Informazione
Regolamentata n.
20279-34-2026Data/Ora Inizio Diffusione 23 Settembre 2026 18:29:51Euronext Growth Milan
Societa' :VALTECNE
Utenza - referente :VALTECNENSS01 - Ottonello Adolfo
Tipologia :1.2
Data/Ora Ricezione :23 Settembre 2026 18:29:51 Data/Ora Inizio Diffusione :23 Settembre 2026 18:29:51
Oggetto :THE BOARD OF DIRECTORS OF VALTECNE
S.P.A. APPROVED THE HALF-YEAR
FINANCIAL REPORT AS OF 30 JUNE 2026
Testo del comunicato
Vedi allegato
PRESS RELEASE
THE BOARD OF DIRECTORS OF VALTECNE S.P.A. APPROVE D
THE HALF -YEAR FINANCIAL REPORT AS OF 30 JUNE 2026
POSITIVE PERFORMANCE OF ALL KEY ECONOMIC INDICATORS
MAIN CONSOLIDATED FINANCIAL DATA AS OF 30 JUNE 2026
• REVENUES EQUAL TO € 19.6 MILLION
• VALUE OF PRODUCTION AT € 20.5 MILLION
• EBITDA EQUAL TO € 5.0 MILLION (+8.1% YoY) ; EBITDA MARGIN: 24.2%
• EBITDA ADJUSTED AT € 5.6 MILLION (+3.2% YoY) ; EBITDA ADJUSTED MARGIN: 27.4%
• NET PROFIT EQUAL TO € 2.3 MILLION (+17 .6%)
• NET FINANCIAL DEBT AT € 2.1 MILLION (CASH POSITIVE)
• SHAREHOLDERS’ EQUITY EQUAL TO € 28.6 MILLION
Berbenno di Valtellina (SO), September 23, 2026 – The Board of Directors of Valtecne S.p.A. (ISIN IT0005532525, ticker VLT.IM) – a company operating in the field of high -precision mechanics for medical devices and industrial applications – met on today ’s date and reviewed and approved the half-year financial report as of 30 June 2026.
Paolo Mainetti, CEO of Valtecne, stated : “The first -half results confirm the strength of our growth trajectory, with an improvement in key economic indicators. Revenue trends in the Medical division , the Group’s core business , are influenced by the timing of revenue recognition associated with make -to-stock contracts and thus do not fully reflect actual production volumes. The Industrial division also made a positive contribution, enabling us to leverage available production cap acity. We look to the second half of the year with a solid order backlog and positive signs in higher value -added segments, particularly the dental sector. G Square’s entry into Valtecne’s share capital marks the beginning of a new phase for the Group, str engthening its growth prospects. We are therefore continuing to implement our strategy , with an increasing focus on the Medical sector and higher value -added applications , to support Valtecne’s long -term growth ”.
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KEY CONSOLIDATED FINANCIAL DATA AS OF 30 JUNE 2026
Sales revenues for the interim period ended June 30, 2026, amounted to € 19.6 million, an increase of 0.8% compared to € 19.4 million in revenues recorded for the corresponding period ended June 30, 2025. The breakdown by business line is presented in the table below, which compares the revenues in this consolidated financial statement with those of the interim period ended June 30, 2025 .
CONSOLIDATED H1 2026
SALES REVENUES
(€/thousands ) 30/06/2026 % of Total 30/06/2025 % of Total Var % Medical Business line 14,225 72.6% 14,592 75.1% -2.5%
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Specifically, for the interim period ended June 30, 2026, the medical division recorded revenues of € 14.2 million , a slight decrease compared to the same period in 2025 (€ 14.6 million as of June 30, 2025) , representing 72.6 % of total revenues from sales and services ( 75.1 % as of June 30, 2025). This decline was driven solely by the dynamics of existing "make -to-stock" contracts with key orthopedic clients , which due to inventory change, influenced the timing of revenue recognition. Consequently, the revenue figures do not fully reflect actual medical production volumes, a trend better illustrated by the 1.0% increase in the Value of Production compared to the first half of 2025.
As of June 30, 2026, revenues generated by the Industrial business line amounted to € 5.4 million, an increase of 10.9 % (€ 4.8 million as of June 30, 2025), representing 27.4 % of total revenues from sales and services (24.9 % as of June 30, 2025). This increase stems from a strategic decision by the Group to maximize production capacity utilization during the period, thereby boosting operating margins. Despite this growth, the Group’s focus remains on the medical sector , in line with corporate strategy , accounting for a share of total turnover close to 73%.
The Value of Production relating to the interim period ended 30 June 2026 is equal to € 20.5 million, substantially in line with € 20.3 million recorded in the first half of the previous year.
The most significant cost item is Personnel Costs , amounting to € 6.9 million. EBITDA stands at € 5.0 million, an increase of 8.1% compared to € 4.6 million recorded in the first half of 2025, with an EBITDA Margin of 24.2% of the value of production.
Adjusted EBITDA amounts to € 5.6 million, an increase of 3.2% compared to the € 5.5 million recorded for the period ended June 30, 2025. The accounting adjustments relate to the different accounting treatment of costs associated with assets acquired under finance leases. The Adjusted EBITDA Margin , calculated based on the Value of Production, stands at 27.4 %.
Amortization and Depreciation amount to € 1.6 million, stemming primarily from productive investments made by the Group in recent years and, to a lesser extent, from goodwill generated by the acquisition of Utilità. Taking these charges into account, EBIT stands at € 3.3 million, an increase of 12.4 % compared to the first half of 2025.
Financial operations resulted in a slightly negative outcome of € 43 thousand. This led to a pre-tax result of € 3.3 million (+ 10.7% compared to June 30, 2025) and a Net Result for the period of € 2.3 million, an increase of 17.6 % compared to € 1.9 million recorded in the same period of 2025.
As of June 30, 2026, Net Financial Debt stands at € 2.1 million ( cash positive ), compared to € 1.8 million ( cash positive) as of December 31, 2025. The debt position therefore improved in the reporting period, despite the disbursement of € 0.7 million in dividends, due to a significant reduction in current financial debt and a decrease in non -current financial debt.
Shareholders' equity amounts to € 28.6 million, compared to € 27.1 million as of December 31, 202 5.
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Industrial Business line 5,359 27.4% 4,831 24.9% 10.9% Total 19,584 100% 19,422 100% 0.8%
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KEY EVENTS OCCURR ED DURING THE FIRST HALF OF 2026
No significant events were reported during the interim period.
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KEY EVENTS OCCURR ED AFTER THE FIRST HALF OF 2026
On September 9, 2026 , Valtecne announced, on behalf of ValBlue BidCo S.r.l. , the completion of the acquisition pursuant to the sale and purchase agreement signed on June 26, 2026, between LuxCo, on the one hand, and KPM, Paolo Mainetti, and Vittorio Mainetti, on the other, regarding a total of 5,000,000 Valtecne ordinary shares, re presenting approximately 81.84% of its share capital. For further information, please refer to the press release issued by Gsquare, which outlines the key elements of the transaction and the related strategic context.
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FORESEEABLE MANAGEMENT EVOLUTION
Overall, the Group’s order backlog as of June 30, 2026, remains solid, supporting a positive outlook for the second half of the year. This performance allows for an expectation of year -end results consistent with the growth trajectory seen in previous years, further reinforcing its structural nature.
Both the Industrial business unit and the higher value -added segments , particularly the dental sector , are experiencing a favorable growth phase, driven by positive commercial momentum and demand levels that align with management’s expectations.
This trend does not alter the Company’s medium -term strategy, which entails a gradual scaling back of the traditional Industrial business to free up production, organizational, and managerial resources for the development of the Medical line. In the short term, however, the positive contribution from industrial volumes may help sustain margins during the second half of 2026, partly by more effectively absorbing a portion of indirect and overhead costs.
Based on current operating data and the dynamics described above, management estimates that the Group may close the 2026 fiscal year with total volumes slightly lower than in the previous year, while overall profitability remains substantially in line with that recorded in FY25.
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SUBMISSION OF DOCUMENTATION
The documentation relating to the Half -Year Financial Report as of June 30, 2026, as required by applicable regulations, will be made available to the public at the Company’s registered office within the statutory timeframes, and may also be consulted on the Company’s website ( https://www.valtecne.com ) and on the Borsa Italiana website (Shares/Documents section), in accordance with applicable laws and regulations.
This press release is also available on the Company's website https://www.valtecne.com in the "Investors" section and on https://www.emarketstorage.it/ .
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About Valtecne
Founded in 1983, Valtecne is a leading company in high -precision mechanics. It manufactures components used in the medical sector – particularly surgical instruments for orthopedics and implantable components – as well as in various industrial sectors such as power transmission, automotive, and energy. As of 31 December 2025, Valtecne reported Production Value of € 37.3 million and Adjusted EBITDA of € 9.7 million, corresponding to an EBITDA margin of 26.0%.
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Conta cts:
Euronext Growth Advisor – CFO SIM S.p.A.
ecm@cfosim.com
Tel. + 02 30343 1 Corporate Media Relations Office – CDR Communication Martina Zuccherini martina.zuccherini@cdr -communication.it
Specialist – MIT SIM
trading -desk@mitsim.it
Tel +39 02 305 612 70
Attached below are the financial statements for Valtecne S.p.A.:
• Consolidated Income Statement as of 30 June 2026 (vs. Consolidated Income Statement as of 30 June
2025)
• Consolidated Balance Sheet as of 30 June 2026 (vs. Consolidated Balance Sheet as of 31 December
2025)
• Consolidated Net Financial Debt as of 30 June 2026 (vs. Consolidated Net Financial Debt as of 31
December 2025)
• Cash Flow Statement as of 30 June 2026 (indirect method)
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Consolidated Income Statement as of 30 June 2026 (vs. Consolidated Income Statement as of 30 June 2025) Reclassified Consolidated Income Statement 30/06/202 6 30/06/2025 Ch. % (Values in euro ) 2026-2025 Revenues from sales and services 19,583,862 19,422,490 0.8% Changes in inventories of work in progress, semi -finished and finished goods 621,293 (436,963) -242.2% Changes in contract work in progress (365,782) 572,612 -163.9% Other income and revenues 662,905 731,115 -9.3% Value of production 20,502,278 20,289,254 1.0% Costs of raw materials, consumables and goods (4,406,017) (4,148,830) 6.2% Costs for services (3,211,221) (3,043,388) 5.5% Costs for use of third -party assets (1,057,251) (1,234,734) -14.4% Personnel costs (6,851, 749) (6,450,238) 6.2% Changes in inventories of raw materials, consumables and goods 43,598 (735,974) -105.9% Other operating expenses (61,462 ) (90,878 ) -32.4%
EBITDA 4,958,175 4,585,212 8.1%
Depreciation and amortisation (1,646,157) (1,637,520) 0.5%
EBIT 3,312,019 2,947,692 12.4%
Net financial result (43,413 ) 5,204 -934.2 %
EBT 3,268,606 2,952,896 10.7%
Current taxes (982,933 ) (1,009,735) -2.7% Net income for the period 2,285,673 1,943,161 17.6%
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Reclassified Consolidated Balance Sheet as of 30 June 2026 (vs. Consolidated Balance Sheet as of 31
December 2025)
Reclassified Consolidated Balance Sheet 30/06/202 6 31/12 /202 5 Ch. % (Values in euro) 2026-2025 Intangible Fixed assets 4,523,180 5,152,333 -12.2 % Tangible Fixed Assets 9,132,271 9,373,676 -2.6% Financial Fixed assets 416,532 411,725 1.2% Fixed assets* 14,071,983 14,937,734 -5.8% Inventories 9,861, 082 9,561,973 3.1% Trade receivables 10,389,078 7,499,173 38.5 % Trade payables (4,263,853 ) (4,141,146 ) 3.0% Trade working capital 15,986,307 12,919,999 23.7 % Other current assets 178,974 166,875 7.3% Other current liabilities (1,985,186 ) (1,761,772 ) 12.7 % Tax receivables and payables 47,793 1,224,867 -96.1 % Net Accruals and deferrals (1,289,500 ) (1,718,555 ) -25.0 % Net working capital** 12,938,388 10,831,414 19.5 % Provisions for risks and charges – – Employee severance indemnity (TFR) (545,438 ) (535, 582) 1.8% Net invested capital*** 26,464,933 25,233,566 4.9% Bank debt 7,522,8 74 10,744,124 -30.0 % Other current financial assets (6,099,320 ) (7,595,296 ) -19.7 % Cash and cash equivalents (3,560,4 69) (4,982,401 ) -28.5 % Net financial debt **** (2,136,915 ) (1,833,574 ) 16.5 % Share capital 305,485 305,485 0.0% Reserves 26,010,690 23,422,386 11.1% Net income for the period 2,285,673 3,339,269 -31.6% Equity 28,601,848 27,067,140 5.7% Total sources of funds 26,464,933 25,233,565 4.9%
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Consolidated Net Financial Debt as of 30 June 2026 (vs. Consolidated Net Financial Debt as of 31 December
2025)
Consolidated Net Financial Debt 30/06/202 6 31/12/202 5 Ch. % (Values in euro) 2026-2025 A. Cash 3,560,469 4,982,401 -28.5% B. Cash equivalents – – C. Other current financial assets 6,099,320 7,595,296 -19.7 % D. Liquidity (A) - (B) - (C) 9,659,789 12,577,697 -23.2% E. Current financial debt 2,063,766 4,282,720 -51.8% F. Current portion of non -current debt – – G. Current financial debt (E) - (F) 2,063,766 4,282,720 -51.8 % H. Net current financial debt (G) (7,596,023) (8,294,977) -8.4% I. Non-current financial debt 5,459,108 6,461,404 -15.5% J. Debt instruments – – K. Trade payables and other non -current liabilities – – L. Non -current financial debt 5,459,108 6,461,404 -15.5% M. Total net financial debt (H) - (L) (2,136,915) (1,833,574) 16.5 %
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Cash Flow Statement as of 30 June 2026 (indirect method)
30/06/2026
Cash Flow Statement, indirect method A) Cash flows from operating activities (indirect method) Profit (loss) for the period 2,285,673 Income taxes 982,933 Interest expense/(income) 33,857 (Gains)/Losses on disposal of assets (2,832) 1) Profit (loss) for the period before income taxes, interest, dividends and gains/losses on disposals 3,299,631 Adjustments for non -cash items that had no counterpart in net working capital
Provisions 71,359
Depreciation and amortisation of fixed assets 1,613,369 Other increases/(decreases) for non -cash items (1,497) Total adjustments for non -cash items that had no counterpart in net working capital 1,683,231 2) Cash flow before changes in net working capital 4,982,862 Changes in net working capital Decrease/(Increase) in inventories (299 ,109) Decrease/(Increase) in trade receivables (2,889,905) Increase/(Decrease) in trade payables 122,707 Decrease/(Increase) in accrued income and prepaid expenses 49,002 Increase/(Decrease) in accrued expenses and deferred income (478 ,057) Other decreases/(increases) in net working capital 871,118 Total changes in net working capital (2,624,244) 3) Cash flow after changes in net working capital 2,358,618
Other adjustments
Interest received/(paid) (42,250) (Income taxes paid) (487 ,220) (Use of provisions) (27,221) Total other adjustments (556 ,691) Cash flow from operating activities (A) 1,801,927 B) Cash flows from investing activities Property, plant and equipment (Investments) (702 ,606)
Disposals 17,346
Intangible assets
(Investments) (57,549)
Financial fixed assets
(Investments) (4,807)
Non-current financial assets held for trading (see note)
(Investments) (4,024)
Disposals 1,500,000
Cash flow from investing activities (B) 748,360 C) Cash flows from financing activities Third -party funds Increase/(Decrease) in short -term bank debt 0 Drawdown of loans 0 (Repayment of loans) (3,221,249)
Equity
Paid -in capital increase 0 (Dividends and interim dividends paid) (750 ,970) Cash flow from financing activities (C) (3,972,219) Increase (decrease) in cash and cash equivalents (A ± B ± C) (1,421,932) Cash and cash equivalents at the beginning of the period Bank and postal deposits 4,980,919 Cash on hand 1,482 Total cash and cash equivalents at the beginning of the period 4,982,401 Cash and cash equivalents at the end of the period Bank and postal deposits 3,559,329 Cash on hand 1,140 Total cash and cash equivalents at the end of the period 3,560,469
Fine Comunicato n.20279-34-2026 Numero di Pagine: 10