PRESS RELEASE
THE BOARD OF DIRECTORS APPROVED THE CONSOLIDATED FINANCIAL REPORT AS OF JUNE 30,
2026
REVENUES OF €203.3 MILLION AND EBITDA OF €47.0 MILLION
Vescovini: “The first half of the year recorded growth in revenues and EBITDA, confirming the Group’s ability to capitalize on signs of a recovery in demand.”
• Revenues: Euro 203.3 million, +13.6% compared to Euro 178.9 million in 1H2025 ;
• EBITDA1: Euro 47.0 million, +12.5% compared to EBITDA in 1H2025 of Euro 41.8 million • EBITDA Margin at 23.1% (vs. EBITDA Margin 23.4% in 1H2025) ;
• Net Income: Euro 20.6 million, +13.3% compared to Euro 18.2 million in 1H2025 ;
• Net Financial Position: positive (net cash) of Euro 64.5 million, compared to Euro 85.8 million as of December 31, 2025 • Investments of Euro 13.0 million compared to Euro 23.2 million in 1H2025 ;
• Growth is also expected in the second half of the year, with the aim of achieving a 13%–14% increase in revenues and an EBITDA margin between 24% and 25%.
Reggio Emilia, September 25, 2026 – The Board of Directors of SBE-Varvit S.p.A. (“SBEV”, the “Group” or the “Company”), active in the production, distribution and commercialization of fastening components and listed on the Euronext Growth Milan market (Ticker: VARV), reviewed and approved the consolidated half-year report as of June 30, 2026.
Statement by Dr. Alessandro Vescovini, Chairman of the Board of Directors: “ The results for the first half of 2026 show significant growth, with revenues up 13.6% and EBITDA increasing by 12.5% compared with the same period of the previous year. These positive results were achieved in a market environment that continues to be characterized by a degree of uncertainty and confirm the Group’s ability to capitalize on signs of a recovery in demand.
The increase in volumes, supported by investments aimed at improving plant efficiency and adopting advanced technologies, enables us to enter the second half of the year from a solid position, while maintaining high levels of profitability.
In light of the performance recorded in the first half of the year, for FY 2026 we expect revenues to increase by between 13% and 14%, with an operating margin of between 24% and 25%, barring any potential impact from ongoing conflicts. We also continue to invest in further strengthening our competitiveness and supporting the Group’s medium- to long-term growth.”
Revenues
As of June 30, 2026, revenues amounted to Euro 203.3 million, compared to Euro 178.9 million in the previous year. The increase was primarily attributable to higher sales volumes.
Gross Operating Margin (EBITDA) EBITDA in the first half of 2026 amounted to Euro 47.0 million compared to Euro 41.8 million in the same period of the previous year, with an EBITDA Margin of 23.1% compared to 23.4% in the first half of 2025.
The substantial resilience of margins, despite the continued challenging market environment, reflects the Group’s ability to support volume growth while maintaining a high level of operating efficiency. The EBITDA margin stood at 23.1%, broadly in line with the 23.4% recorded in the first half of 2025.
Financial Management Result
1 Calculated as net result of the year + Income taxes -/+ Financial income/charges excluding exchange gains and losses + Depreciation
and amortization
The net financial management result in the first half of 2026 was negative at Euro 0.2 million in line with the negative Euro 0.2 million recorded in the same period of the previous year. With reference to financial management, it should be noted that Euro 0.2 million related to exchange losses and Euro 0.2 million to exchange gains.
Income Taxes
Income taxes for the period amounted to Euro 8.2 million compared to Euro 6.9 million in the previous year.
The change reflects the increase in profit before tax, which amounted to Euro 28.9 million. Following the substantial phase-out in 2025 of the tax benefits associated with the Hyper-depreciation scheme, the effective tax rate has been in line with the applicable statutory tax rates (Ires and Irap) since 2025.
Net Result
In the first half of 2026, Net Result amounted to Euro 20.6 million (10.2% of Revenues) compared to a profit of Euro 18.2 million (10.2% of Revenues) in the same period of the previous year.
Investments and Acquisitions Cash-out related to tangible and intangible investments amounted to Euro 13.0 million compared to Euro 23.2 million in the same period of the previous year. These investments mainly concerned initiatives to increase industrial efficiency and technological improvements of existing plants.
Change in Net Working Capital Net Working Capital increased by Euro 20.0 million, rising from Euro 147.2 million to Euro 167.2 million. The change was mainly due to a Euro 31.2 million increase in trade receivables as a result of contingent factors and a decrease in inventories of about Euro 1.1 million reflecting higher volumes of goods sold. The remaining part was attributable to changes in minor items.
Net Financial Position The Group’s net financial position was positive at Euro 64.5 million, compared to Euro 85.8 million as of December 31, 2025. Additionally, it should be noted that on May 20, 2026, Euro 25.3 million in dividends were distributed.
Expected Business Outlook In the first half of 2026, the Group recorded significant growth in revenues and EBITDA, despite a market environment that continues to be characterized by a degree of uncertainty, also in connection with the ongoing conflicts. The signs of a recovery in demand observed during the period support the Group’s expectations for the remainder of the year.
For FY 2026, revenues are expected to increase by between 13% and 14%, barring any potential impact from ongoing conflicts, with an operating margin of between 24% and 25%.
Documentation
The consolidated half-year financial report as at 30 June 2026 will be made available to the public within the terms and in accordance with the procedures prescribed by applicable laws and regulations, at the Company’s registered office, on the Company’s website at www.sbe.it, under the “Investor” section, as well as on the authorised storage mechanism 1INFO.
* * *
This press release contains forward-looking statements . These statements are based on the current expectations and projections of the SBE-Varvit Group regarding future events and, by their nature, are subject to inherent risks and uncertainties. They refer to events and depend on circumstances that may or may not occur in the future and, as such, undue reliance should not be placed on them. Actual results could differ significantly from those contained in these statements due to a variety of factors, including ongoing volatility and further deterioration in capital and financial markets, changes in macroeconomic conditions and economic growth, other variations in business conditions, changes in regulations and the institutional framework (both in Italy and abroad), and many other factors, most of which are beyond the control of the Group.
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SBE-Varvit is active in the production, distribution and commercialization of a wide and diversified range of fastening components including screws, bolts, nuts, cold and hot formed products, fasteners and highly engineered mechanical components. The Company is characterised by its integrated and vertical offer, through which it can constantly monitor each stage of the production process and disintermediate the market. The Issuer's business model is indeed centred on the disintermediation of every stage of the production and distribution process, with the main objective of shortening the distance between producer and end customer as much as possible, reducing the distributors’ role to a minimum. The Issuer's products are intended to be marketed in various markets including agricultural machinery, construction machinery, industrial machinery, commercial vehicles, personal mobility, wind power and infrastructure, totalling more than 5,000 customers.
SBE-Varvit operates through seven production units located in Italy (in Monfalcone, Grugliasco, Tolmezzo, San Giuliano Milanese, Montirone and Acerra) and one located in Serbia (in Sabac) and through five highly automated warehouses in Italy, Serbia and the United States.
For more information: www.sbe.it
CONTATTI
Investor Relator
Michele Riva – investor@varvit.com +39 0522 5088
Euronext Growth Advisor Equita SIM S.p.A.
sbe-varvit@equita.eu
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(Values in €'000) 1H2026 1H2025 Revenues 203.296 178.915 Other income 5.489 2.915 Total Revenues 208.785 181.830 Raw materials and consumables (85.517) (72.701) Changes in finished goods and semi-finished products (2.654) (2.894) Services (41.971) (35.158) Employee benefits (29.510) (27.837) Other costs (2.063) (1.440) Impairment losses on trade receivables (69) (15)
EBITDA 47.001 41.785
Amortisation and depreciation (17.904) (16.931) Accruals to provisions
EBIT 29.097 24.854
Financial Income exlcuding FX gains 551 764 Financial expense excluding FX losses (771) (439)
EBT 28.877 25.179
Income taxes (8.227) (6.947) Profit for the period (Loss) 20.650 18.232
Attributable to:
To non-controlling interests 1.586 1.554 The owners of the parent 19.064 16.678
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Values in €'000) 1H2026 2025 Assets 576.305 573.564 Non-current assets 216.204 221.175 Property, plant and equipment 185.310 190.421 Intangible assets 1.050 1.185 Goodwill 14.481 14.481 Right-of-use assets 11.623 11.353 Non-current financial assets 203 381 Other non-current assets 1.148 1.156 Equity investments 51 29 Deferred tax assets 2.338 2.169 Current assets 360.101 352.389 Trade receivables 101.137 69.907 Inventories 153.170 154.310 Other current assets 6.011 6.771 Current tax assets - 188 Current financial assets 45.295 38.484 Cash and cash equivalents 54.488 82.729 Equity and liabilities 576.305 573.564 Equity 430.206 434.524 Share capital 3.096 3.096 Legal reserve 622 622 Other reserves 391.617 383.807 Profit (Loss) for the year 19.064 32.802 Total equity 414.399 420.327 Equity attributable to non-controlling interests 15.807 14.197 Total non-current liabilities 42.807 47.072 Non-current financial liabilities 18.106 20.545 Non-current lease liabilities 6.924 6.848 Employee benefits 5.281 5.231 Provisions 422 446 Deferred tax liabilities 6.676 6.904 Other non-current liabilities 5.398 7.098 Current liabilities 103.292 91.968 Current financial liabilities 7.683 5.664 Current lease liabilities 2.539 2.375 Employee benefits 10.797 9.896 Trade payables 66.781 65.965 Current tax liabilities 541 Other current liabilities 14.951 8.068
RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Values in €'000) 1H2026 2025 Intangible assets 1.050 1.185 Property, plant and equipment 185.310 190.421 Goodwill 14.481 14.481 Right-of-use assets 11.623 11.353 Non-current financial assets 203 381 Deferred tax assets 2.338 2.169 Other non-current assets 1.148 1.156 Equity investments 51 29 Provisions (422) (446) Employee benefits (5.281) (5.231) Other non-current liabilities (5.398) (7.098) Non-current tax liabilities (6.676) (6.904) Net fixed assets 198.427 201.496 Trade receivables 101.137 69.907 Inventories 153.170 154.310 Current tax assets - 188 Other current assets 6.011 6.771 Trade payables (66.781) (65.965) Employee benefits (10.797) (9.896) Current tax liabilities (541) -
Other current liabilities (14.951) (8.068) Net working capital 167.248 147.247 Uses of funds 365.675 348.743 Equity 430.206 434.524 Net financial position (cash positive) (64.531) (85.781) Sources of funds 365.675 348.743
CONSOLIDATED STATEMENT OF CASH FLOWS
(Values in €'000) 1H2026 1H2025 Profit for the year 20.650 18.232
Adjustments for:
– Depreciation of property, plant and equipment 16.335 15.526 – Amortisation of intangible assets 299 305 – Depreciation of right-of-use assets 1.269 1.100 – Accruals for provisions and employee benefits 1.221 1.245 – Net financial expense 242 (325) – Gain on sale of property, plant and equipment (32) (42) – Valuation of associated companies using ghe equity method (22) – Income taxes 8.227 6.947 Cash flows from operating activities 48.189 42.988
Changes in:
– Inventories 1.140 8.481 – Trade receivables (31.230) (22.875) – Other current assets and liabilities (1.115) 298 – Trade payables 2.175 5.845 – Utilisation of provisions and employee benefits (942) (957) Cash generated from operating activities 18.217 33.780 Interest paid (734) (397) Income taxes paid (631) (644) Net cash flows generated by operating activities (A) 16.852 32.739 Cash flows from investing activities Interest received 441 421 Proceeds from sale of property, plant and equipment 253 662 Proceeds from sale of financial assets 36.092 Acquisition of property, plant and equipment (12.804) (23.023) Acquisition of intangible assets (164) (199) Acquisition of other financial assets (41.841) (5.498) Net cash flows used in investing activities (B) (18.023) (27.637) Cash flows from financing activities Acquisition of subsidiary, net of cash acquired - (2.991) Proceeds from financial liabilities 2.633 10.650 Repayments of financial liabilities (3.050) (2.478) Payment of lease liabilities (1.349) (1.326) Dividends paid (25.304) (17.551) Net cash flows used in financing activities (C) (27.070) (13.696) Net decrease (increase) in cash and cash equivalents (A)+(B)+(C) (28.241) (8.594) Opening cash and cash equivalents as of 1st January 82.729 58.575 Closing cash and cash equivalents as of the end of the period 54.488 49.981