FOPE GROUP: 1H 2026 REVENUES UP 32%,
EBITDA AT €14.8 MILLION (€10.6 MILLION IN 1H 2025)
Revenues: €56.8 million (1H 2025: €43.0 million) EBITDA: €14.8 million (1H 2025: €10.6 million) EBIT: €13.3 million (1H 2025: €9.1 million) Net Profit for the period: €9.4 million (1H 2025: €5.6 million) Net Financial Position: cash positive at €9.9 million (2025: cash positive at €10.0 million) Shareholders’ Equity: €48.4 million (2025: €57.6 million)
Vicenza, 25 September 2026
The Board of Directors of FOPE (FPE:IM), a leading Italian goldsmith company operating in the high-end jewellery sector listed on Euronext Growth Milan , today approved the consolidated half-year financial statements as at 30 June 2026, which have been subject to a limited audit review.
Diego Nardin , Chief Executive Officer of FOPE: “The process of further strengthening our brand’s distinctive positioning within the international luxury landscape is reflected in the results achieved during the first half of the year, confirming the soundness of the development strategies we are pursuin g. All markets responded positively to our commercial activities and planned investments: both markets where the brand has historically established a strong presence, such as Europe and the United States, and emerging markets for us, including Japan, South Korea and Southeast Asia. Higher sales volumes and primary sales margins have had a positive impact on operating overheads, enabling us to achieve the expected EBITDA levels. The second half of the current financial year has opened with encouraging signs, with the order book showing growth compared with the corresponding period of the previous financial year and in line with budget expectations.
This enables us to confirm our expectation of a positive year-end result.”
Key consolidated results as at 30 June 2026
Net Revenues amounted to €56.8 million, up 32% from €43.0 million in 1H 2025. The result reflects the Group’s continued growth across both core markets (the Americas and Europe, led by Germany and the United Kingdom) and emerging markets, which are at the heart of its international expansion strategy and ongoing investments: Japan, South Korea and Southeast Asia. The comparison with the first half of 2025 is particularly significant even after taking into account the average increase in price lists implemented during the first months of the current financial year in response to the increase in the price of gold.
EBITDA amounted to €14.8 million, an increase of €4.2 million in absolute terms compared with €10.6 million reported for the same period in 2025. The EBITDA margin stood at 26.1%, compared with 24.6% in 1H 2025.
Similarly, EBIT increased to €13.3 million, compared with €9.1 million in 1H 2025, after depreciation and amortisation of €1.5 million (€1.5 million in 1H 2025).
Net Profit for the period amounted to €9.4 million, compared with €5.6 million in 1H 2025, after taxes of €3.7 million (€2.3 million in 1H 2025).
The Net Financial Position was cash positive at €9.9 million , substantially unchanged compared with the cash-positive position of €10.0 million as at 31 December 2025
Shareholders’ Equity amounted to €48.4 million. The change compared with 31 December 2025 (€57.6 million) is mainly attributable to the Hedging Reserve, which was negative by €5.2 million, compared with a positive balance of €7.5 million as at 31 December 2025, as well as to the distribution of €5.98 million in dividends. Share Capital and Equity Reserves increased to €53.6 million, compared with €50.1 million as at 31 December 2025.
Business outlook
In light of the positive results achieved during the first half of 2026, while maintaining a cautious approach in view of potential adverse developments in the macroeconomic environment, particularly with regard to the geopolitical scenario characterised by the Russia -Ukraine conflict and the Israeli -Palestinian conflict, the Group expects sales volumes for the current financial year to increase compared with 2025 and anticipates a positive result for the year.
Commercial results achieved in the months following the publication of the half-year financial statements confirm these forecasts and, consequently, the aforementioned expectations.
Meetings with the Financial Community
European Midcap Events The Company announces that on 1 October 2026 it will participate in the 26th edition of the European MidCap Event , organised by CF&B Communication in collaboration with Integrae SIM S.p.A., at the Four Seasons Hotel George V in Paris. CEO Diego Nardin will meet with international institutional investors through one-to-one and group meetings.
IRTOP Lugano Investor Day The Company announces that on 9 October 2026 it will participate in the 16th edition of the Lugano IRTOP Investor Day, the roadshow organised by IRTOP Consulting, IPO Partner of Borsa Italiana . CEO Diego Nardin will meet with the Swiss financial community during the plenary presentation and through one-to-one and group meetings.
The event will take place in Lugano at the Hotel Splendide Royal (Riva Antonio Caccia, 7). The event is reserved for members of the financial community and registration is required at the following link.
The corporate presentation will be available on www.fopegroup.com , under the Investor Relations / Events and Presentations section, as well as on the website of Borsa Italiana S.p.A., www.borsaitaliana.it , under the “Shares / Documents” section.
Pursuant to Article 17 of the Euronext Growth Milan Issuers’ Regulation, the Company has updated its 2026 corporate events calendar to include the date of the event. The updated calendar is available on www.fopegroup.com , under the Investor Relations / Events and Presentations section.
Filing of documentation
The consolidated half-year financial statements as at 30 June 2026 will be made available to the public at FOPE’s registered office and in the Investor Relations / Financial Statements and Reports section of www.fopegroup.com , within the terms prescribed by applicable regulations, as well as on www.borsaitaliana.it , under the “Shares / Documents” section.
FOPE (FPE:IM; ISIN IT0005203424) is a historic Italian jewelry company founded in Vicenza in 1929, a leading player in the high -
end jewelry sector. With over 1 10 employees and a strong international focus (approximately 87% of revenues generated abroad), the company pursues a strategic development plan aimed at growth and brand consolidation in the international luxury market, leve raging four competitive advantages: product quality, a perfect synthesis of craftsmanship and Made -in-Italy technology, recognizable design, and long -standing customer relationships.
FOPE operates globally through a consolidated and carefully selected network of over 700 points of sale worldwide (direct pre sence through its subsidiaries FOPE USA Inc., for the American market; FOPE Jewellery Limited, for the UK market; Fope Deutschland GmbH, for the German market; Fope Japan G.K.; and FOPE SpA DMCC Branch in Dubai). The business model relies on direct commercial relationships with multi -brand jewelry stores (either independent or part of larger groups) specializing in luxury products such as high -end watches and jewelry ; there are no intermediary distributors, but partnerships that ensure customer loyalty, trust, and excellent after -sales service.
In 2015, the company opened its first single -brand store in Piazza San Marco in Venice, followed in 2019 by boutiques in the prestigious Old Bond Street in London and in Ginza, Tokyo. The entire production process takes place in -house at the Vicenza headqu arters, from prototyping to manufacturing and shipping. Investments in R&D have led to a high level of standardization and automation, wit h proprietary technologies designed to optimize processes and timings while guaranteeing the highest product quality.
FOPE jewelry ranges from timeless classics, based on the iconic Novecento mesh, to the recent Flex’it lines, which include or iginal bracelets made flexible through a patented system of tiny hidden gold springs within the links: collections that are elegant , comfortable, and wearable. FOPE is a certified member of the Responsible Jewellery Council and has been producing a Sustainability Report since 2017, adopting the European Sustainability Reporting Standards (ESRS) as its reference framework.
Press release available on www.fopegroup.com and www.1info.it
FOPE
INVESTOR RELATIONS MANAGER
Diego Nardin, inv.relations@fope.com│ T +39 0444 286911
IR TOP CONSULTING
INVESTOR RELATIONS
Maria Antonietta Pireddu, m.pireddu@irtop.com │ T +39 0245473884
FINANCIAL MEDIA RELATIONS
Domenico Gentile, d.gentile@irtop.com │ Antonio Buozzi, a.buozzi@irtop.com | T +39 0245473884
INTEGRAE SIM
EURONEXT GROWTH ADVISOR | T +39 0280506160 │ Piazza Castello 24, Milano
CONSOLIDATED INCOME STATEMENT
Euro 30/06/2026 30/06/2025 Change Net Revenues 56,769,554 43,017,388 13,752,167 Other income 419,358 418,651 707 External costs (37,587,322) (28,741,088) (8,846,234) Added Value 19,601,591 14,694,951 4,906,640 Labour costs (4,790,466) (4,105,125) (685,341)
EBITDA 14,811,125 10,589,826 4,221,299
Amortisation and depreciation of fixed assets (1,532,043) (1,487,776) (44,267)
EBIT 13,279,083 9,102,050 4,177,033
Financial income/(charges) (212,266) (1,152,657) 940,391 Pre-tax profit 13,066,816 7,949,393 5,117,423 Income tax (3,706,744) (2,318,879) (1,387,865) Net profit 9,360,072 5,630,514 3,729,558
CONSOLIDATED BALANCE SHEET
Euro 30/06/2026 31/12/2025 Change Net intangible fixed assets 3,947,465 2,421,985 1,525,479 Net tangible fixed assets 13,169,989 12,817,138 352,850 Equity investments and other financial assets 63,877 59,972 3,906 Fixed assets 17,181,331 15,299,095 1,882,236 Inventories 18,654,152 18,712,414 (58,262) Trade receivables 23,566,232 16,166,965 7,399,266 Other receivables and prepaid expenses 6,671,394 3,608,100 3,063,294 Long position in cash flow hedging transactions 3,387,395 10,744,235 (7,356,840) Current assets 52,279,173 49,231,714 3,047,459 Trade payables (6,130,068) (5,851,435) (278,634) Other payables and deferred expenses (10,825,326) (7,721,918) (3,103,408) Current liabilities (16,955,395) (13,573,353) (3,382,042) Net working capital 35,323,778 35,658,361 (334,583) Provision for employee severance pay (1,375,653) (1,477,323) 101,669 Agent end -of-service pay and other provisions (2,055,996) (1,572,106) (483,890) Short position in cash flow hedging transactions (10,544,149) (363,660) (10,180,489) Total provisions (13,975,798) (3,413,088) (10,562,710) Invested capital 38,529,310 47,544,368 (9,015,058) Share capital and equity reserves (53,551,443) (50,120,491) (3,430,952) Cash flow hedging reserve 5,168,844 (7,460,268) 12,629,112 Equity (48,382,599) (57,580,759) 9,198,160 Medium/long -term financial position (8,454,450) (6,207,954) (2,246,496) Short -term financial position 18,307,740 16,244,345 2,063,395 Net financial position – cash positive 9,853,290 10,036,391 (183,102) Equity and net financial position 38,529,310 47,544,368 (9,015,058)
CONSOLIDATED NET FINANCIAL POSITION
Euro 30/06/2026 31/12/2025 Change Short -term bank accounts and cash on hand 24,767,116 21,890,656 2,876,460 Short -term portion of loans (6,459,376) (5,646,311) (813,065) Net short -term financial position 18,307,740 16,244,345 2,063,395 Long -term portion of loans (8,454,450) (6,207,954) (2,246,496) Net financial position – cash positive 9,853,290 10,036,391 (183,101)
CONSOLIDATED CASH FLOW STATEMENT
Euro 30/06/2026 30/06/2025 Change Profit for the period 9,360,072 5,630,514 3,729,558 Depreciation and amortisation 1,532,043 1,487,776 44,267 Change in provisions 382,222 438,265 (56,043) Gross self -financing 11,274,337 7,556,555 3,717,782 Decrease (increase) in trade receivables (7,399,266) (1,229,251) (6,170,015) Decrease (increase) in other short -term receivables (213,741) (767,333) 553,592 Decrease (increase) in inventories 58,262 (3,050,484) 3,108,746 Increase (decrease) in short -term payables 5,447,911 3,787,749 1,660,162 Change in net working capital (2,106,834) (1,259,319) (847,515) Cash flow from operating activities 9,167,503 6,297,236 2,870,267 Change in tangible and intangible fixed assets (3,410,373) (1,581,889) (1,828,484) Change in financial fixed assets (11,112) 9,203 (20,315) Repayment of medium/long -term loans (2,940,438) (6,042,860) 3,102,422 Uses (6,361,923) (7,615,546) 1,253,623 New loans obtained 6,000,000 8,500,000 (2,500,000) Changes in equity reserves (5,929,120) (4,738,783) (1,190,337) Sources 70,880 3,761,217 (3,690,337) Change in long position in cash flow hedging transactions 7,364,046 (565,718) 7,929,764 Change in short position in cash flow hedging transactions 10,180,489 344,272 9,836,217 Change in cash flow hedging reserve (12,629,112) 182,303 (12,811,415) Change in cash flow hedging transactions (4,915,423) 39,143 (4,954,566) Change in cash flow hedging transactions 0 0 0 Net cash flow 2,876,460 2,442,907 Cash and cash equivalents as at 30/06/2026 24,767,116 Cash and cash equivalents as at 31/12/2025 21,890,656 Cash and cash equivalents as at 30/06/2025 17,588,377 Cash and cash equivalents as at 31/12/2024 15,145,470 Net cash flow 2,876,460 2,442,907 0