Cavriago (RE), November 13, 2025 - Landi Renzo S.p.A. (the "Company" and, jointly with its subsidiaries, the "Group" or the "Landi Renzo Group"), in compliance with the request of Consob pursuant to art. 114, paragraph 5 of Legislative Decree no. 58/1998 ("TUF") received on September 17, 2024, makes public the following additional information relating to the preliminary financial results as of September 30, 2025 of Landi Renzo Group.
As already explained in the press release of October 28, 2025, the Company's Board of Directors, taking into account the initiation of the negotiated settlement of the crisis ("CNC") of Landi Renzo S.p.A. (and its subsidiary Metatron S.p.A.), the related need to finalize the business plan and to proceed with the renegotiation of the existing debt with the banking class in the context of possible extraordinary transactions aimed at repositioning the Group in its core sectors, has approved a new calendar of corporate events. Consequently, as of today, the Company's separate financial statements and the Group's consolidated financial statements as of December 31, 2024 and the Interim management reports have not been approved yet by the Board of Directors. Discussions with the banking class are ongoing and preparatory activities concerning the business plan are continuing.
As of today, the Company's Board of Directors examined the preliminary consolidated results as of September 30, 2025, prepared in accordance with international accounting principles (IAS/IFRS). Consolidated revenues amounted to Euro 186.7 million (of which Euro 119.5 million related to the Green Transportation sector and Euro 67.2 million related to the Clean Tech Solutions sector), Adjusted EBITDA amounted to Euro 4.0 million (of which negative Euro 1.1 million relating to the Green Transportation sector and positive Euro 5.1 million relating to the Clean Tech Solutions sector) and the Net Financial Position amounted to Euro 106.1 million. The Adjusted Net Financial Position, i.e., net of the application of the international accounting principles IFRS 16 - Leasing, the fair value of derivative financial instruments and the debt for the Put/Call option relating to Metatron Control System quotas, amounts to Euro 95.9 million.
Net financial position of the Company and of the Group it heads, with short-term components disclosed separately from medium/long-term componentsAs of September 30, 2025, Landi Renzo S.p.A.'s net financial position amounted to Euro 88,875 thousand, of which Euro 7,707 thousand was medium-long term and Euro 81,168 thousand short term.
(thousands of Euro) | ||||
30/09/2025 | 30/06/2025 | 31/03/2025 | 31/12/2024 | |
A. Cash | 5,498 | 9,628 | 12,675 | 24,947 |
B. Cash equivalents | 0 | 0 | 0 | 0 |
C. Other current financial assets | 3,032 | 3,226 | 2,950 | 2,100 |
D. Financial liquidity (A + B + C) | 8,530 | 12,854 | 15,625 | 27,047 |
E. Current financial liabilities | -83,987 | -84,159 | -12,518 | -15,961 |
F. Current portion of non-current financial liabilities | -5,711 | -5,760 | -7,520 | -7,790 |
G. Current financial liabilities (E + F) | -89,698 | -89,919 | -20,038 | -23,751 |
H. Net current financial liabilities (G - D) | -81,168 | -77,065 | -4,413 | 3,296 |
I. Non-current financial liabilities | -7,707 | -8,254 | -79,168 | -79,966 |
J. Debt instruments | 0 | 0 | 0 | 0 |
K. Trade payables and other non-current payables | 0 | 0 | 0 | 0 |
L. Non-current financial debt (I + J + K) | -7,707 | -8,254 | -79,168 | -79,966 |
M. Net financial debt (H + L) | -88,875 | -85,319 | -83,581 | -76,670 |
As of September 30, 2025, Landi Renzo Group's net financial position amounted to Euro 106,129 thousand, of which Euro 17,318 thousand was medium-long term and Euro 88,811 thousand was short term.
(thousands of Euro) | ||||
30/09/2025 | 30/06/2025 | 31/03/2025 | 31/12/2024 | |
A. Cash | 17,500 | 22,885 | 25,437 | 43,128 |
B. Cash equivalents | 0 | 0 | 0 | 0 |
C. Other current financial assets | 1,037 | 981 | 749 | 801 |
D. Financial liquidity (A + B + C) | 18,537 | 23,866 | 26,186 | 43,929 |
E. Current financial liabilities | -96,074 | -95,754 | -24,747 | -28,867 |
F. Current portion of non-current financial liabilities | -11,274 | -11,836 | -14,378 | -14,740 |
G. Current financial liabilities (E + F) | -107,348 | -107,590 | -39,125 | -43,607 |
H. Net current financial liabilities (G - D) | -88,811 | -83,724 | -12,939 | 322 |
I. Non-current financial liabilities | -15,034 | -17,132 | -89,234 | -90,722 |
J. Debt instruments | -1,748 | -2,621 | -2,618 | -3,493 |
K. Trade payables and other non-current payables | -536 | -524 | -553 | -611 |
L. Non-current financial debt (I + J + K) | -17,318 | -20,277 | -92,405 | -94,826 |
M. Net financial debt (H + L) | -106,129 | -104,001 | -105,344 | -94,504 |
Given the initiation of the CNC procedure for Landi Renzo S.p.A. and its subsidiary Metatron S.p.A., and the related need to finalize the business plan and to proceed with a renegotiation of the existing debt with the banking class, in whose context the Company submitted as of July 2, 2025, a request to its banking class for a moratorium and standstill, given the impossibility of meeting its contractual
commitments and financial covenants relating to certain medium/long-term loan agreements on time, from June 30, 2025, the relevant financial debts were reclassified in full as short-term liabilities for the purposes of presentation in the financial statements in accordance with IAS/IFRS international accounting principles.
The overdue debt positions of the Company and of the Group it heads, divided by type (financial, commercial, tax, social security and towards employees) and any related creditor reaction initiatives (solicitation, injunctions, supply suspensions, etc.)As of September 30, 2025, Landi Renzo Sp.A.'s overdue debt positions towards third parties were equal to Euro 7,572 thousand in total (of which Euro 1,864 thousand relating to the 0-60 days overdue bucket), distributed as follows:
overdue financial debts for an amount equal to Euro 3,743 thousand (of which Euro 429 thousand due on September 30, 2025) relating to the installments and related interest on loans Pool of Landi Renzo;
overdue commercial debts for an amount equal to Euro 3,829 thousand (of which Euro 1,435 thousand relating to the 0-60 days overdue bucket), which reflects the effects of the rescheduling agreements agreed with the main suppliers.
(thousands of Euro) Debts by days overdue 0-60 61-90 91-120 121-180 Over 180 Financial debts 429 3,314 | Total overdue 3,743 | |||||
Trade Payables | 1,435 | 616 | 770 | 273 | 735 | 3,829 |
Social security liabilities | ||||||
Debts to employees | ||||||
Tax Payables | ||||||
1,864 | 3,930 | 770 | 273 | 735 | 7,572 | |
As of September 30, 2025, Landi Renzo Group's overdue debt positions towards third parties were equal to Euro 14,161 thousand (of which Euro 4,070 thousand relating to the 0-60 days overdue bucket), distributed as follows:
overdue financial debts for an amount equal to Euro 3,888 thousand (of which Euro 574 thousand relating to the 0-60 day overdue bucket), relating to the installments and related interest on loans Pool of Landi Renzo (Euro 429 thousand due on September 30, 2025) and certain Metatron S.p.A. loans (Euro 145 thousand, of which Euro 48 thousand maturing on September 30, 2025);
overdue commercial debts for an amount equal to Euro 10,273 thousand (of which Euro 3,496 thousand relating to the 0-60 days overdue bucket), which reflects the effects of the rescheduling agreements agreed with main suppliers.
(thousands of Euro) Debts by days overdue 0-60 61-90 91-120 121-180 Over 180 Financial debts 574 3,314 | Total overdue 3,888 | |||||
Trade Payables | 3,496 | 1,545 | 1,266 | 973 | 2,993 | 10,273 |
Social security liabilities | ||||||
Debts to employees | ||||||
Tax Payables | ||||||
Total | 4,070 | 4,859 | 1,266 | 973 | 2,993 | 14,161 |
As of September 30, 2025, there were no overdue tax, social security and employee debt positions, either for the Company or the Group.
It is noted that the Company has contested the defectiveness of its products to a German supplier, which is currently the subject of a preventive technical assessment. Consequently, by way of self defence, the Company has suspended all payments to said supplier who, denying liability, at the beginning of April 2025 initiated a lawsuit in Germany for the assessment of its alleged credit, equal to approximately Euro 766 thousand in principal (of which Euro 572 thousand for invoices issued, included in the overdue trade payables, and Euro 194 thousand for materials not delivered to the Company), plus interest and legal costs, and the condemnation of the Company to pay the same. The Company has formed an action to resist this initiative, first of all contesting the jurisdictional competence of the German judge in favour of the Italian one, as well as the merit of the supplier's claim, given the aforementioned defectiveness.
As of today, we have no record of injunctions received in relation to the aforementioned debt positions and no supply suspensions have been implemented that would compromise normal business operations.
Main changes in related party transactions of the Company and of the Group it heads with respect to the latest annual or half-year financial report approved pursuant to Article 154-ter of the Italian Consolidated Law on Finance (TUF)Details of transactions with related parties of Landi Renzo S.p.A. at September 30, 2025 are provided below.
(thousands of Euro)
Right Receivable Payable Financia Revenue Financial of-use s and Financial s and l s and Costs and income asset other Receivable other liabilitie operation depreciatio (expenses s assets s liabilitie s and income n ) s leasing | |||||||
Gestimm S.r.l. | 1,349 | -237 | -1,415 | -450 | -31 | ||
Gireimm S.r.l. | 1,093 | -1,233 | -1,091 | -656 | -65 | ||
Total parent companies | 2,442 | -1,470 | -2,506 | -1,106 | -96 | ||
SAFE SpA | 640 | -313 | 214 | ||||
Landi Renzo Polska | 6,066 | -198 | 2,735 | -285 | |||
Beijing Landi Renzo Cina | 17 | -408 | 5 | ||||
LR Industria e comercio Ltda | 5,296 | 304 | |||||
Landi Renzo Pars | 773 | 288 | -216 | -19 | 8 | |||
Landi Renzo Ro Srl | 4,510 | -687 | 223 | -137 | ||||
Landi Technologies Inc. | 2,860 | -193 | 146 | -53 | ||||
AEB America | 1,344 | -189 | 338 | |||||
Landi Renzo RUS | 847 | |||||||
Metatron SpA | 502 | 2,350 | -101 | 59 | -357 | |||
Metatron Control System ltd | 1,653 | -168 | 1,634 | -168 | ||||
Total subsidiaries companies | 24,508 | 2,638 | -2,473 | 5,658 | -1,019 | 8 | ||
Krishna Landi Renzo India Priv. Ltd | 6,059 | 600 | -58 | 4,652 | 13 | |||
Tamburi investment partner | -395 | |||||||
Total other related companies | 6,059 | 600 | -453 | 4,652 | 13 | |||
Total | 2,442 | 30,567 | 3,238 | -4,396 | -2,506 | 10,310 | -2,125 | -75 |
It is noted that the preliminary financial results of Landi Renzo S.p.A. as of September 30, 2025, include provisions for risks on equity investments for some Euro 18 million concerning provisions made to cover losses recorded by some subsidiaries.
In light of the fact that as of today the Company's separate financial statements and the Group's consolidated financial statements as of December 31, 2024 and the subsequent Interim management reports of Landi Renzo S.p.A. have not been approved by the Board of Directors, and that the auditing activities by the audit firm are still on-going, the above provisions may be subject to change prior to the relevant approval of the Board of Directors of the Company.
Details of transactions with related parties of Landi Renzo Group at September 30, 2025 are provided below.
(thousands of Euro)
Right Receivable Payable Financia Revenue Financial of-use s and Financial s and l s and Costs and income asset other Receivable other liabilitie operation depreciatio (expenses s assets s liabilitie s and income n ) s leasing | ||||||||
Gestimm S.r.l. | 1,349 | -237 | -1,415 | -450 | -31 | |||
Gireimm S.r.l. | 1,667 | -1,233 | -1,734 | -1,000 | -74 | |||
Total parent companies | 3,016 | 0 | 0 | -1,470 | -3,149 | 0 | -1,450 | -105 |
Krishna Landi Renzo India Priv. Ltd | 6,059 | 600 | -58 | 4,652 | 13 | |||
Tamburi investment partner | -395 | |||||||
Reggio Properties LCC | 144 | -47 | -126 | -72 | -3 | |||
Clean Energy Fuels Corp. | 696 | -501 | 3,197 | -18 | ||||
Total other related companies | 144 | 6,755 | 600 | -1,001 | -126 | 7,849 | -90 | 10 |
TOTAL | 3,160 | 6,755 | 600 | -2,471 | -3,275 | 7,849 | -1,540 | -95 |
Transactions with related parties, both of Landi Renzo S.p.A. and Landi Renzo Group, are neither classified as atypical nor as unusual, as they are part of the ordinary business activities of the companies of the Group. Such transactions are regulated at market conditions, taking into account the characteristics of the goods and services provided.