road vehicle sectors, and Independent After Market (IAM), which produces control cables, brake hoses and EPB for the automotive aftermarket – met today and approved the Consolidated Interim Financial Report as of June 30, 202 6.
Walter Barbieri, Chairman and CEO of Cofle, commented:
“The results for the first half of 2026 mark an important step in the Cofle Group’s recovery path. After a 2025 devoted to a far -reaching transformation of the Group’s structure, carried out together with management, we are now beginning to see tangible re sults from the work completed.
EBITDA more than tripled compared with the same period last year and the operating margin reached 14.7%, the highest level recorded in the first halves of the last three years. The return to profit is also particularly significant, with a positive net resu lt of approximately €0.9 million compared with the €3.3 million loss recorded in the first half of 2025. These results confirm the effectiveness of the decisions taken and the Group’s ability to translate efficiency and reorganisation measures into a tangible improvement in economic performance.
The market environment remains complex and is characterised by differing trends across geographical areas. Nevertheless, the Cofle Group is facing this phase with a more efficient industrial structure, a better cost balance and a renewed ability to generat e profitability.
Our objective for the second half of the year is to consolidate the results achieved, maintaining strict operating discipline and continuing to invest in innovation and product development. We therefore look to the coming months with confidence and with the awareness that the path undertaken is strengthening the foundations for the Group’s sustainable, long -term growth.”
***
CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET DATA AS OF JUNE 30, 2026
The following results include the effects of IAS 29, applied to the financial statements of the Turkish subsidiaries operating in a hyperinflationary economy.
SUMMARY ECONOMIC AND FINANCIAL RESULTS
(AMOUNTS IN MILLIONS OF EURO) 30/06/2026 30/06/2025 CHANGE % CHANGE
REVENUE 25,1 24,4 0,7 2,6%
VALUE OF PRODUCTION 26,5 26,3 0,2 0,7%
EBITDA ADJUSTED 4,7 3,6 1,1 30,6%
EBITDA ADJUSTED MARGIN 17,9% 13,9% 4,0 28,8%
EBITDA 3,9 1,2 2,7 233,4%
EBITDA MARGIN 14,7% 4,4% 10,3 234,1%
RESULT FOR THE PERIOD 0,9 (3,3) 4,2 N.S.
Revenues as at 30 June 2026 amounted to €25.1 million (€24.4 million as at 30 June 2025) which broke down as follows between the Group’s two divisions:
REVENUE
(AMOUNTS IN MILLIONS OF EURO) 30/06/2026 30/06/2025 CHANGE % CHANGE
ORIGINAL EQUIPMENT 15,7 15,1 0,6 3,6%
INDEPENDENT AFTER MARKET 9,4 9,3 0,1 1,1%
TOTAL REVENUE 25,1 24,4 0,7 2,6%
− The OE Business line, which produces cables and control systems for the agricultural, earth -
moving machinery, commercial vehicle and premium automotive sectors and accounts for approximately 62.5% of total Group revenues, recorded revenues of €15.7 million, an increase of appro ximately 3.6% compared with €15.1 million as of 30 June 2025.
− The IAM Business line, specialized in the production of control cables and spare parts for the automotive sector, representing 37.5% of Group revenues, recorded revenues of €9.4 million, up 1.1% compared with €9.3 million as at 30 June 2025.
The value of production amounted to € 26.5 million (€ 26.3 million as of June 30, 2025).
Production costs for the period amounted to €24.6 million (€27.2 million as of June 30, 2025 ), down 9.6% compared with the corresponding period of the previous year. This trend mainly reflects the effects of measures to improve the efficiency of the Group’s operating and organisational structure, the rationalisation of the supply chain and the spending review launched on certain fixed -cost components.
Personnel costs for the period amounted to €7.1 million (€8.4 million as of June 30, 2025 ), down 15.1% compared with 30 June 2025, although still affected by the effects of the renegotiation of the collective bargaining agreements applicable to employees of the Turkish subsidiaries.
The Group's Adjusted EBITDA for the first half of 2026 includes only the effects of IFRS 16, whereas as at 30 June 2025 it also included non -recurring costs totalling €1.5 million, of which €0.9 million related to personnel. A reconciliation between EBITDA and Adjusted EBITDA is provided below.
NOT RECURRING COSTS (NRC) & IFRS 16
(AMOUNTS IN MILLIONS OF EURO) 30/06/2026 30/06/2025 CHANGE % CHANGE
EBITDA 3,9 1,2 2,7 233,4%
TOTALE NOT RECURRING COSTS 0,0 1,5 (1,5) (100,0%)
- OF WHICH PERSONNEL (NRC) 0,0 0,9 (0,9) (100,0%)
- OF WHICH OTHER COSTS (NRC) 0,0 0,6 (0,6) (100,0%)
IFRS 16 0,8 0,9 (0,1) (11,1%)
EBITDA ADJ 4,7 3,6 1,1 30,6%
The Group therefore achieved Adjusted EBITDA of €4.7 million compared with €3.6 million as of June 30, 2025 ; an improvement of approximately 30.6%.
The industrial rationalization and organizational optimization measures completed during the previous year had their greatest impact on EBITDA, which reached €3.9 million, more than three times the €1.2 million recorded as of June 30 2025 , representing an improvement of 233.4%.
EBIT was positive at €1.9 million (negative €0.9 million as of June 30, 2025 ).
The result for the period was positive at €0.9 million (negative €3.3 million as of June 30, 2025 ).
SUMMARY ECONOMIC AND FINANCIAL RESULTS
(AMOUNTS IN MILLIONS OF EURO) 30/06/2026 31/12/2025 CHANGE % CHANGE
NET WORTH 19,8 16,5 3,3 19,8%
NET FINANCIAL DEBT 13,4 11,8 1,6 13,7%
Consolidated Shareholders' Equity amounted to € 19.8 million (€ 16.5 million as of December 31, 2025 ).
Net Financial Debt as at 30 June 2026 therefore amounted to €13.4 million, up 13.7% compared with €11.8 million as of December 31, 2025 . In the second half of the year, a further absorption of liquidity and a consequent increase in Net Financial Debt are expected, mainly in connection with the completion of the Group’s reorganisation activities and the implementation of planned investments.
Adjusted Net Financial Debt, including the residual debt related to IFRS 16, amounted to €18.3 million as of June 30 2026, slightly higher than the €17.5 million recorded as of December 31, 2025 .
***
MAIN SIGNIFICANT EVENTS DURING THE PERIOD
On 25 May 2026, the Board of Directors received a communication whereby Valfin S.r.l. (the Company’s reference shareholder, holding 78.4% of Cofle’s share capital) made a binding and irrevocable commitment to make, by 30 June 2026, a €1,000,000 payment to Cofle S.p.A. as a contribution toward a future share capital increase. The payment had been made and paid on June 30, 2026.
***
FORESEEABLE BUSINESS OUTLOOK
The global agricultural machinery market enters the second half of 2026 in a cyclical transition phase, characterised by lower volume demand alongside a continued drive towards high value -added technological innovation. At the macroeconomic level, persistently high interest rates and pressure on farm incomes have led the main global players to revise revenue estimates do wnwards, implementing defensive strategies aimed at de -stocking distribution channels to correct accumulated excess inventory.
Geographically, trends remain markedly divergent: while North America and Central Europe are declining, Asian markets continue to show solid volumes. Against this backdrop, the European market is showing signs of stabilisation in medium -term revenue expectations. The automotive aftermarket sector is demonstrating solid resilience in the second half of 2026, benefiting from the progressive ageing of the global vehicle fleet and the resulting increase in demand for replacement an d routine maintenance components. From a macroeconomic perspective, the extension of the average life cycle of passenger cars and light commercial vehicles acts as a counter -cyclical driver for the replacement -parts division, supporting stable sales volume s for mechanical components subject to wear and corrosion and thereby mitigating cyclical fluctuations in new vehicle registrations. As a precautionary measure, management continues to closely monitor the operating dynamics of both divisions. Despite a str uctural contraction in volumes in the first part of the year for the Original Equipment segment and strong competitive pressure on margins in the IAM division, portfolio diversification and internal efficiency measures are expected to offset imbalances acr oss individual markets. Barring sudden and unforeseeable changes in the geopolitical environment, the Group expects to substantially achieve its consolidated revenue targets.
***
FILING OF DOCUMENTATION
A copy of the Consolidated Financial Report as of June 30, 2026, including the Report of the Independent Auditors, will be made available to the public, within the terms of the law, at the registered office (Via del Ghezzo, 54 – Trezzo sull'Adda MI) as well as by publication on the institutional website www.cofle.co m, section "Investor Relations/Financial Statements and Reports".
It should also be noted that, for the transmission and storage of Regulated Information, the Company uses the eMarket SDIR dissemination system and the eMarket STORAGE storage mechanism available at www.emarketstorage.com managed by Spafid Connect S.p.A., with registered office in Foro Bonaparte 10, Milan. This press release is available in the Investor Relations section of the https://www.cofle.com/it/ website .
***
About Cofle
The Cofle Group, founded in 1964, is a multinational company specialising in the design, manufacture and global marketing of command systems and control cables. It operates internationally through two divisions: Original Equipment (OE), focused on customiz ed systems for the Agritech , Luxury Automotive and off -road vehicle sectors, and Independent Aftermarket (IAM), which produces control cables, brake hoses and EPB systems for the automotive aftermarket. The Group operates with 6 production plants located in Italy (1), Turkey (3), In dia (1) and Brazil (1), and markets its products in about 40 countries. Since 11 November 2021, Cofle has been listed on the Euronext Growth Milan market, organi zed and managed by Borsa Italiana S.p.A..
Contacts:
Cofle S.p.A.
CDR Communication - Corporate Press Office Alessandra Barbieri Angelo Brunello angelo.brunello@cdr -communication.it VP & Managing director IR Manager Martina Zuccherini martina.zuccherini@cdr -communication.it
investor@cofle.it
Euronext Growth Advisor Banca Profilo S.p.A. cofle@bancaprofilo.it
FINANCIAL HIGHLIGHTS
2026 FIRST HALF RESULTS
TREZZO SULL 'ADDA, 29 SEPTEMBER 2026
Values in Millions of Euros
1. REVENUE FROM SALES AND SERVICES BY DIVISION
CONSOLIDATED REVENUES FOR THE FIRST HALF OF 2026, BEFORE
HYPERINFLATION EFFECTS, INCREASED BY 2.6% TO €25.1 MILLION,
COMPARED WITH €24.4 MILLION AS AT 30 JUNE 2025. THE IAM DIVISION
RECORDED REVENUES OF €9.4 MILLION, UP 1.1%, WHILE THE OE
DIVISION ACHIEVED €15.7 MILLION, UP 3.6%.
2. VALUE OF PRODUCTION
IN THE FIRST HALF OF 2026, VALUE OF PRODUCTION AMOUNTED TO
€26.5 MILLION, SUBSTANTIALLY IN LINE WITH THE €26.3 MILLION
RECORDED IN THE CORRESPONDING PERIOD OF THE PREVIOUS YEAR.
REVENUE GROWTH WAS PARTLY OFFSET BY A LOWER CONTRIBUTION
FROM THE OTHER COMPONENTS OF VALUE OF PRODUCTION,
INCLUDING THE CHANGE IN INVENTORIES OF FINISHED AND SEMI -
FINISHED PRODUCTS, AT €1.0 MILLION COMPARED WITH €1.7 MILLION
IN THE FIRST HALF OF 2025, AND OTHER REVENUES AND INCOME, AT
€0.4 MILLION COMPARED WITH €0.2 MILLION IN THE COMPARATIVE
PERIOD.
3. EBITDA AND EBITDA MARGIN
IN THE FIRST HALF OF 2026, THE GROUP RECORDED A SIGNIFICANT
STRENGTHENING IN OPERATING PROFITABILITY , WITH EBITDA OF €3.9
MILLION, MORE THAN TRIPLE THE €1.2 MILLION RECORDED IN THE
CORRESPONDING PERIOD OF THE PREVIOUS YEAR AND ALSO ABOVE THE
€3.6 MILLION RECORDED IN THE FIRST HALF OF 2024. EBITDA MARGIN
REACHED 14.7%, COMPARED WITH 4.4% IN THE FIRST HALF OF 2025 AND
11.3% IN THE FIRST HALF OF 2024, THE HIGHEST LEVEL IN THE THREE -
YEAR PERIOD CONSIDERED. THE RESULT REFLECTS THE EFFECTS OF THE
MEASURES UNDERTA KEN BY THE GROUP ON ITS COST STRUCTURE,
SUPPLY -CHAIN EFFICIENCY AND PERSONNEL REORGANISATION.
31,124,5 25,10,7
1,8 1,431,8
26,3 26,5
1H 2024 1H 2025 1H 2026FATTURATO ALTRE VOCI19,315,1 15,711,8
9,3 9,431,1
24,4 25,1
1H 2024 1H 2025 1H 2026ORIGINAL EQUIPMENT INDEPENDENT AFTERMARKET
3,6
1,23,911,3%
4,4%14,7%
1H 2024 1H 2025 1H 2026EBITDA EBITDA MARGIN
4. NET RESULT
THE FIRST HALF OF 2026 SHOWS A MARKED IMPROVEMENT IN NET
PROFITABILITY , WITH A POSITIVE RESULT OF €0.9 MILLION, COMPARED
WITH THE NEGATIVE RESULT OF €3.3 MILLION RECORDED IN THE
CORRESPONDING PERIOD OF THE PREVIOUS YEAR. THE NET MARGIN
CONSEQUENTLY RETURNED TO POSITIVE TERRITORY AT 3.8%,
COMPARED WITH -13.5% IN THE FIRST HALF OF 2025. THE RESULT
CONFIRMS THE SIGNIFICANT RECOVERY IN THE GROUP’S ECONOMIC
PERFORMANCE, WITH A RETURN TO PROFIT AFTER THE NEGATIVE
RESULTS RECORDED IN PREVIOUS COMPARATIVE PERIODS. THE EFFECT
OF HYPERINFLATION WAS SUBSTANTIALLY NEGLIGIBLE IN THE FIRST HALF
OF 2026.
5. NET WORKING CAPITAL
AS AT 30 JUNE 2026, NET WORKING CAPITAL AMOUNTED TO €20.4
MILLION. THE CHANGE COMPARED WITH 31 DECEMBER 2025 MAINLY
REFLECTS THE MOVEMENT IN THE NET BALANCE OF TRADE RECEIVABLES
AND PAYABLES AND INVENTORIES, THE LATTER AFFECTED BY €0.9
MILLION OF HYPERINFLATION EFFECTS. NET WORKING CAPITAL
REMAINED, IN ANY CASE, BELOW THE €23.2 MILLION RECORDED AS AT
31 DECEMBER 2024.
6. INTANGIBLE AND TANGIBLE ASSETS
AS AT 30 JUNE 2026, TOTAL FIXED ASSETS AMOUNTED TO €17.4 MILLION,
COMPARED WITH €16.7 MILLION AS AT 31 DECEMBER 2025. IN
PARTICULAR, INTANGIBLE ASSETS INCREASED FROM €6.5 MILLION TO
€7.8 MILLION, MAINLY DUE TO RESEARCH AND DEVELOPMENT
PROGRAMMES AND THE EFFECTS OF HYPERINFLATION AND EXCHANGE
RATES, NET OF AMORTISATION FOR THE PERIOD. TANGIBLE ASSETS
DECREASED FROM €10.2 MILLION TO €9.6 MILLION, AS INVESTMENTS
AND THE EFFECTS OF HYPERINFLATION AND EXCHANGE RATES WERE
MORE THAN OFFSET BY DEPRECIATION FOR THE HALF -YEAR. OVERALL,
THE CHART THEREFORE SHOWS A RECOMPOSITION OF FIXED ASSETS IN
FAVOUR OF THE INTANGIBLE COMPONENT, AGAINST A TOTAL VALUE
THAT IS SUBSTANTIALLY STABLE COMPARED WITH THE END OF THE
PREVIOUS FINANCIAL YEAR.
-0,3
-2,0 0,9
-1,8
-1,3 -0,0
-6,6%
-13,5%3,8%
1H 2024 1H 2025 1H 2026IPERINFLAZIONE MARGINE NETTO
23,2
15,5 20,4
2024 2025 1H 2026CAPITALE CIRCOLANTE NETTO
6,4 6,57,812,510,29,618,9
16,717,4
2024 2025 1H 2026IMMATERIALI MATERIALI
7. NET FINANCIAL POSITION
AS AT 30 JUNE 2026, THE NET FINANCIAL DEBT WAS A NET DEBT
POSITION OF €13.4 MILLION. THE CHANGE COMPARED WITH 31
DECEMBER 2025 MAINLY REFLECTS THE SEASONALITY OF THE GROUP’S
BUSINESSES AND THE TEMPORARY ABSORPTION OF FINANCIAL
RESOURCES RELATED TO STRATEGIC PURCHASES AND NET WORKING
CAPITAL DYNAMICS. THE NET FINANCIAL DEBT REMAINED, HOWEVER,
AT A BETTER LEVEL THAN THE €13.9 MILLION RECORDED AS AT 31
DECEMBER 2024.
13,9
11,813,4
2024 2025 1H 2026POSIZIONE FINANZIARIA NETTA
WWW.COFLE.COM
info@cofle.it
investor@cofle.it
Headquarters
Via del Ghezzo 54 Trezzo sull'Adda (MI) Italy
+39 02920020201
CONSOLIDATED INTERIM BALANCE SHEET
Amounts in euro 30/06/2026 31/12/2025
Balance sheet assets 60.288.361 56.117.226
B) Fixed assets 17.658.470 17.043.005
I) Intangible assets 7.785.770 6.526.659
2) Development costs 3.312.373 2.855.958 3) Industrial patent rights and intellectual property rights 164.809 154.666 (4) Concessions, licences, trademarks and similar rights 1.450.000 1.500.000 5) Start -up 2.808 5.619 6) Fixed assets under construction and payments on account 2.543.602 1.692.852 7) Other 312.177 317.564
II) Tangible fixed assets 9.561.801 10.213.116
1) Land and buildings 3.620.798 3.668.639 2) Plant and machinery 4.261.923 4.646.032 3) Industrial and commercial equipment 454.234 473.332 4) Other assets 1.196.626 1.314.390 5) Assets under construction and payments on account 28.221 110.723
III) Financial fixed assets 310.899 303.230
1) Investments in: 7.534 7.455 (b) Associated undertakings 5.216 5.088 (da) Other undertakings 2.318 2.368 2) Credits 100.000 100.000 (b) To related undertakings 100.000 100.000 2) Beyond the following financial year 100.000 100.000 3) Other titles 202.621 191.984 4) Active derivative financial instruments 743 3.791
C) Current assets 41.273.679 37.945.526
I) Inventories 20.528.610 17.604.962
1) Raw materials, supplies and consumables 13.273.166 10.921.469 2) Work in progress and semi -finished products 1.260.216 1.083.959 4) Finished products and goods 5.693.943 5.102.844 5) Down payments 301.284 496.689
II) Claims 10.857.219 7.750.758
1) To customers 8.342.293 5.410.708 1) Due within the following financial year 8.342.293 5.410.708 5a) For tax credits 1.485.671 1.410.816 1) Due within the following financial year 1.485.671 1.410.816 (5b) For deferred tax assets 247.739 214.606 1) Due within the following financial year 247.739 214.606 5c) To others 781.516 714.627
Amounts in euro 30/06/2026 31/12/2025
1) Due within the following financial year 781.516 714.627
IV) Cash and cash equivalents 9.887.850 12.589.806
1) Bank and postal deposits 9.882.645 12.584.574 3) Money and cash values 5.204 5.232
D) Accruals and deferrals 1.356.213 1.128.696
Amounts in euro 30/06/2026 31/12/2025
Balance sheet liabilities 60.288.361 56.117.226
A) Shareholders' equity 19.823.870 16.545.154
I) Group shareholders' equity 17.596.034 14.643.817 I) Capital 615.600 615.600 II) Share premium reserve 3.692.052 14.916.771 III) Revaluation reserves 2.434.930 2.434.930 IV) Legal reservation 123.120 123.120 (VI) Other reserves, separately indicated (15.670.239) (16.215.664) Payments on account of future capital increase 1.000.000 0 Foreign consolidation translation reserves (17.289.468) (16.834.893) Consolidation reserve 619.229 619.229 VII) Reserve for hedging operations of expected cash flows (11.303) (18.796) VIII) Retained earnings (losses) 26.202.694 22.001.152 IX) Profit (loss) for the year 790.773 (8.631.702) X) Negative reserve for treasury shares held in portfolio (581.593) (581.593)
Third -party assets 2.227.836 1.901.337
Third -party capital and reserves 2.077.197 2.582.479 Minority interests (losses) 150.639 (681.142)
B) Provisions for risks and charges 4.226.534 3.672.889
1) Retirement funds and similar obligations 227.538 185.692 2) Provisions for taxes, including deferred taxes 1.522.192 999.936 3) Passive derivative financial instruments 15.850 29.718 4) Others 2.460.954 2.457.542
C) Employee severance pay 450.311 455.278
D) Debts 35.361.243 35.171.624
1) Bonds 2.466.732 2.959.011 1) Within the following financial year 1.000.000 1.000.000 2) Beyond the following financial year 1.466.732 1.959.011 4) Payables to banks 20.672.248 21.193.729 1) Within the following financial year 15.204.027 14.988.729 2) Beyond the following financial year 5.468.222 6.205.000 5) Payables to other lenders 280.038 349.211
Amounts in euro 30/06/2026 31/12/2025
1) Within the following financial year 138.346 138.346 2) Beyond the following financial year 141.692 210.865 6) Down payments 176.324 235.585 1) Within the following financial year 176.324 235.585 7) Payables to suppliers 8.932.221 7.280.532 1) Within the following financial year 8.932.221 7.280.532 12) Tax payables 315.939 350.152 1) Within the following financial year 315.939 350.152 13) Payables to social security institutions 295.208 437.775 1) Within the following financial year 295.208 437.775 14) Other payables 2.222.533 2.365.629 1) Within the following financial year 2.222.533 2.365.629
E) Accruals and deferrals 426.403 272.281
CONSOLIDATED INTERIM INCOME STATEMENT
Amounts in euro 30/06/2026 30/06/2025
A) Value of production 26.492.715 26.317.942
1) Revenue from sales and services 25.074.750 24.430.863 2) Change in inventories of work -in-progress, semi -finished and finished products 991.478 1.667.781 5) Other revenues and income, with separate indication of operating grants 426.488 219.297
B) Production costs 24.593.855 27.189.195
6) For raw materials, ancillary, consumer and goods 11.975.530 11.307.606 7) For services 4.638.821 4.653.216 8) For the use of third -party assets 933.927 990.394 9) For staff 7.109.925 8.371.519 a) Wages and salaries 5.341.131 6.508.834 (b) Social security contributions 1.243.686 1.401.796 c) Severance pay 177.064 180.601 e) Other costs 348.044 280.287 10) Depreciation, amortization and impairment losses 1.938.681 1.980.100 (a) Depreciation of intangible assets 730.486 734.639 b) Depreciation of tangible fixed assets 1.208.194 1.245.461 11) Changes in inventories of raw materials, supplies, consumables and goods (2.509.162) (516.016) 12) Provision for risks 51.267 57.619 14) Miscellaneous operating costs 454.866 344.756
Difference between value and cost of production (A -B) 1.898.860 (871.253)
C) Financial income and expenses (549.907) (2.124.432)
16) Other financial income 265.293 259.698
b) Securities recorded in fixed assets that do not constitute equity investments 800 0 d) Income other than the above 264.493 259.698
17) Interest and other financial charges 515.700 1.750.774
(c) Other 515.700 1.750.774
(17a) Foreign exchange gains and losses (299.500) (633.356)
Profit before tax (A -B + - C + - D) 1.348.953 (2.995.685)
20) Income taxes for the year, current, deferred and prepaid 407.542 299.693
(a) Current taxes 38.503 0 c) Deferred tax assets (deferred) 369.039 299.693
21) Profit (loss) for the year 941.412 (3.295.378)
1) Minority interests 150.639 (373.871) 2) Group profit (loss) 790.773 (2.921.507)
CONSOLIDATED INTERIM CASH FLOW STATEMENT
Amounts in euro 30/06/2026 31/12/2025
A) Cash flows from operating activities (indirect method)
Profit (loss) for the year 941.412 (9.312.844) Income taxes 407.542 481.683 Interest expense/(income) 549.907 4.172.222
1) Profit (loss) for the year before income taxes, interest, dividends and capital gains/losses on disposals 1.898.860 (4.658.939)
Adjustments for non -monetary items that have not been offset in net working capital Provisions for funds 51.267 2.612.978 Depreciation of fixed assets 1.938.681 3.998.349 Other up/(down) adjustments for non -monetary items (297.112) (223.081)
Total rect. for el. not mon. which had no counterpart in the net circ. capital 1.692.835 6.388.246
2) Cash flow before changes in net working capital 3.591.695 1.729.307
Changes in net working capital Decrease/(Increase) in inventories (2.042.082) 1.151.775 Decrease/(Increase) in receivables from customers (2.931.585) 6.358.583 Increase/(decrease) in payables to suppliers 1.651.689 (5.760) Decrease/(Increase) in accrued income and deferred income (158.336) (635.165) Increase/(decrease) in accrued income and deferred income 154.121 (311.407) Other decreases/(Other Increases) in net working capital (536.719) 813.586
Total changes in net working capital (3.862.912) 7.371.612
3) Cash flow after changes in net working capital (271.217) 9.100.919
Other adjustments
Interest received/(paid) (1.284.221) (2.798.234) (Income taxes paid) 0 (30.630) (Use of funds) (18.835) (93.719)
Total other corrections (1.303.056) (2.922.583)
Cash flow from operating activities (A) (1.574.273) 6.178.336
B) Cash flows from investment activities
Tangible fixed assets (162.950) (557.733) (Investments) (303.583) (679.068) Divestments 140.633 121.335 Intangible assets (828.107) (1.710.461) (Investments) (828.107) (1.710.461) Divestments 0 0 Financial fixed assets 0 0 (Investments) 0 0 Divestments 0 0 Non-fixed financial assets 0 (36.591) (Investments) 0 (36.591)
Amounts in euro 30/06/2026 31/12/2025
Divestments 0 0
Cash flow of investment activity (B) (991.057) (2.304.784)
C) Cash flows from financing activities
Third -party means Increase/(decrease) in payables to banks (521.480) 3.485.739 Increase/(decrease) in payables to other lenders (69.173) (126.510) Increase/(decrease) in debt due to bonds (500.000) (1.000.000)
Equity
Changes in shareholders' equity (45.974) (1.716.057) Future capital increase 1.000.000 0
Cash flow of financing activities (C) (136.628) 643.173
Increase (decrease) in cash and cash equivalents (A ± B ± C) (2.701.957) 4.516.725 Cash and cash equivalents at the beginning of the year 12.589.806 8.073.082 Cash and cash equivalents at the end of the year 9.887.850 12.589.806
Fine Comunicato n.20232-12-2026 Numero di Pagine: 17