Review report on interim condensed consolidated financial statements as of September 30, 2025
This report has been translated into English from the original, which was prepared in Italian and represents the only authentic copy, solely for the convenience of international readers.
GNC/FFC/drt - RC003122025BD0470
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Report on review of the interim condensed consolidated financial statements as at September 30,2025
To the shareholders of
Neodecortech S.p.A.
Introduction
We have reviewed the accompanying interim condensed consolidated financial statements of Neodecortech
S.p.A. and subsidiaries (Neodecortech Group), which comprise the consolidated statement of financial position as of September 30, 2025, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated statement of cash flow for the three-month period then ended, and the related explanatory notes.
The Directors are responsible for the preparation of the half-yearly condensed consolidated financial statements in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and adopted by the European Union. Our responsibility is to express a conclusion on the half-yearly condensed consolidated financial statements based on our review.
Scope of review
We conducted our review in accordance with the criteria recommended by the Italian Regulatory Commission for Companies and the Stock Exchange ("Consob") for the review of the interim financial statements under Resolution n° 10867 of July 31, 1997. A review of interim condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements of Neodecortech Group as at September 30, 2025 are not prepared, in all material respects, in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and adopted by the European Union.
Milan, November 14, 2025
BDO Italia S.p.A.
Signed by
Giovanni Nicora Partner
Bari, Bologna, Brescia, Firenze, Genova, Milano, Napoli, Padova, Roma, Torino, Verona
BDO Italia S.p.A. - Sede Legale: Viale Abruzzi, 94 - 20131 Milano - Capitale Sociale Euro 1.000.000 i.v. Codice Fiscale, Partita IVA e Registro Imprese di Milano n. 07722780967 - R.E.A. Milano 1977842 Iscritta al Registro dei Revisori Legali al n. 167911 con D.M. del 15/03/2013 G.U. n. 26 del 02/04/2013
BDO Italia S.p.A., società per azioni italiana, è membro di BDO International Limited, società di diritto inglese (company limited by guarantee), e fa parte della rete internazionale BDO, network di società indipendenti.
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Interim Management Statement at 30 September 2025Neodecortech Group | Interim Management Statement at 30 September 2025 1
Financial Statements prepared in accordance with IAS/IFRS Amounts in Euro
Neodecortech S.p.A. Via Provinciale 2
24040 Filago, Bergamo
Tel +39 035996111
Fax +39 035995225
info@neodecortech.it
Tax Code and Company Register 00725270151 VAT CODE IT 02833670165
R.E.A. BG - 193331
Share Capital
€ 18,804,209.37 fully paid up https://www.neodecortech.it
Table of Contents
Interim Management Statement at 30 September 2025 1
The Neodecortech Group 4
Corporate bodies 5
Group structure 8
Financial highlights of the Neodecortech Group 9
Directors' Comments 12
Significant events during the period 13
Business and market outlook 14
Consolidated income statement at 30 September 2025 18
Consolidated statement of financial position at 30 September 2025 19
Consolidated statement of cash flows at 30 September 2025 21
Notes 23
Accounting standards and preparation criteria 24
Consolidation scope 24
Main Alternative Performance Measures (APMs) 25
Notes on the main changes in the consolidated statements 25
Revenue by division, type of business and geographical area 28
Related party transactions 30
Other supplementary information 32
Atypical and/or unusual transactions during the period 32
Compliance with the simplified system under Articles 70 and 71 of the Issuer Regulation 32
Significant events after 30 September 2025 32
Treasury shares and shares of the Parent Company 32
Neodecortech Group | Interim Management Statement at 30 September 2025 4
The Neodecortech Group Corporate bodies
Board of Directors (1)
Chairman Gianluca Valentini
Director, Chief Executive Officer Luigi Cologni
Executive Director Massimo Giorgilli
Non-Executive Director Vittoria Giustiniani
Independent Non-Executive Director Cinzia Morelli*
Independent Non-Executive Director Francesco Megali*
Independent Non-Executive Director Monica Girardi*
(*) Independent Director pursuant to Article 148 of the TUF and Article 2 of the Corporate Governance Code adopted by the Corporate Governance Committee of Borsa Italiana S.p.A. to which the Company adheres.
Board of Statutory Auditors (2)
Chair Edda Delon
Standing Auditor Stefano Santucci
Standing Auditor Federica Menichetti
Alternate Auditor Pier Paolo Gori
Alternate Auditor Riccardo Losi
Financial Reporting Manager (3) Marina Fumagalli
Committees (4)
Remuneration and Appointments Committee Monica Girardi (Chair) Vittoria Giustiniani Cinzia Morelli
Control, Risk and Sustainability Committee Francesco Megali (Chairman) Cinzia Morelli
Vittoria Giustiniani
Related Party Committee Cinzia Morelli (Chair)
Monica Girardi Francesco Megali
Supervisory Board (5) Ettore Raspadori (Chairman)
Federica Menichetti (6)
Laura Bellezza
Independent Auditors (7) BDO Italia S.p.A.
(1)The Board of Directors of Neodecortech S.p.A. in office was appointed on 29 April 2025 and will remain in office for three financial years until the Shareholders' Meeting called to approve the financial statements for the year ending 31 December 2027.
(2)The Company's Board of Statutory Auditors was appointed on 27 April 2023 and will remain in office until the date of the Shareholders' Meeting called to approve the financial statements for the year ended 31 December 2025.
(3)Marina Fumagalli was appointed by the Board of Directors on 07 February 2023 as the Financial Reporting Manager pursuant to Article 154-bis of the TUF.
(4)The Board of Directors of Neodecortech S.p.A. resolved on
29 April 2025 to establish (i) a Remuneration and Appointments Committee; (ii) a Control, Risk and Sustainability Committee; (iii) a Related Party Committee.
(5)The Board of Directors of Neodecortech S.p.A. passed a resolution on 5 May 2023 appointing Mr. Raspadori and Ms. Menichetti as members of the Supervisory Board of the Company for three financial years, therefore, until the Shareholders' Meeting called to approve the financial statements for the year ending 31 December 2025. On 05 May 2023, the Board of Directors appointed Laura Bellezza as a member of the SB of the Company.
(6)Ms. Menichetti also holds the position of standing auditor of Neodecortech S.p.A.
(7)The nine-year statutory audit assignment pursuant to Article 17 of Legislative Decree 39/2010 of the Italian Civil Code for the financial years 2020-2028 was granted by the Ordinary Shareholders' Meeting on 9 December 2019.
Group structure100%
The Group structure at 30 September 2025 and 31 December 2024 is shown below.
Changzhou NDT new material technology company Ltd
Neodecortech S.p.A.
100%
Cartiere di Guarcino S.p.A.
100%
Bio Energia Guarcino S.r.l.
100%
NDT energy S.r.l. (dormant)
70%
(Acquired on 15 May 2024)
At 30 September 2025, the Group companies are:
NDTNeodecortech S.p.A. ("NDT" or "Parent Company")
registered and operating offices in Filago (BG) and other operating offices in Casoli d'Atri (TE), heads up the core business of the Group and is active in the printing and impregnation of paper, in the printing and finishing of thermoplastic film, and in "laminates" produced mainly at the Casoli headquarters. Neodecortech's goal is to act as a highly proactive decoration partner for its customers in the interior design and flooring industry, through constant monitoring and interpretation of new stylistic trends.
The Parent Company performs the following functions for its subsidiaries:
legal and corporate affairs,
administration and investments,
strategic planning and business development,
Internal Audit, Compliance & Risk Management.
Cartiere di Guarcino S.p.A. (CDG)
registered office in Guarcino (FR), specializes in the production of decorative papers that subsequently undergo other stages of processing: printing or directly impregnation with thermosetting resins and hot pressing. The company operates on the national and international markets through a network of agents.
BEGBio Energia Guarcino S.r.l. (BEG)
registered office in Guarcino (FR), owns the cogeneration plant in operation since May 2010 for the self-production of electrical and thermal energy powered by renewable sources that satisfies a large part of the energy needs of CDG.
NDTeNDT energy S.r.l. (NDTe)
established on 19 October 2022, registered office in Filago (BG) and operating offices in Casoli di Atri (TE), currently dormant and awaiting authorization to operate a WtE plant, capable of reusing process waste and meeting a large part of the energy needs of the adjacent NDT "laminates" division.
NDTchinaChangzhou NDT new material technology company Ltd (NDT china)
established in 2023, registered office in Changzhou - China and acquired 70% on 15 May 2024. It markets printed decorative paper sold on the local and Far East markets.
Financial highlights of the Neodecortech GroupIncome statement
The table below shows the main consolidated income statement figures:
(Euro thousands) | 30 SEPTEMBER 2025 | % | 30 SEPTEMBER 2024 | % | Chg. | % chg. |
Revenue from sales and services | 138,291 | 100.0% | 121,546 | 100.0% | 16,745 | 13.8% |
Other revenue | 1,222 | 0.9% | 1,784 | 1.5% | (562) | (31.5%) |
Total revenue | 139,513 | 100.9% | 123,330 | 101.5% | 16,183 | 13.1% |
EBITDA | 15,730 | 11.4% | 11,116 | 9.1% | 4,614 | 41.5% |
Amortization and depreciation | 8,223 | 5.9% | 6,647 | 5.5% | 1,576 | 23.7% |
Allocations | 35 | 0.0% | 53 | 0.0% | (18) | (34.0%) |
EBIT | 7,472 | 5.4% | 4,416 | 3.6% | 3,056 | 69.2% |
Profit for the year | 5,243 | 3.8% | 2,145 | 1.8% | 3,098 | 144.4% |
Revenue from sales and services at 30 September 2025 amounted to € 138,291 thousand, increasing by € 16,745 thousand, or +13.8%, versus 30 September 2024 (€ 121,546 thousand). In the furniture and flooring sector, where Neodecortech and Cartiera di Guarcino operate, after modest recovery signals in the first half of the year, the order backlog remained basically steady in third quarter 2025. The market backdrop, however, continues to reflect subdued demand, with a general downward trend in the furniture segment, while the flooring segment recorded more diversified trends depending on target markets. In first nine months 2025, Italy posted the sharpest contraction (-8.0%), while the rest of Europe recorded growth (+2.3%). Residual markets expanded in Asia/Middle East (+>100%), while Africa and America remained steady. However, the reduction in sales had been anticipated and aligned with the 2025 forecast. A different scenario was seen for the Energy Division, namely Bio Energia Guarcino, which recorded a revenue increase of approximately € 16.4 million, due both to higher volumes (+7.3%) and, more significantly, to the ARERA resolutions (No. 306/2024/R/eel of 23/07/2024 and subsequent No. 518/2024/R/eel of 03/12/2024). These resolutions had a dual impact: on the level of Guaranteed Minimum Prices (GMPs) and on defining the amount of the GMP adjustment for the period December 2023 - December 2024.
Other revenue at 30 September 2025 amounted to € 1,222 thousand (€ 1,784 thousand at 30 September 2024), down
€ -562 thousand, and included grants for the period relating to Investments 4.0 and 5.0, other legal incentives received, and chargebacks to clients.
EBITDA at 30 September 2025 stood at 11.4% of net sales (€ 15,730 thousand), up versus 30 September 2024 (€ 11,116 thousand and a 9.1% margin). This change exceeded expectations and was attributable primarily to the solid performance of the Energy Division.
Net Profit amounted to € 5,243 thousand, accounting for 3.8% on revenue versus € 2,145 thousand at 30 September 2024, or 1.8%.
For further details on the changes shown, reference should be made to "Notes to the main changes in the consolidated statements".
30 SETTEMBRE 2025
30 SETTEMBRE 2024
Risultato dell'Esercizio
EBIT
EBITDA
Ricavi Totali
2.145
5.243
4.416
7.472
11.116
15.730
123.330
139.513
160.000
140.000
120.000
100.000
80.000
60.000
40.000
20.000
0
MAIN INCOME INDICATORS
Financial results
The table below shows the main consolidated financial indicators:
(Euro thousands) | 30 SEPTEMBER 2025 | 31 DECEMBER 2024 | Chg. | % chg. | |
Net Working Capital | 48,679 | 42,491 | 6,188 | 14.6% | |
Equity | 83,401 | 80,725 | 2,676 | 3.3% | |
Net Financial Debt | (34,750) | (33,093) | (1,657) | 5.0% | |
MAIN BALANCE SHEET INDICATORS
100.000
80.000
60.000
40.000
20.000
0
-20.000
-40.000
-60.000
83.401
80.725
48.679
42.491
-34.750 -33.093
Capitale Circolante Netto
Patrimonio Netto
Indebitamento Finanziario Netto
30 SETTEMBRE 2025
31 DICEMBRE 2024
The balance sheet figures at 30 September 2025 are also shown for comparative purposes versus those at 30 September 2024.
(Euro thousands) | 30 SEPTEMBER 2025 | 30 SEPTEMBER 2024 | Chg. | % chg. | |
Net Working Capital | 48,679 | 48,647 | 32 | 0.1% | |
Equity | 83,401 | 79,027 | 4,374 | 5.5% | |
Net Financial Debt | (34,750) | (39,126) | (4,376) | 11.2% | |
Versus 30 September 2024, net financial debt declined by € 4.4 million, from € 39.1 million to € 34.8 million.
The amount at 30 September 2024 was influenced by the non-collection of receivables from maximization and GMPs totaling € 18.2 million, versus € 12.4 million at 30 September 2025, of which € 5.7 million related to the "Guaranteed Minimum Prices" scheme for the period December 2023-December 2024, invoiced in October 2025 with payment due on 30 November 2025. The NFP in 2025 was affected by cash outflows used to finance working capital, particularly inventory, and by the planned investments in the 2025 budget, including for the new ERP system.
Neodecortech Group | Interim Management Statement at 30 September 2025 12
Directors' CommentsSignificant events during the period
With regard to the CONSOB notices of 7 March 2022 and of 19 May 2022, aimed at compliance with the restrictive measures adopted by the EU in response to the Russian military aggression in Ukraine and its potential effects on the company's business, it should be noted that the Group is complying with all the measures introduced by the European Union. The Group has implemented and reinforced specific business continuity plans from an IT standpoint. Over two years after the onset of this conflict, there are still lasting effects on the prices of energy sources and titanium dioxide, another critical raw material, which can now be deemed structural for the Group.
All Group Companies have been fully operational.
With regard in particular to Cartiere di Guarcino, the Group's most energy-intensive company, it continued to operate according to the scheduled production plan that calls for maintenance-related stoppages during the year and was always fully operational. This thanks also to the supply of electricity by the subsidiary Bio Energia Guarcino, which operates an internal network with respect to Cartiere and was able to mitigate the effects of the energy crisis and ensure full uninterrupted production.
In first nine months 2025, the prices of certain strategic materials used by the Group (animal fat for BEG, pulp and titanium dioxide for CDG, plastic films and resins for NDT) showed differing patterns. Purchase prices of plastic films used by Neodecortech remained basically steady, while those of resins declined slightly. Prices of animal fat rose by approximately 10%. Pulp followed a different path: after a strong start to the year, prices fell, returning in August to levels recorded in December 2024; a modest rebound was seen in September, a trend to be confirmed in the coming months amid a still uncertain market. Titanium dioxide began the year weakly, attempted a rebound in the second quarter, but declined again in the third quarter amid subdued demand and ample supply, including from China despite anti-dumping tariffs. Producers made initial attempts to restore margins through announced year-end price increases.
Regarding the bioliquid market, palm oil in particular, stricter environmental sustainability regulations were implemented starting in 2025. These regulations will include palm oil among those products subject to the EUDR and Low ILUC requirements. Soybean oil is also subject to EUDR regulations. BEG, for its part, is authorized to use and has been utilizing for several years now also bioliquids derived from animal and/or plant wastes, which are not directly impacted by these new regulations.
Energy carrier costs increased by 11% in January and February (versus December 2024); however, this growth has since receded in March 2025.
As for Bio Energia Guarcino (BEG), it operated in 2025 under the temporary Guaranteed Minimum Prices ("GMP") scheme. This scheme was introduced on 10 December 2023, the day after the publication of Decree Law 181/2023 "Energy Security" in the State Gazette. The decree was passed by the Italian Council of Ministers on 27 November 2023 and converted into Law No. 11/2024 on 2 February 2024. Mention should be made that ARERA issued Resolution 306/2024/R/eel, which was later updated by Resolution 518/2024/R/eel following subsequent consultation. This resolution regulates the Guaranteed Minimum Prices (GMP), as outlined in Article 5, paragraph 2, of Law Decree 181/23. The GMP is applicable to plants fueled by sustainable bioliquids, such as BEG's, from 10 December 2023 until 31 December 2025, even after the incentive period ends (BEG was also included in the framework of support for energy production from renewable sources that ended in May 2025). The GMP scheme ensures the cost-effective operation of the power plant, due to the correlation of part of the reinstatement to the bioliquid market. the Milan grain association market or the Rotterdam market, depending on the type of bioliquid used. The GSE disburses the remuneration due, which is equal to the difference, if positive, between the minimum guaranteed revenue and the conventional revenue. This disbursement occurs on an adjustment basis at the end of each calendar year, subject to a monthly advance payment of up to 90% of the grant due. Specifically, Bio Energia Guarcino falls into the power cluster: 1 MWh ≤ P ≤ 8 MWh.
Pursuant to LD 181/2023, from 2026, a scheme based on the trading of electrical capacity from bioliquid plants is envisaged, with a focus on plants connected to production sites.
Under this framework, the Power Plant in first nine months 2025 operated at full capacity alongside Cartiere di Guarcino, benefiting from the Guaranteed Minimum Prices (GMP) scheme and supporting the mill on both the power and steam supply side.
Capital expenditure in first nine months 2025 amounted to € 5,725 thousand, in line with budget forecasts. With regard to subsidiaries, capital expenditure in tangible fixed assets at Cartiere di Guarcino and at BEG regarded measures to increase the efficiency of paper machines and to optimize plants.
All of the Group's plants, where applicable, are continuing their 4.0 and 5.0 process management actions.
The new ERP system became operational across all Group Companies on 1 January 2025. The Companies continued their operational activities without interruption. The implementation of SAP is nearing completion, in line with the Group's upgrade and digitization program, which aligns with the Plan set out in 2022. This includes upgrading the entire infrastructure, enhancing equipment in accordance with an adequate cybersecurity policy, and renewing the ERP and MES information systems for individual departments and plants.
Regarding NDT Energy S.r.l., on 4 February 2025 it obtained a permit for the construction and operation of a co-incineration waste-to-energy plant for non-hazardous special waste in the Municipality of Atri (TE) Stracca - Industrial Zone (plant code AU-TE-043, Resolution No. DPC026/25). On 3 April 2025, the Municipality of Atri appealed to the Regional Administrative Court against the decision made by the Abruzzo Region. In September 2025, the TAR Council Chamber postponed the discussion to February 2026.
Regarding Bio Energia Guarcino, the letter of patronage issued on 7 November 2022 by Neodecortech in favour of Golden Agri-Resources Europe B.V. for the subsidiary's procurement of palm oil, for a maximum of USD 16,000 thousand, was settled.
Regarding Cartiere di Guarcino S.p.A., short-term bank debt increased due to a temporary working capital lock-up of € 8 million, linked mainly to the inventory cycle and advance purchases of raw materials.
On 2 July 2025, Neodecortech S.p.A. signed a new loan agreement with Banca Popolare di Sondrio totaling € 7 million, with a term of 84 months and a 12-month grace period, at the 3-month Euribor rate plus a 1% spread. The loan, guaranteed under the SACE Growth Convention, is intended to finance the investments planned in the Parent Company's business plan.
Business and market outlookDespite an environment still marked by external factors that remain only partly defined, the Group maintains a prudent and adaptable approach to business planning, continuing to closely monitor developments in its target markets. The dynamics linked to the introduction of new tariffs between economic areas are constantly assessed to anticipate potential impacts and adopt timely corrective actions.
Market conditions continue to affect consumer purchasing behaviour in the durable goods sector and the performance of key strategic raw materials. Nevertheless, thanks to its industrial solidity and effective cost management, the Group remains well positioned to safeguard competitiveness and capture emerging opportunities in the coming months.
With regard to the trend of strategic raw materials, the following clarifications apply to each business unit:
Neodecortech expects strategic raw material prices to remain steady in the coming months;
Cartiere di Guarcino expects a slight upward correction for pulp, following the increase already recorded in September, consistent with trends witnessed in the Chinese market. Demand in the titanium dioxide market remains weak, with prices in the last quarter expected to remain in line with third-quarter levels;
for Bio Energia Guarcino, the "GMP" support system is tied to the performance of bioliquids markets, effectively neutralizing related price risk. As of 1 January 2025, palm oil has been replaced in the market by other vegetable oils such as soybean, rapeseed, and, to a lesser extent, sunflower.
Energy costs are not expected to change significantly during last quarter 2025.
Financially speaking, the Group continues to pursue its policy of containing financial expense by optimizing debt lines between short and medium-to-long term and managing its net financial position prudently.
Lastly, the Group continues to pursue its sustainability policy through the implementation of various projects under the 2024 - 2026 ESG Plan, with a particular focus on reducing emissions, promoting circular use of materials, and advancing social initiatives.
Each Division is analyzed more specifically below.
Decorative Paper Division - Neodecortech
Industry activity remains steady in a market environment that still reflects subdued demand. The Company continues to strengthen profitability by channeling resources toward developing higher value-added products - particularly laminates and plastic films - for which volume growth is anticipated. Traditional products, instead, maintain a steady trend, confirming the resilience of the production and business structure.
Paper Division - Cartiere di Guarcino
Cartiere's order backlog improved versus 2024, indicating gradual consolidation of business activity. While demand remains selective, the Company continues to monitor the cost dynamics of strategic raw materials, expecting stability for titanium dioxide and moderate growth for pulp.
The 2025 investment plan is proceeding as planned, with focus on improving paper machine efficiency and optimizing plants, particularly in the environmental area. An application submitted under the Industrial Transition Fund, aimed at supporting initiatives for efficient resource use and reduced environmental impact, is currently under review.
These investments form part of the Group's long-term strategy focused on circularity and energy efficiency, in keeping with the initiatives that led to the achievement of Cradle to Cradle certification - an international acknowledgment of the sustainability of production processes and the environmental quality of products.
Energy Division - Bio Energia Guarcino
The BEG bioliquid power plant continues to operate under the support scheme for energy generation from renewable sources, following the Guaranteed Minimum Prices (GMP) scheme introduced by Law Decree No. 181/2023, currently in force until 31 December 2025. This system ensures coverage of operating costs and enhances the plant's management efficiency, safeguarding its operational continuity and financial sustainability.
From 2026 onward, a new model is expected to be introduced, based on trading the electrical capacity of bioliquid plants, with emphasis on those integrated into production sites. This transition confirms BEG's resilience and adaptability to an evolving energy landscape, while maintaining renewable-source production as a strategic pillar of the Group's growth.
As a result of the above, the Company has not identified the presence of impairment indicators regarding the recoverability of the carrying amount of tangible fixed assets and has therefore not conducted an impairment test in accordance with IAS36.
Neodecortech Group | Interim Management Statement at 30 September 2025 17
Condensed Consolidated Financial Statements at 30 September 2025 Consolidated income statement at 30 September 2025
(Euro thousands) | 30 SEPTEMBER 2025 | % | 30 SEPTEMBER 2024 | % | Chg. | % chg. | |
Revenue from sales and services | 138,291 | 100.0% | 121,546 | 100.0% | 16,745 | 13.8% | |
Changes in work in progress, semi-finished and finished products | (52) | (0.0%) | 1,842 | 1.5% | (1,894) | (102.8%) | |
Other revenue | 1,222 | 0.9% | 1,784 | 1.5% | (562) | (31.5%) | |
Value of Production | 139,461 | 100.8% | 125,172 | 103.0% | 14,289 | 11.4% | |
Raw and ancillary materials and consum. | (87,137) | (63.0%) | (78,855) | (64.9%) | (8,282) | 10.5% | |
Other operating expense | (20,012) | (14.5%) | (19,260) | (15.8%) | (752) | 3.9% | |
Value Added | 32,312 | 23.4% | 27,057 | 22.3% | 5,255 | 19.4% | |
Personnel expense | (16,582) | (12.0%) | (15,941) | (13.1%) | (641) | 4.0% | |
EBITDA | 15,730 | 11.4% | 11,116 | 9.1% | 4,614 | 41.5% | |
Amortization and depreciation | (8,223) | (5.9%) | (6,647) | (5.5%) | (1,576) | 23.7% | |
Allocations | (35) | (0.0%) | (53) | (0.0%) | 18 | (34.0%) | |
EBIT | 7,472 | 5.4% | 4,416 | 3.6% | 3,056 | 69.2% | |
Financial expense | (1,798) | (1.3%) | (2,058) | (1.7%) | 260 | (12.6%) | |
Financial income | 144 | 0.1% | 372 | 0.3% | (228) | (61.3%) | |
Profit/(loss) before tax | 5,818 | 4.2% | 2,730 | 2.2% | 3,088 | 113.1% | |
Income tax | (575) | (0.4%) | (585) | (0.5%) | 10 | (1.7%) | |
Profit/(loss) for the year | 5,243 | 3.8% | 2,145 | 1.8% | 3,098 | 144.4% | |
Of which Group profit/(loss) for the year | 5,284 | 2,172 | 3,112 | 143.3% | |||
Of which Profit/(loss) for the year of non-controlling interests | (41) | (27) | (14) | (51.8%) | |||
(Euro thousands) | 30 SEPTEMBER 2025 | 30 SEPTEMBER 2024 |
Profit/(loss) for the year | 5,243 | 2,145 |
Other items of the comprehensive income statement | ||
Actuarial gains (losses) net of tax effect | (2) | 7 |
Total items that will not be reclassified in the income statement for the year | (2) | 7 |
Gains/(losses) on cash flow hedging instruments | (27) | (63) |
Total items that will or may be reclassified in the income statement for the year | (27) | (63) |
Total other items of the comprehensive income statement | (29) | (56) |
Comprehensive income (loss) for the year | 5,214 | 2,089 |
Comprehensive income for the period attributed to: | ||
Shareholders of the Parent | 5,255 | 2,089 |
Non-controlling interests | (41) | (27) |
Earnings per share (in Euro): | ||
Basic | 0.39 | 0.16 |
Diluted | 0.39 | 0.16 |
Assets | 30 SEPTEMBER 2025 | % | 31 DECEMBER 2024 | % | Chg. | % chg. |
(Euro thousands) | ||||||
Intangible assets | 3,130 | 1.8% | 3,317 | 1.9% | (187) | (5.6%) |
Tangible assets | 72,169 | 41.5% | 74,480 | 42.9% | (2,311) | (3.1%) |
Investments | 1 | 0.0% | 0 | 0.0% | 1 | 0.0% |
Other non-current assets | 406 | 0.2% | 358 | 0.2% | 48 | 13.4% |
Non-current financial receivables | 445 | 0.3% | 512 | 0.3% | (67) | (13.1%) |
Deferred tax assets | 1,587 | 0.9% | 1,055 | 0.6% | 532 | 50.4% |
Non-current assets | 77,738 | 44.7% | 79,722 | 46.0% | (1,984) | (2.5%) |
Inventory | 44,274 | 25.4% | 40,049 | 23.1% | 4,225 | 10.5% |
Trade receivables | 30,250 | 17.4% | 35,713 | 20.6% | (5,463) | (15.3%) |
Receivables from tax consolidation | 351 | 0.2% | 348 | 0.2% | 3 | 0.9% |
Tax receivables | 2,823 | 1.6% | 1,989 | 1.1% | 834 | 41.9% |
Current financial receivables | 0 | 0.0% | 81 | 0.0% | (81) | (100.0%) |
Other current receivables | 8,383 | 4.8% | 3,081 | 1.8% | 5,302 | 172.1% |
Cash funds | 10,267 | 5.9% | 12,483 | 7.2% | (2,216) | (17.8%) |
Current assets | 96,348 | 55.3% | 93,744 | 54.0% | 2,604 | 2.8% |
Total assets | 174,086 | 100.0% | 173,466 | 100.0% | 620 | 0.4% |
Equity and liabilities | 30 SEPTEMBER 2025 | % | 31 DECEMBER 2024 | % | Chg. | % chg. |
(Euro thousands) | ||||||
Share capital | 18,804 | 10.8% | 18,804 | 10.8% | 0 | 0.0% |
Share premium reserve | 18,864 | 10.8% | 18,864 | 10.9% | 0 | 0.0% |
Other reserves | 31,801 | 18.3% | 30,276 | 17.5% | 1,525 | 5.0% |
Prior years' profit (loss) | 8,712 | 5.0% | 8,761 | 5.1% | (49) | (0.6%) |
Profit (loss) for the year | 5,284 | 3.0% | 4,057 | 2.3% | 1,227 | 30.2% |
Group equity | 83,465 | 47.9% | 80,762 | 46.6% | 2,703 | 3.3% |
Equity attributable to non-controlling interests | (23) | 0.0% | 43 | 0.0% | (66) | (153.5%) |
Profit (loss) for the year attributable to non-controlling interests | (41) | 0.0% | (80) | 0.0% | 39 | (48.8%) |
Total equity attributable to non-controlling interests | (64) | 0.0% | (37) | 0.0% | (27) | 73.0% |
Total equity | 83,401 | 47.9% | 80,725 | 46.5% | 2,676 | 3.3% |
Provisions for risks and charges | 1,042 | 0.6% | 771 | 0.4% | 271 | 35.1% |
Deferred tax | 5,325 | 3.1% | 5,534 | 3.2% | (209) | (3.8%) |
Post-employment benefits | 1,899 | 1.1% | 2,091 | 1.2% | (192) | (9.2%) |
Non-current financial liabilities | 20,611 | 11.8% | 19,968 | 11.5% | 643 | 3.2% |
Non-current liabilities | 28,877 | 16.6% | 28,364 | 16.4% | 513 | 1.8% |
Trade payables | 26,635 | 15.3% | 29,951 | 17.3% | (3,316) | (11.1%) |
Payables from tax consolidation | 535 | 0.3% | 31 | 0.0% | 504 | 1625.8% |
Tax payables | 719 | 0.4% | 1,244 | 0.7% | (525) | (42.2%) |
Current financial liabilities | 24,406 | 14.0% | 25,689 | 14.8% | (1,283) | (5.0%) |
Other current payables | 9,513 | 5.5% | 7,462 | 4.3% | 2,051 | 27.5% |
Current liabilities | 61,808 | 35.5% | 64,377 | 37.1% | (2,569) | (4.0%) |
Total equity and liabilities | 174,086 | 100.0% | 173,466 | 100.0% | 620 | 0.4% |
(Euro thousands) Attributable to the shareholders of the Parent Share Hedging Equity Other Treasury Profit (loss) Equity Non- Total Capital and reserves reserves shares for the year controlling equity translation interests reserves | |||||||||
Balance at 01/01/2024 | 18,804 | 131 | 18,864 | 37,801 | (986) | 2,848 | 77,462 | 0 | 77,462 |
Other items of the comprehensive income statement | 0 | (80) | 0 | 27 | 0 | 0 | (53) | 0 | (53) |
Profit for the year | 0 | 0 | 0 | 0 | 0 | 4,057 | 4,057 | (80) | 3,977 |
Total comprehensive income/loss for the year | 0 | (80) | 0 | 27 | 0 | 4,057 | 4,004 | (80) | 3,924 |
Dividend distribution | 0 | 0 | 0 | 0 | |||||
Allocation of prior year's profit (loss) | 2,848 | (2,848) | 0 | 0 | 0 | ||||
Other changes | 0 | (1) | 0 | (1) | (702) | (704) | 43 | (661) | |
Balance at 31/12/2024 | 18,804 | 50 | 18,864 | 40,675 | (1,688) | 4,057 | 80,762 | (37) | 80,725 |
Balance at 01/01/2024 | 18,804 | 50 | 18,864 | 40,675 | (1,688) | 4,057 | 80,762 | (37) | 80,725 |
Other items of the comprehensive income statement | 0 | (27) | 0 | (2) | 0 | 0 | (29) | 0 | (29) |
Profit for the year | 0 | 0 | 0 | 0 | 0 | 5,284 | 5,284 | (41) | 5,243 |
Total comprehensive income/loss for the year | 0 | (27) | 0 | (2) | 0 | 5,284 | 5,255 | (41) | 5,214 |
Dividend distribution | 0 | 0 | 0 | (2,038) | 0 | 0 | (2,038) | 0 | (2,038) |
Allocation of prior year's profit (loss) | 0 | 0 | 0 | 4,057 | 0 | (4,057) | 0 | 0 | 0 |
Other changes | 0 | 14 | 0 | 6 | (534) | 0 | (514) | 14 | (500) |
Balance at 30/09/2025 | 18,804 | 37 | 18,864 | 42,698 | (2,222) | 5,284 | 83,465 | (64) | 83,401 |
30 SEPTEMBER | 30 SEPTEMBER | |
(Euro thousands) | 2025 | 2024 |
Profit (loss) for the year | 5,243 | 2,145 |
Income tax | 1,307 | 560 |
Deferred/(prepaid) tax | (732) | 25 |
Interest expense/(interest income) | 1,781 | 1,770 |
(Dividends received) | 0 | 0 |
(Gains)/losses from disposal of assets | (4) | 0 |
1 Profit (loss) for the year before income tax, interest, dividends and gains/losses from disposals | 7,595 | 4,500 |
Adjustments for non-monetary items that had no | ||
balancing entry in net working capital: | ||
Allocation to post-employment benefits | 41 | 35 |
Allocations to other provisions | 1,423 | 132 |
Amortization and depreciation of fixed assets | 8,223 | 6,647 |
Write-downs for impairment losses | 0 | 0 |
Other adjustments for non-monetary items | 368 | (369) |
2 Cash flow before changes in NWC | 17,650 | 10,945 |
Changes in net working capital: | ||
Decrease/(increase) in receivables from customers | 5,462 | (1,405) |
Decrease/(increase) in inventory | (5,705) | (3,369) |
Increase/(decrease) in payables to suppliers | (3,325) | (5,729) |
Decrease/(increase) in other receivables | (6,638) | (7,456) |
Increase/(decrease) in other payables | 1,147 | 1,824 |
Other changes in net working capital | 0 | 0 |
3 Cash flow after changes in NWC | 8,591 | (5,190) |
Other adjustments: | ||
Interest received/(paid) | (1,524) | (1,684) |
(Income tax paid) | (412) | (102) |
(Gains)/losses from disposal of assets | 0 | 0 |
Dividends received | 0 | 0 |
(Utilization of provisions) | 0 | (9) |
(Utilization of provisions for post-employment benefits) | (111) | (95) |
4 Cash flow after other adjustments | 6,544 | (7,080) |
A Cash flow from operations | 6,544 | (7,080) |
Tangible fixed assets | (5,266) | (4,369) |
(Purchase) | (5,281) | (4,389) |
Disposal | 15 | 20 |
Intangible fixed assets | (444) | (1,093) |
(Purchase) | (444) | (1,093) |
Disposal | 0 | 0 |
Financial fixed assets | (1) | (137) |
(Purchase) | (1) | (144) |
Disposal | 0 | 7 |
Current financial assets | 0 | 0 |
(Purchase) | 0 | 0 |
Disposal | 0 | 0 |
Proceeds from disposal of assets | 4 | 0 |
B Cash flow from investing activities | (5,707) | (5,599) |
Liabilities | (481) | 8,294 |
Increase (decrease) in short-term bank payables | (671) | 4,870 |
New loans | 7,000 | 8,000 |
Repayment of loan | (6,810) | (4,576) |
Financial liabilities to other lenders | 0 | 0 |
Change in financial receivables from other lenders | 0 | 0 |
Equity | (2,572) | (472) |
Share capital increase | 0 | 93 |
Sale (purchase) of treasury shares | (534) | (565) |
Other changes in equity | (2,038) | 0 |
C Cash flow from financing activities | (3,053) | 7,822 |
Increase (decrease) in cash funds (A ± B ± C) | (2,216) | (4,857) |
Cash funds at 1 January | 12,483 | 12,157 |
Cash funds at 30 September | 10,267 | 7,300 |
The following table shows consolidated net financial debt at 30 September 2025 versus the situation at 31 December 2024 and 30 September 2024:
(Euro thousands) | 30 SEPTEMBER 2025 | 31 DECEMBER 2024 | Chg. | 30 SEPTEMBER 2024 | Chg. |
A. Cash funds | 10,267 | 12,483 | (2,216) | 7,300 | 2,967 |
B. Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
C. Other current financial assets | 0 | 82 | (82) | 0 | 0 |
D. Cash (A) + (B) + (C) | 10,267 | 12,565 | (2,298) | 7,300 | 2,967 |
E. Current financial debt | (15,358) | (16,226) | 868 | (14,473) | (885) |
F. Current portion of non-current debt | (9,048) | (9,464) | 416 | (9,409) | 361 |
G. Current financial debt (E)+(F) | (24,406) | (25,690) | 1,284 | (23,882) | (524) |
H. Net current financial debt (G)-(D) | (14,139) | (13,125) | (1,014) | (16,582) | 2,443 |
I. Non-current financial debt | (20,611) | (19,968) | (643) | (22,544) | 1,933 |
J. Debt instruments | 0 | 0 | 0 | 0 | 0 |
K. Trade payables and other non-current payables | 0 | 0 | 0 | 0 | 0 |
L. Non-current financial debt (I)+(J)+(K) | (20,611) | (19,968) | (643) | (22,544) | 1,933 |
M. Total financial debt (H)+(L) | (34,750) | (33,093) | (1,657) | (39,126) | 4,376 |
Neodecortech Group | Interim Management Statement at 30 September 2025 23
NotesAccounting standards and preparation criteria
The Interim Management Statement for first nine months 2025 includes the Statement of Financial Position, Income Statement, Statement of Comprehensive Income, Statement of Cash Flows, Statement of Changes in Equity and brief notes; it has been prepared on the basis of the recognition and measurement criteria provided for by the IAS-IFRS standards adopted by the European Union. It has been made available to the public on a voluntary basis and has been prepared in accordance with the regulations of Borsa Italiana, which establish, among the requirements for maintaining the listing on the STAR segment of the MTA market, the publication of interim reports, which are available on the Company website (https://www.neodecortech.it).
With regard to the relevant international accounting standards and the criteria chosen by the Group in preparing the financial statements, reference is made to the 2024 Annual Report.
The preparation of the Interim Statement has required Management to make estimates and assumptions affecting the value of revenue, costs, assets and liabilities and the information relating to contingent assets and liabilities at the date of the interim statement. These estimates and assumptions have been based on Management's best evaluation. Should they, in the future, differ from the circumstances in effect at that time, they will be modified appropriately in the period in which the change in circumstances is recorded. It should also be noted that these evaluation processes, specifically the more complex ones, such as those relating to the calculation of potential impairment of non-current assets, are generally carried out in their entirety during the preparation of the year-end financial statements when all necessary information is available, unless impairment indicators exist which require an immediate evaluation of the potential impairment.
Lastly, the Interim Management Statement has been prepared in accordance with the "criterion of the separation of periods" based on which the period under review is considered as an independent financial period. From this point of view, the quarterly income statement reflects the income components of the period under review using the accruals basis of accounting.
Consolidation scopeThe list of companies over which Neodecortech S.p.A. exercises control, and are therefore included in these consolidated financial statements, is shown in the table below:
Company name Registered office Share Capital Consolidation method % held | ||||
Cartiere di Guarcino S.p.A. | Guarcino (IT) | 10,000,000 € | Full | 100% |
Bio Energia Guarcino S.r.l.* | Guarcino (IT) | 1,100,000 € | Full | 100% |
NDT energy S.r.l. | Casoli di Atri (TE) | 100,000 € | Full | 100% |
Changzhou NDT new material technology Changzhou 2,000,000 CNY | Full | 70% | ||
company Ltd (China)
* Controlled indirectly through Cartiere di Guarcino S.p.A.
There were no changes in the consolidation scope versus 31 December 2024.
In April 2025, the share capital of the Chinese subsidiary Changzhou NDT New Material Technology Company Ltd. was increased to CNY 2 million to support business development in the Chinese and Far East markets. Each shareholder contributed their respective portion, with no change in the shareholding structure.
It should be noted that the subsidiary NDT energy S.r.l., as previously mentioned, is currently dormant.
Main Alternative Performance Measures (APMs)The European Securities and Market Authority (ESMA) has published guidelines on Alternative Performance Measures ("APMs") for listed issuers.
The APMs constitute information used by Management and investors to analyze the trends and performance of the Group, which are directly derived from the financial statements, even though not required by IAS/IFRS. These measures, used by the Group continuously and consistently for several years now, are relevant to assist Management and investors in analyzing the Group's performance. Investors should not consider these APMs as substitutes, but rather as additional information to the figures included in the financial statements. It should be noted that the APMs as defined may not be comparable to APMs of a similar name used by other listed groups.
The definition of the main APMs used in this Interim Management Statement is given below:
EBITDA and EBIT: alternative performance measures not defined by IAS/IFRS but used by Group Management to monitor and measure its performance, as they are not affected by volatility, due to the effects of the range of criteria for determining taxable income, the amount and characteristics of the capital employed and - for EBITDA - the amortization/depreciation policies. These measures are also commonly used by analysts and investors to assess company performance;
ADJUSTED EBITDA and EBIT: a measure used by Management to strip EBITDA and EBIT of the effect of non-recurring cost and revenue components;
ADJUSTED NET PROFIT: a measure used by Management to strip net profit of the effect of non-recurring cost and revenue components;
OPERATING WORKING CAPITAL, NET WORKING CAPITAL, FIXED ASSETS and NET INVESTED
CAPITAL. They allow a better assessment of both the ability to meet short-term trade commitments through current trade assets and the consistency of the structure of loans and sources of financing in terms of time;
NET FINANCIAL DEBT. The figure shown is in line with the value of net financial debt determined in accordance with the recommendations of the CESR (Committee of European Securities Regulators) of 10 February 2005 and referred to by CONSOB. This measure allows a better assessment of the overall level of debt, capital strength and debt repayability.
Notes on the main changes in the consolidated statementsRevenue from sales and services at 30 September 2025 amounted to € 138,291 thousand, increasing by € +16,745 thousand, or +13.8%, versus 30 September 2024 (€ 121,546 thousand). In the furniture and flooring sector, where Neodecortech and Cartiera di Guarcino operate, after modest recovery signals in the first half of the year, the order backlog remained basically steady in third quarter 2025. The market backdrop, however, continues to reflect subdued demand, with a general downward trend in the furniture segment, while the flooring segment recorded more diversified trends depending on target markets. In first nine months 2025, Italy posted the sharpest contraction (-8.0%), while the rest of Europe recorded growth (+2.3%). Residual markets expanded in Asia/Middle East (+>100%), while Africa and America remained steady. However, the reduction in sales had been anticipated and aligned with the 2025 forecast.
A different scenario instead for the Energy Division, namely Bio Energia Guarcino, which recorded a revenue increase of approximately € 16.4 million, due to ARERA resolutions (No. 306/2024/R/eel of 23/07/2024 and No. 518/2024/R/eel of 03/12/2024), as well as higher volumes (+7.3%). The Bio Energia Guarcino plant worked 17,712 hours, up versus the same period of the prior year when it worked 16,509 hours, generating 121,599 MWh versus approximately 113,335 MWh in the same period last year. Energy fed into the grid was 88,903 MWh versus 80,642 MWh in the same period
of 2024; energy sold to CDG was 28,071 MWh, up from 28,028 MWh in 2024. As of 10 December 2023, the GMP system is in effect.
Change in Finished Products amounted to € -52 thousand, a decrease of € -1,894 thousand versus the prior year.
The ratio of consumption of raw materials to revenue improved, decreasing to 63.0% from 64.9% at 30 September 2024. This performance reflected the combined effect of: (i) a slight worsening in Neodecortech's ratio due to the postponement of certain sales to October; (ii) an improvement at Cartiere di Guarcino driven by the sales mix; and (iii) an improvement at Bio Energia Guarcino, as under the GMP scheme three plant clusters were identified based on capacity (P < 1 MW; P > 1 P 8 ≤ MW; P > 8 MW), with standard yields assigned, and the BEG plant outperformed the yield allocated to its reference cluster.
Other operating expense as a percentage of revenue decreased from 15.8% at 30 September 2024 to 14.5% at 30 September 2025, a reduction of € 752 thousand. This item primarily includes costs for energy, gas, and other utilities.
Personnel expense totaled € 16,582 thousand, slightly higher than € 15,941 thousand (€ +641 thousand) at 30 September 2024, with 397 employees on the payroll at 30 September 2025 versus 398 at 31 December 2024, while decreasing in the ratio on revenue.
EBITDA at 30 September 2025 stood at € 15,730 thousand, equal to 11.4% of net sales, versus € 11,116 thousand and 9.1% at 30 September 2024, a performance that exceeded expectations.
Amortization and depreciation was up versus the 9 months of the prior year, due to intangible expenditure (ERP) that came into operation during 2025. Expenditure made by the Group amounted to € 5,725 thousand versus € 5,482 thousand at 30 September 2024.
Allocations refers primarily to the provision for supplementary indemnity, while the provision for doubtful accounts remains unchanged for the Group, as there is no need to adjust the nominal value of trade receivables to the estimated realizable value in accordance with IFRS.
EBIT was up by € 3,056 thousand versus 30 September 2024, accounting for 5.4%.
Financial items remained steady versus 30 September 2024, accounting for 1.2% of revenue and consistent with the prior year. In 2025, they benefited from lower nominal rates but were impacted by foreign exchange hedges that offset the effects of interest rate reductions.
Income tax for the period amounted to € 575 thousand, with the Group's theoretical tax rate at approximately 10%, benefiting from the effects of tax consolidation with Finanziaria Valentini S.p.A..
Net Profit amounted to € 5,243 thousand, accounting for 3.8% on revenue versus € 2,145 thousand at 30 September 2024, or 1.8%. The net profit includes a € 41 thousand loss attributable to minority interests relating to the 30% stake in the Chinese company acquired in 2024 and owned by a third-party shareholder.
Consolidated net financial debt at 30 September 2025 amounted to € 34,750 thousand, showing a slight deterioration versus 31 December 2024 (€ 33,093 thousand) and a significant improvement versus 30 September 2024 (€ 39,126 thousand). The increase of € 1,657 thousand mainly reflected the combined and opposing effects of:
The increase in current financial debt for Cartiere di Guarcino, related to the increase in the use of lines in order to support the use in working capital and the expenditure included in the business plan;
The normalization of GMP collections, with significant impacts in financial terms, for the subsidiary Bio Energia Guarcino, as a reduction in Net Financial Position (down from € 10 million to € -1 million);
Debt consolidation following the signing on 2 July 2025 by Neodecortech S.p.A. of a loan agreement with Banca Popolare di Sondrio totaling € 7 million with a term of 84 months and a 12-month grace period at a
floating rate. The loan, guaranteed under the SACE Growth Convention, is intended to finance the investments planned in the Parent Company's business plan.
Net financial debt, on the other hand, decreased versus 30 September 2024, from € 39,126 thousand to € 34,750 thousand (€ -4,376 thousand). The amount at 30 September 2024 was influenced by the non-collection of receivables from maximization and GMPs totaling € 18.2 million, versus € 12.4 million at 30 September 2025, of which € 5.7 million related to the "Guaranteed Minimum Prices" scheme for the period December 2023-December 2024, invoiced in October 2025 with payment due on 30 November 2025. Net of these effects, the NFP in 2025 was affected by cash outflows used to finance working capital, particularly inventory, and by the planned investments in the 2025 budget, including for the new ERP system.
In 2025, the GMP system was gradually normalized, introducing monthly advance payments and year-end remuneration for any positive difference between guaranteed minimum revenue and traditional revenue. Conversely, at 30 September 2024, Bio Energia Guarcino had made the best possible estimate of the reinstatement of GMP revenue based on available information and had determined the minimum amount of reinstatement accrued up to 30 September 2024 to be € 15,184 thousand, to be fully monetized. The impacts of this normalization of the GMP were significant, both in income terms - since the positive effect of the 2023-2024 adjustment exceeded expectations - and financially, through the reduction in the net financial position.
As a result, there is currently no indication that the only covenant in the CDG subsidiary's loan might not be met.
Consolidated net working capital at 30 September 2025 amounted to € 48,679 thousand, while at 31 December 2024 it amounted to € 42,491 thousand (€ +6,188 thousand, of which € +2,079 thousand in operating NWC). The main combined effects contributing to the increase in NWC are: (i) the decrease in trade receivables offset by the increase in other current receivables, due to the GMP billing cycle, which at 31 December 2024 included receivables for invoices issued and collected in early 2025, whereas at 30 September 2025, advances for the current half-year were invoiced and collected, and estimated allocations for the December 2023 - September 2025 settlement are reported under other receivables; and (ii) the € 4,225 thousand increase in inventory, linked to sales postponed to the next half-year and advance purchases of certain strategic raw materials; (iii) the € 3,317 thousand reduction in trade payables.
The change in tangible fixed assets is explained by the new capital expenditure made in line with plan, net of depreciation. Capital expenditure in tangible fixed assets refers mostly to (i) new machinery and the upgrading of existing machinery in the parent company Neodecortech; (ii) actions to increase the efficiency of paper machines and to optimize plants in Cartiere di Guarcino; and (iii) maintenance expenditure in Bio Energia Guarcino.
The change in intangible fixed assets is related to the ERP system change, which went live on 1 January 2025 and is currently being finalized.
Equity was affected mainly by allocation of profit for the period and by the dividend distribution in May 2025. The minority share refers to 30% of the Chinese company acquired in 2024 and owned by a third-party shareholder.
Revenue by division, type of business and geographical areaThe table below shows consolidated revenue by operating segment.
(Euro thousands) | 30 SEPTEMBER 2025 | % | 30 SEPTEMBER 2024 | % | Chg. | % chg. |
Printed Decorative Paper Division | 51,771 | 37% | 48,522 | 40% | 3,249 | 6.7% |
Decorative Paper Division | 38,660 | 28% | 41,724 | 34% | (3,064) | (7.3%) |
Guarcino Energy Division | 47,676 | 34% | 31,238 | 26% | 16,438 | 52.6% |
NDT China Division | 184 | 0% | 62 | 0% | 122 | 196.8% |
Total | 138,291 | 100% | 121,546 | 100% | 16,745 | 13.8% |
Divisione Carta Divisione Carta Divisione Energia Divisione NDT China Decorativa Stampata Decorativa
30 SETTEMBRE 2025 30 SETTEMBRE 2024
-
184 62
30.000
20.000
10.000
31.238
41.724
38.660
40.000
47.676
48.522
50.000
51.771
60.000
REVENUE BY DIVISION