Information
Regulated Notice no.
20357-1-2026Date/Time of Dissemination Start July 6, 2026 17:49:40Euronext Growth Milan
Company:ETI
User - contact person:ETIESTN01 - Fresolone Cristian
Type:REGEM
Date/Time of Receipt:July 6, 2026 17:49:40 Date/Time of Dissemination Start:July 6, 2026 17:49:40
Subject:ETI ADMITTED TO TRADING ON
THE EURONEXT GROWTH MILAN MARKET OF
BORSA ITALIANA
Press release text
See attachment
BUSINESS - ADMINISTRATION DEPT: Via Giulio Pastore, 151 – 47522 Cesena (FC) - Italy
T. +39 0547 072547 – F. +39 0547 072546
REGISTERED OFFICE: Via Cesare Battisti, 31 – 72025 San Donaci (BR) - Italy WORKSHOP: Strada Del Petraro snc – 73010 Guagnano (LE) - Italy
T. +39 0831 1822847
info@etispa.com
www.etispa.com
Industrial Plants Construction, Chemical and Civil – Oil pipelines – Gas pipelines – Aqueducts VAT Number – Tax Code and Company Register Number of Brindisi 01893360741 – REA no. 145675 – SDI Code: C3UCNRB Share capital €1,000,000.00 fully paid-up
PRESS RELEASE
ETI ADMITTED TO TRADING ON THE EURONEXT GROWTH MILAN MARKET OF BORSA ITALIANA
INSTITUTIONAL PLACEMENT SUCCESSFULLY COMPLETED WITH CAPITAL INCREASE FOR A TOTAL VALUE OF APPROXIMATELY EURO 3.0 MILLION, INCLUDING THE POTENTIAL FULL EXERCISE OF THE GREENSHOE OPTION
POST-MONEY VALUATION OF THE COMPANY OF APPROXIMATELY EURO 8.5 MILLION, IN CASE OF FULL EXERCISE OF THE GREENSHOE OPTION
TRADING COMMENCEMENT EXPECTED ON JULY 8, 2026
San Donaci (BR), July 6, 2026 – ETI S.p.A. (“ETI” or the “Company” or the “Issuer”) – a company specializing in the construction, maintenance, and repair of plants and infrastructure for the transport of fluids for the oil & gas and water sectors – announces that it has successfully completed the listing process and has received today from Borsa Italiana S.p.A. (“Borsa Italiana”) the admission resolution for trading of its ordinary shares and warrants named “Warrant ETI 2026 -2029” on Euronext Growth Milan, a multilateral trading system organized and managed by Borsa Italiana.
The expected trading commencement date is Wednesday, July 8, 2026.
Cristian Fresolone, Chief Executive Officer of ETI, states: “Today we reach a historic and fundamental milestone for our Company, a result that officially inaugurates a new phase of our development path. The funds raised will allow us to seize the opportunities that the energy and water infrastructure market is experiencing, to further develop our order portfolio, to expand our fleet of vehicles in order to reduce costs and improve our margins. We are enthusiastic and proud of the success of the operation, and we are ready to create long-term value together with our new shareholders.”
The placement was carried out entirely as a capital increase, aimed at institutional and professional investors for a total of 546,000 ordinary shares, including the potential full exercise of the greenshoe option in the capital increase amounting to 36,000 ordinary shares (“Private Placement”).
The offer was completed at a price of Euro 5.50 per share, for a total consideration of approximately Euro 3.0 million (in case of full exercise of the greenshoe option).
As part of the placement, 273,000 warrants named “Warrant ETI 2026 -2029” (“Warrants”) were assigned free of charge to new subscribers of ordinary shares, at a ratio of 1 warrant for every 2 ordinary shares subscribed. In particular, the Warrants were and will be assigned (a) for 50% of the total Warrants, amounting to a maximum of 273,000 Warrants, to Shareholders in the Private Placement, at a ratio of 1 (one) Warrant for every 2 (two) shares subscribed in the Private Placement (the number of Warrants assigned will be rounded down to the nearest whole number), tradable on Euronext Growth Milan separately from the shares subscribed in the Private Placement starting from the Trading Commencement Date; (b) for the remaining 50% of the Warrants, amounting to a maximum of 273,000 Warrants, at a ratio of 1 (one) Warrant for every 2 (two) Shares subscribed in the Private Placement (the number of Warrants assigned will be rounded down to the nearest whole number), in favor of shareholders in the Private Placement.
BUSINESS - ADMINISTRATION DEPT: Via Giulio Pastore, 151 – 47522 Cesena (FC) - Italy
T. +39 0547 072547 – F. +39 0547 072546
REGISTERED OFFICE: Via Cesare Battisti, 31 – 72025 San Donaci (BR) - Italy WORKSHOP: Strada Del Petraro snc – 73010 Guagnano (LE) - Italy
T. +39 0831 1822847
info@etispa.com
www.etispa.com
Construction of Industrial Chemical and Civil Plants – Oil Pipelines – Gas Pipelines – Water Pipelines P. IVA – C.F. and Num. Iscr. C.C.I.A.A. of Brindisi 01893360741 – REA no. 145675 – SDI Code: C3UCNRB Share Capital €1,000,000.00 fully paid-up
who have not transferred their shares subscribed in the Private Placement within the 12 months following the Trading Start Date. The Warrants of the second tranche will be issued and automatically assigned on the first anniversary of the trading start date on a date compatible with the Borsa Italiana calendar, which will be duly communicated by the Company.
The Warrants are valid for subscribing – during the exercise periods indicated in the Warrant Regulations – under the conditions and according to the procedures of the Warrant Regulations, the underlying shares at a ratio of 1 underlying share for every 2 Warrants submitted for exercise.
It is noted that the share capital of the Issuer will consist, in the event of full exercise of the greenshoe option for capital increase, of 1,546,000 shares, of which 1,091,455 ordinary shares and 454,545 Price Adjustment Shares ("PAS") owned by Immobiliare FB S.r.l., Italia Salinaro, Seraco S.r.l., Cristian Fresolone, Lorenzo Casadei, Alfredo Sisinni. These shares, representing approximately 45% of the pre-IPO ordinary shares, are intended to serve a mechanism for protecting the value of the shares, and therefore for the protection of market investors, based on the following structure, pursuant to the articles of association:
a) 181,818 PAS ("PAS 2027") are subject – pursuant to and under the terms and conditions set forth in the Company's articles of association – to automatic cancellation or automatic conversion (partial or full) into Ordinary Shares at a ratio of 1:1, depending on the achievement of specific Adjusted EBITDA targets and the Adjusted Net Financial Position/Adjusted EBITDA ratio as of December 31, 2027 (respectively, "Floor EBITDA 2027" and "Cap EBITDA 2027");
b) 272,727 PAS ("PAS 2028") are subject – pursuant to and under the terms and conditions set forth in the Company's articles of association – to automatic cancellation or automatic conversion (partial or full) into Ordinary Shares at a ratio of 1:1, depending on the achievement of specific Adjusted EBITDA targets and the Adjusted Net Financial Position/Adjusted EBITDA ratio as of December 31, 2028 (respectively, "Floor EBITDA 2028" and "Cap EBITDA 2028").
Based on the offer price, the expected market capitalization at the start of trading is approximately Euro 8.5 million, assuming full exercise of the greenshoe option (approximately Euro 6.0 million including only the ordinary shares admitted to trading, thus excluding the PAS shares not admitted to trading).
The Company's free float, assuming full exercise of the greenshoe option, will be approximately 23.56% of the Issuer's share capital (approximately 33.37% including only the ordinary shares admitted to trading, thus excluding the PAS shares not admitted to trading).
The minimum trading lot is 250 ordinary shares.
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In the admission to trading process on Euronext Growth Milan, ETI is assisted by: Value Track Sim (Euronext Growth Advisor and Global Coordinator), Ambromobiliare (Financial Advisor), Mit Sim (Specialist), ADVANT Nctm (Deal Counsel), RSM Società di Revisione e Organizzazione Contabile S.p.A. (Auditing Firm, financial due diligence and management control system audits), Studio Marrazza & Marrazza (tax and payroll due diligence).
The Admission Document is available at the Company's registered office and in the Investor Relations section of the website www.etispa.com.
It is also noted that, for the dissemination of Regulated Information, the Company uses the SDIR e-Market SDIR circuit managed by Spafid Connect S.p.A..
BUSINESS - ADMINISTRATION DEPT: Via Giulio Pastore, 151 – 47522 Cesena (FC) - Italy
T. +39 0547 072547 – F. +39 0547 072546
REGISTERED OFFICE: Via Cesare Battisti, 31 – 72025 San Donaci (BR) - Italy WORKSHOP: Strada Del Petraro snc – 73010 Guagnano (LE) - Italy
T. +39 0831 1822847
info@etispa.com
www.etispa.com
Construction of Industrial Chemical and Civil Plants – Oil Pipelines – Gas Pipelines – Water Pipelines P. IVA – C.F. and Num. Iscr. C.C.I.A.A. of Brindisi 01893360741 – REA no. 145675 – SDI Code: C3UCNRB Share Capital €1,000,000.00 fully paid-up
Identification Codes
The following identification codes are assigned:
• Alphanumeric Code: ETI • ISIN Code ordinary shares: ISIN IT0005720005 • ISIN Code ordinary shares cum bonus warrant: ISIN IT0005720278
• ISIN Code PAS 2027: ISIN IT0005720385
• ISIN Code PAS 2028: ISIN IT0005720393
• ISIN Code warrant: ISIN IT0005719965
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About ETI S.p.A.
Founded in 2000, ETI specializes in the construction, maintenance, and repair of plants and infrastructures for the transport of fluids for the oil & gas sector (oil pipelines, methane pipelines, gas pipelines, etc.) and water sector (aqueducts, water networks, etc.). ETI operates in Italy and abroad (approx. 46% of 2025 Revenues) and serves major infrastructure operators in utilities and clients for complex plants. The Company has its registered office in San Donaci (BR) and has a workforce of 168 people. As of April 30, 2026, ETI has a total backlog of approximately €34.2 million. As of December 31, 2025, ETI recorded a Production Value of €19.4 million, an increase of +30.9% compared to the previous year. EBITDA stands at €1.3 million, an increase of +39.1% compared to the previous year.
Contacts
ETI S.p.A.
Cristian Fresolone - Investor Relations Manager
ir@etispa.com
Euronext Growth Advisor Value Track Sim S.p.A.
ecm@value-track.com
End of Release no.20357-1-2026 Number of Pages: 5