Board of Directors approves the Interim Management Report at 31 March, 2026
SOLID OPERATING PERFORMANCE IN COMPLEX MARKET CONDITIONS. IMPROVED NET FINANCIAL POSITION AND CONFIRMED CASH GENERATION CAPACITY
Consolidated Revenues: €24.8 million (€25.8 million in the first three months of 2025).
Consolidated EBITDA: €5.1 million (€6.3 million in the first three months of 2025);
Overall Group profit: €3.5 million (€3.7 million in the first three months of 2025);
Group net financial position: positive at €1.4 million (negative at €0.2 million at the end of the 2025 financial year);
New Group orders totalling: €14.7 million (€ 18.6 million as of December 31, 2025).
Bagno a Ripoli (Florence), 13 May, 2026 - The Board of Directors of B&C Speakers S.p.A., one of the foremost international players in the design, manufacture, distribution, and marketing of professional electro-acoustic transducers, has approved the Group Interim Report at 31 March, 2026 in accordance with IFRS international accounting standards.
Lorenzo Coppini, CEO of B&C Speakers, commented:
"The beginning of 2026 unfolds within a macroeconomic and competitive landscape still defined by prevailing uncertainties, including geopolitical dynamics and recent international trade policy shifts. Against this backdrop, the Group has demonstrated resilient operating performance and robust cash flow generation, alongside a significant improvement in its net financial position. The Group remains committed to its ongoing strategic initiatives, specifically the enhancement of its proprietary distribution platform and the expansion of the product portfolio, aimed at further strengthening its competitive standing and capturing new growth opportunities throughout the fiscal year."
Consolidated revenuesIn the first quarter of 2026, consolidated revenues amounted to €24.8 million, representing a slight decrease of 3.8% compared to the corresponding period in 2025. This turnover trend reflects an initial phase of the year consistent with expectations and a market environment characterized by increased selectivity in order planning.
At the geographical level, there are clear signs of growth in the domestic and South American markets, contrasting with a more subdued performance in certain international areas, particularly the Asian market.
The complete breakdown by geographical area for the first three months of 2026, compared with the same period in 2025, is provided below (amounts in Euro):
Revenues per geographic area | 1Q 2026 | % | 1Q 2025 | % | Difference | Difference % |
(values in Euro/thausand) | ||||||
Latin America | 1,949 | 8% | 1,021 | 4% | 928 | 90.9% |
Europe | 13,310 | 54% | 13,946 | 54% | (636) | -4.6% |
Italy | 2,175 | 9% | 1,348 | 5% | 827 | 61.4% |
North America | 4,429 | 18% | 4,673 | 18% | (243) | -5.2% |
Middle East & Africa | 319 | 1% | 236 | 1% | 82 | 34.8% |
Asia & Pacific | 2,664 | 11% | 4,606 | 18% | (1,941) | -42.2% |
Total | 24,846 | 100% | 25,830 | 100% | (984) | -3.8% |
The Cost of Goods Sold showed an increased incidence on revenues during the period, standing at 62.9% compared to 59.1% in the first quarter of 2025. This trend is primarily attributable to exogenous factors related to recent international trade policies and the introduction of import tariffs in the United States. However, it should be noted that the incidence recorded in the quarter shows an improvement compared to the full-year 2025 figure (63.6%), confirming the Group's ability to mitigate such impacts through efficient supply chain management and procurement policies.
Indirect personnel costsIndirect personnel costs remained substantially in line with the corresponding period of the previous year, both in absolute terms and as a percentage of revenues, standing at 7.4% compared to 7.1% in the first quarter of 2025. This reflects an organizational structure consistent with the Group's operational requirements.
Selling expensesSelling expenses recorded a slight increase in absolute value compared to the first quarter of 2025, while maintaining a substantially unchanged incidence on revenues. This trend is consistent with business development activities and the support of ongoing strategic initiatives.
General and Administrative ExpensesGeneral and administrative expenses showed a reduction in absolute value compared to the corresponding period of the previous year. The incidence on revenues improved to 7.9%, down from 8.3% in Q1 2025, confirming the efficiency measures undertaken by the Group.
EBITDA ed EBITDA MarginEBITDA stood at €5.1 million, with a margin of 20.6%, maintaining levels of absolute excellence.
AmortizationAmortization of tangible assets, intangible assets and right-of-use assets decreased compared to the corresponding period of 2025, amounting to €0.6 million (€0.7 million in the first three months of 2025).
EBIT, EBIT Margin, and Net ProfitEBIT amounted to €4.5 million, with a margin of 18.2%, while the Group net profit stood at €3.5 million, representing 13.9% of consolidated revenues. The result benefited from an improvement in financial management, which reached a substantial breakeven compared to the negative impact recorded in the first quarter of 2025.
Financial positionThe Net Financial Position is positive (net cash) at €1.4 million, showing a sharp improvement compared to the negative figure of €0.2 million recorded at the end of fiscal year 2025. This trend primarily reflects the solid operating cash generation, which totalled €2.7 million in the quarter, enabling the Group to further strengthen its financial structure.
The ability to generate cash is thus confirmed as a distinctive feature of the Group's profile, supported by efficient working capital management and a recurring ability to convert operating results into cash flows, in continuity with the performance already highlighted in fiscal year 2025.
31 March | 31 December | ||
(values in Euro thousands) | 2026 (a) | 2025 (a) | Change |
A. Cash | 14,166 | 13,968 | 1% |
C. Other current financial assets | 7,437 | 7,549 | -1% |
D. Cash and cash equivalent (A+C) | 21,602 | 21,517 | 0% |
E. Current financial indebtness | (2,460) | (2,467) | |
F. Current portion of non current borrowings | (4,711) | (6,101) | -23% |
G. Current borrowingse (E+F) | (7,172) | (8,568) | -16% |
H. Current net financial indebtness (G+D) | 14,431 | 12,949 | 11% |
I. Non current financial indebtness | (13,038) | (13,166) | -1% |
L. Non current financial indebtness | (13,038) | (13,166) | -1% |
M. Total financial indebteness (H+L) | 1,393 | (217) | -742% |
(a) Informations extracted and / or calculated from the financial statements prepared in accordance with IFRS as adopted by the European Union.
The following table presents the reclassified Consolidated Income Statement for the first quarter of 2026, compared to the same period of the previous fiscal year:Economic trends - Group B&C Speakers | ||||
(€ thousands) | 1Q 2026 | Incidence | 1Q 2025 | Incidence |
Revenues | 24,846 | 100.0% | 25,830 | 100.0% |
Cost of sales | (15,634) | -62.9% | (15,278) | -59.1% |
Gross margin | 9,212 | 37.1% | 10,552 | 40.9% |
Other revenues | 108 | 0.4% | 84 | 0.3% |
Cost of indirect labour | (1,838) | -7.4% | (1,844) | -7.1% |
Commercial expenses | (402) | -1.6% | (349) | -1.4% |
General and administrative expenses | (1,966) | -7.9% | (2,144) | -8.3% |
Ebitda | 5,114 | 20.6% | 6,299 | 24.4% |
Depreciation and Amortization | (582) | -2.3% | (715) | -2.8% |
Writedowns | (5) | 0.0% | - | 0.0% |
Earning before interest and taxes (Ebit) | 4,527 | 18.2% | 5,583 | 21.6% |
Financial costs | (275) | -1.1% | (646) | -2.5% |
Financial income | 289 | 1.2% | 215 | 0.8% |
Earning before taxes (Ebt) | 4,541 | 18.3% | 5,153 | 19.9% |
Income taxes | (1,080) | -4.3% | (1,421) | -5.5% |
Profit for the year | 3,461 | 13.9% | 3,732 | 14.4% |
Minority interest | 0 | 0.0% | 0 | 0.0% |
Group Net Result | 3,461 | 13.9% | 3,732 | 14.4% |
Other comprehensive result | 174 | 0.7% | (198) | -0.8% |
Total Comprehensive result | 3,635 | 14.6% | 3,534 | 13.7% |
SIGNIFICANT EVENTS AFTER MARCH 31, 2026, AND OUTLOOK FOR THE FULL YEAR
The Shareholders' Meeting, held on April 29, 2026, approved the financial statements and the distribution of an ordinary dividend of €0.7 per share outstanding on the ex-dividend date, which took place on May 4, 2026. The record date was May 5, 2026, with the subsequent payment on May 6, 2026.
The market environment in the first months of 2026 remained substantially consistent with the scenario that characterized the final part of the previous year, still influenced by persistent geopolitical and international trade tensions. These factors continue to impact visibility and development dynamics across reference markets, including the professional audio sector in which the B&C Group operates.
In this scenario, customers are showing increasing caution in future order planning, which will require an even higher level of focus in the coming months regarding production scheduling, capacity management, and workforce organization. These measures are aimed at maintaining high standards of operating efficiency and industrial flexibility within a context defined by reduced short-term demand visibility. At the same time, many industry operators continue to indicate that these dynamics are predominantly temporary and concentrated in the middle part of the fiscal year, confirming expectations of a gradual normalization of demand in the second half of the year.
Consolidated Balance Sheet and Income Statement Schedules for the First Quarter of 2026CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 31 March | 31 December | |
(Values in Euro) | 2025 | 2024 | |
ASSETS | |||
Fixed assets | |||
Tangible assets | 6,232,542 | 5,895,116 | |
Right of use | 4,745,271 | 5,047,150 | |
Goodwill | 2,318,181 | 2,318,181 | |
Other intangible assets | 652,536 | 676,644 | |
Deferred tax assets | 1,215,434 | 1,171,212 | |
Other non current assets | 667,887 | 667,296 | |
related parties | 6,700 | 6,700 | |
Total non current assets | 15,831,851 | 15,775,599 | |
Currents assets | |||
Inventory | 30,839,527 | 29,348,581 | |
Trade receivables | 22,735,752 | 20,401,887 | |
Tax assets | 328,429 | 1,166,975 | |
Other current assets | 10,741,170 | 10,676,571 | |
Cash and cash equivalents | 14,165,712 | 13,967,993 | |
Total current assets | 78,810,590 | 75,562,007 | |
Total assets | 94,642,441 | 91,337,606 | |
LIABILITIES | |||
Equity | |||
Share capital | 1,091,420 | 1,093,817 | |
Other reserves | 4,259,886 | 4,587,594 | |
Foreign exchange reserve | 369,766 | 196,071 | |
Retained earnings | 51,991,034 | 48,529,581 | |
Total equity attributable to shareholders of the parent | 57,712,106 | 54,407,064 | |
Minority interest | - | - | |
Total equity | 57,712,106 | 54,407,064 | |
Non current liabilities | |||
Long-term borrowings | 9,455,604 | 9,276,975 | |
Long-term lease liabilities | 3,582,089 | 3,889,224 | |
related parties | 844,372 | 1,088,005 | |
Severance Indemnities | 920,691 | 910,797 | |
Provisions for risk and charges | 44,152 | 44,152 | |
Total non current liabilities | 14,002,536 | 14,121,148 | |
Current liabilities | |||
Short-term borrowings | 5,682,482 | 7,102,304 | |
Short-term lease liabilities | 1,489,089 | 1,465,785 | |
related parties | 988,657 | 983,899 | |
Trade liabilities | 11,589,612 | 10,472,853 | |
related parties | 88,698 | 89,682 | |
Tax liabilities | 213,305 | 15,261 | |
Other current liabilities | 3,953,311 | 3,753,192 | |
Total current liabilities | 22,927,799 | 22,809,395 | |
Total Liabilities | 94,642,441 | 91,337,606 |