GIOCAMONDO STUDY: BOARD OF DIRECTORS INITIATES SHARE BUYBACK AND DISPOSAL PLAN
Ascoli Piceno, July 13, 2026 - Giocamondo Study S.p.A. (EGM ticker: GMS), an innovative SME from Ascoli Piceno at the forefront nationally in the study holidays sector for young people worldwide, announces that the Board of Directors today approved the initiation of the share buyback and disposal plan, pursuant to the authorization granted by the Ordinary Shareholders' Meeting on May 27, 2026. This first tranche will have a maximum purchase value of Euro 200,000 (two hundred thousand/00), with the understanding that further tranches under the aforementioned program may be resolved by the Board of Directors subsequently and in any case within the limits of the aforementioned shareholder authorization.
Purchases, up to the aforementioned limit, will commence by the end of the current month of July 2026 on the Euronext Growth Milan market through an appointed intermediary, which will be defined in the coming days.
Purchases must be carried out in compliance with the trading conditions set forth in Article 3 of Delegated Regulation (EU) 2016/1052, implementing Regulation MAR. Therefore, the consideration shall not exceed the higher of the price of the last independent transaction and the price of the current independent purchase bid on the trading venue where the purchase is made. Furthermore, it will not be possible to purchase on any trading day a volume exceeding 25% of the average daily volume of Giocamondo Study shares in the 20 days preceding the purchase date on the trading venue where the purchase is made. In any case, purchases must be made in a manner that ensures compliance with current provisions on market manipulation and, in any event, at a price neither lower nor higher than 15% compared to the reference price recorded by the stock in the last stock market session preceding each individual transaction.
It is reminded that the Shareholders' Meeting authorized the purchase of own shares, in one or more tranches, up to a maximum number that, considering the Giocamondo shares held from time to time by the Company and its controlled companies, does not exceed 20% of the Company's share capital and for a maximum value of Euro 2,000,000 (two million/00).
The authorization for the purchase and disposal of own shares was granted, by way of example and not limitation, for the purpose of:
- supporting the liquidity of the shares in compliance with the criteria set by the regulatory framework, including regulatory provisions, by carrying out, through intermediaries, any investment operations to contain abnormal price movements, to regularize trading and price trends, so as to facilitate the orderly conduct of trading outside normal variations related to market performance;
- efficient use of the Company's liquidity from a medium and long-term investment perspective;
- having own shares available for potential future incentive plans to incentivize and retain employees, collaborators, directors of the Company, controlled companies, and/or other categories of individuals discretionarily chosen by the Board of Directors;
- using the shares within the scope of operations related to core business management or projects consistent with the Company's strategic lines, in relation to which the opportunity for share exchanges arises;
- having own shares available, in line with the strategic lines the Company intends to pursue, as consideration in the context of any extraordinary transactions, such as, by way of example and not limitation, acquisitions, mergers, demergers, etc., and/or for other uses deemed of financial/management and/or strategic interest for the Company itself, including the exchange of stakes with other parties within the scope of operations of interest to the Company, as well as, in any case, the possibility of pursuing any purpose permitted by current regulatory provisions, including those contemplated by Regulation (EU) 596/2014, as well as, possibly, by market practices admitted by CONSOB;
- offering shareholders an additional tool for remunerating their investment.
As of today, the Company does not hold any own shares.
Giocamondo Study
Founded in 2017 in Ascoli Piceno by Chairman and CEO Stefano De Angelis, Giocamondo Study is among the leading Italian tour operators specializing in study trips for young students and excellent educational services. Giocamondo Study is accredited by the Ministry of Education and Merit and, over the years, has developed a strategic network of collaborations with some of the world's leading universities. The various integrated technological solutions developed by the Company allow customers to purchase a Study Trip or other educational services and teaching materials with a high degree of customization. Today, the Company operates with two offices in Italy (Ascoli Piceno and Rome), one in the United Kingdom, one in the United States, and one in Spain, reaching over 20 destinations worldwide and more than 30,000 students who, since 2017, have experienced Giocamondo Study.
FOR INFORMATION
GIOCAMONDO STUDY
Via Napoli, 8 - Ascoli Piceno (AP)
T. +39 0736 343440
www.giocamondostudy.it
EURONEXT GROWTH ADVISOR
Value Track SIM S.p.A.
T. +39 02 80886654
ecm@value-track.com
CORPORATE FINANCIAL PRESS OFFICE
SPRIANO COMMUNICATION & PARTNERS
Matteo Russo +39 3479834881
mrusso@sprianocommunication.com
Fiorella Girardo +39 3488577766
fgirardo@sprianocommunication.com
GIOCAMONDO STUDY PRESS OFFICE
Luca Marcolini T. +39 334673
GIOCAMONDO STUDY S.P.A.:
THE BOARD OF DIRECTORS APPROVES THE LAUNCH OF THE SHARE BUYBACK
PROGRAM AND THE DISPOSAL OF TREASURY SHARES
Ascoli Piceno, July 13th, 2026 – The Board of Directors of Giocamondo Study S.p.A. (EGM ticker: GMS), an innovative SME based in Ascoli Piceno and a national leader in the field of study vacations for young people worldwide, listed on the EGM market of Borsa Italiana, has today approved the launch of the plan for the purchase and disposal of own shares, pursuant to the authorisation granted by the Company’s Ordinary General Meeting of Shareholders on 27 May 2026, up to a maximum purchase value of €200,000 (two hundred thousand/00 ) for this first tranche, it being understood that further tranches under the aforementioned programme may be authorised by the Board of Directors at a later date, provided that they remain within the limits of the aforementioned authorisation granted by the Shareholders’ General Meeting.
The purchases, up to the aforementioned limit, will be carried out with a start date by the end of July 2026 on the Euronext Growth Milan market through an appointed intermediary to be named in the coming days.
Purchase orders must be executed in accordance with the trading conditions set out in Article 3 of Delegated Regulation (EU) 2016/1052, implementing the MAR Regulation, and therefore at a price not exceeding the higher of the price of the most recent independent transaction and the price of the current independent buy offer on the trading venue where the purchase is made, provided that on any trading day, the volume purchased may not exceed 25 per cent of the average daily trading volume of Giocamondo Study shares over the 20 days preceding the date of purchase at the trading venue where the purchase is made; in any event, purchases must be carried out in a manner that ensures compliance with the applicable provisions on market manipulation and, in any case, at a price that is neither lower nor higher by more than 15 per cent than the reference price recorded for the share during the last trading session preceding each individual transaction.
As a reminder, the Shareholders' Meeting authorised the purchase of own shares, on one or more occasions, up to a maximum number which, taking into account the Giocamondo shares held from time to time by the Company and its subsidiaries, does not exceed 20 per cent of the Company’s share capital, and for a maximum value of €2,000,000 (two million/00).
Authorisation to purchase and dispose of own shares has been granted, by way of example only and without limitation, for the purpose of:
- support the liquidity of the shares in accordance with the criteria laid down by legislation and regulations, by carrying out, through intermediaries, any investment transactions, including those aimed at curbing abnormal price movements, to stabilise trading patterns and share prices, thereby facilitating the smooth conduct of trading beyond normal market
fluctuations;
- the efficient use of the Company’s liquidity with a view to medium- and long-term
investment;
- to hold treasury shares for use in any future incentive schemes, with a view to motivating and retaining employees, collaborators and directors of the Company, its subsidiaries and/or other categories of persons selected at the discretion of the Board of Directors;
- to use the shares in transactions relating to the Company’s core business or to projects consistent with the Company’s strategic objectives, in connection with which the opportunity for share swaps may arise;
- to hold treasury shares, in line with the strategic objectives the Company intends to pursue, as consideration in the context of any extraordinary transactions, such as, by way of example and without limitation, acquisitions, mergers, demergers, etc., and/or for other purposes deemed to be of financial, operational and/or strategic interest to the Company itself, including the exchange of shareholdings with other parties in the context of transactions in the Company’s interest, as well as, in any event, the possibility of pursuing any purpose permitted by current regulatory provisions, including those set out in Regulation (EU) No 596/2014, and, where applicable, market practices permitted by
CONSOB;
- to offer shareholders an additional means of remuneration for their investment.
As at today’s date, the Company does not hold any of its own shares.
Giocamondo Study
Established in 2017 in Ascoli Piceno by Stefano De Angelis, Giocamondo Study has emerged as one of Italy's premier tour operators dedicated to organizing study trips for young learners and providing high-
quality educational services. The company is accredited by the Italian Ministry of Education and Merit and has cultivated a strategic network of partnerships with some of the privileged universities globally over the years. Giocamondo Study has developed a range of integrated technological solutions that enable customers to easily select, and purchase study trips, educational services, and learning materials tailored to their needs. Currently, the organization operates in two Italian cities –Ascoli Piceno and Rome – as well as one in the UK and one in Spain, serving over 20 destinations worldwide. Since its inception in 2017, Giocamondo Study has positively impacted more than 30,000 students who have experienced Giocamondo Study.
FOR INFORMATION
GIOCAMONDO STUDY
Via Napoli, 8 - Ascoli Piceno (AP)
T. +39 0736 343440
www.giocamondostudy.it
EURONEXT GROWTH ADVISOR
Value Track SIM S.p.A.
T. +39 02 80886654
ecm@value-track.com
CORPORATE FINANCIAL PRESS OFFICE
SPRIANO COMMUNICATION & PARTNERS
Matteo Russo +39 3479834881
mrusso@sprianocommunication.com
Fiorella Girardo +39 3488577766