PRESS RELEASE
BOARD OF DIRECTORS APPROVES DRAFT SEPARATE FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2025
Consolidated revenue at Euro 94.4 million, up by 30.4% versus Euro 72.4 million in 2024;
EBITDA2 at Euro 24.1 million, up by 20.7% versus Euro 20.0 million in 2024 (EBITDA margin 26.1% versus 28.0% in 2024);
Adj EBITDA3 at Euro 27.0 million (Adj EBITDA margin at 29.2% versus 28.3% in 2024);
EBIT at Euro 18.5 million, up by 11.4% versus Euro 16.6 million in 2024 (EBIT margin at 20.0% versus 23.2% in 2024, due mainly to one-off expense from the K-Array acquisition and accounting effects from the PPA process);
Net profit at Euro 9.9 million, down from Euro 12.3 million in 2024, due to the effects of the Purchase Price Allocation and higher financial expense related to the acquisition of K-Array;
Based on the official price of the share on March 20, 2026.
Powersoft defines EBITDA as Earnings Before Tax (EBT), as indicated in the consolidated statement of profit/(loss), gross of: (i) financial income and expense, (ii) amortization of intangible fixed assets, (iii) depreciation of tangible fixed assets, and (iv) allocations. Since EBITDA is not recognized as an accounting measure under the IAS-IFRS accounting standards adopted by the Company, its quantification may not be straightforward.
Adj EBITDA has been adjusted for the costs from the extraordinary acquisition of K-Array and the accounting effect of the reversal of the inventory margin resulting from the Purchase Price Allocation (PPA).
Net Financial Position at December 31, 2025 is negative (debt) Euro 38.3 million versus Euro
51.4 million at June 30, 2025 and cash positive by Euro 10.2 million at December 31, 2024, after the consolidation of K-Array;
The Board of Directors proposes to the Shareholders' Meeting an ordinary dividend, gross of withholding tax, of Euro 0.78 per share;
Renewed authorization to purchase and dispose of treasury shares.
Scandicci (Florence), March 23, 2026 - Powersoft S.p.A. (the "Company" or "Powersoft"), head of a global technology leader in audio amplification systems, acoustic signal processing and transducer systems for the pro-Audio sector, listed on Euronext Growth Milan, today approved the draft separate financial statements and consolidated financial statements at December 31, 2025, prepared in accordance with International Financial Reporting Standards ("IAS/IFRS").
In the words of Luca Lastrucci, CEO of Powersoft Group: "2025 closed with a significant increase in revenue, supported in part by the acquisition of K-Array, and a significant improvement in profitability. Results that confirm the soundness of our development path and the Group's ability to generate value even in a complex and constantly evolving macroeconomic environment. We are also highly delighted with the synergies that have emerged in the early stages of the integration with K-Array, which tangibly confirm the strategic value of the transaction. The integration process is progressing effectively, and industrial synergies, already underway and gradually being consolidated, are proving to be a significant driver of future value creation. At the same time, new collaborations launched with major international partners enable us to further strengthen our role as a leader and solutions technology partner, and seize opportunities in high-potential sectors such as automotive, cruiseship, and leisure. Looking ahead, we are confident that our role as a solution provider will consistently enable us to generate added value and sustain solid, lasting growth, even in an increasingly challenging macroeconomic environment, further strengthening Powersoft's role as a leading global player in professional audio".
Results at December 31, 2025 Group income statement
The consolidated figures at December 31, 2025, shown below, include nine months of consolidation (April 1 - December 31) of K-Array, a company specializing in the design and production of advanced high-performance compact design audio systems, acquired on April 1, 2025, which contributed Euro
19.7 million to revenue and Euro 6.8 million to Adjusted EBITDA for the period.
(Euro thousands) | 31/12/2025 | 31/12/2024 | Change | % change |
Total revenue | 94,364 | 72,362 | 22,002 | 30.4% |
EBITDA | 24,100 | 19,960 | 4,140 | 20.7% |
Adjusted EBITDA | 27,006 | 20,237 | 6,769 | 33.4% |
EBIT | 18,457 | 16,565 | 1,892 | 11.4% |
Net profit (loss) | 9,925 | 12,346 | (2,421) | -19.6% |
Total consolidated revenue in 2025 amounted to Euro 94.4 million, growing by 30.4% versus Euro
72.4 million in 2024.
The table below shows the breakdown by geographical area of Group revenue from sales in 2025 versus the corresponding figure of 2024:
2025 | Percentage on revenue from sales | 2024 | Percentage on revenue from sales | Change | % change | |
Europe | 34,088 | 36.9% | 30,927 | 43.3% | 3,162 | 10.2% |
North America (NAM) | 40,778 | 44.2% | 26,955 | 37.7% | 13,822 | 51.3% |
Asia and Pacific (APAC) | 11,598 | 12.6% | 9,819 | 13.7% | 1,779 | 18.1% |
Middle East and Africa (MEA) | 3,192 | 3.5% | 1,872 | 2.6% | 1,320 | 70.5% |
Caribbean and South America (CALA) | 2,690 | 2.9% | 1,839 | 2.6% | 851 | 46.3% |
Revenue from sales | 92,347 | 100.0% | 71,413 | 100.0% | 20,934 | 29.3% |
Sales growth for the Group was notably strong in the U.S. market, posting an increase of approximately 51% versus 2024.
Cost of sales includes mainly goods purchases and inventory changes, direct labour costs, transportation costs, customs duties and other direct costs. At December 31, 2025, this item totaled Euro 45.1 million, up by 21.2% versus the close of 2024; however, its percentage on revenue decreased from 52.2% to 48.9% due to: (i) the sale of a more favourable product mix; (ii) the increase in sales lists versus the prior year, which generated a positive impact on the percentage; and (iii) the inclusion in the consolidation scope of K-Array, which has a lower percentage of cost of sales, due partly to the presence in its portfolio of high-end retail products with higher margins, thereby helping to offset the accounting effects resulting from the PPA process. The increase in customs duties introduced during the period under review resulted mainly from regulatory updates and international protectionist measures. These duties led to an increase in procurement costs of Euro
1.7 million and were partly mitigated through targeted measures to revise sales lists.
Consolidated EBITDA in 2025 totalled Euro 24.1 million, up by 20.7%, and accounting for 26.1% of revenue versus Euro 20.0 million in 2024 (28.0%). In 2025, operating structure costs, including sales and marketing expense as well as general and administrative expense, amounted to Euro 27.1 million, versus Euro 17.1 million in the prior year. In addition to the inclusion of K-Array in the consolidation scope for the period under consideration, the increase is attributable to the impact of one-off expense and costs from the Purchase Price Allocation process related to the acquisition completed in the period, which had a total impact of Euro 2.9 million, as well as a partial strengthening of the structure, in line with the Group's growth strategy.
Adjusted EBITDA, calculated net of one-off expense of Euro 0.5 million and the reversal of the inventory margin resulting from the Purchase Price Allocation of Euro 2.4 million, came to Euro 27.0 million versus Euro 20.2 million in 2024, with the percentage on revenue rising to 29.2% versus 28.3% in 2024.
Consolidated EBIT was Euro 18.5 million, up from Euro 16.6 million in 2024, with an EBIT margin of 20.0%, down from 23.2% in the prior year, due to one-off costs related to the Purchase Price Allocation process of Euro 2.9 million and amortization and depreciation of Euro 1.0 million. Net of this expense, Adjusted EBIT amounted to Euro 22.4 million versus Euro 16.8 million in 2024, with a percentage on revenue of 24.2% versus 23.6% in 2024.
Financials closed at negative Euro 4.3 million versus positive Euro 520 thousand in 2024, and were attributable mainly to: (i) Euro 0.3 million for interest on the loan taken out for the K-Array
acquisition transaction; (ii) Euro 1.1 million for negative effects from exchange rate fluctuations in the reporting period, amplified by the application of tariffs that affected the value of the dollar; (iii) Euro 1.4 million for deferred price discounting interest, earn out and put&call options related to the above acquisition; and (iv) Euro 1.1 million for dividends to minority interests.
Consolidated net profit amounted to Euro 9.9 million, down from Euro 12.3 million in 2024, attributable mainly to the reversal of the inventory margin resulting from the Purchase Price Allocation of Euro 2.4 million, in addition to the negative impact of financials and the above reasons.
Group statement of financial position
(Euro thousands) | 31/12/2025 | 31/12/2024 | Change | % change |
Fixed capital | 57,221 | 4,935 | 52,286 | 1059.5% |
Net working capital | 29,158 | 24,959 | 4,199 | 16.8% |
Net capital employed | 80,936 | 28,430 | 52,507 | 184.7% |
Net financial position | (38,299) | 10,153 | (48,452) | -477.2% |
Total equity | (42,637) | (38,583) | (4,055) | 10.5% |
Total sources | (80,936) | (28,430) | (52,507) | 184.7% |
Net working capital increased by 16.8%, from Euro 25.0 million at December 31, 2024 to Euro 29.2 million. This dynamic is attributable mainly to the consolidation of the recently acquired company.
The Group's Net Financial Position at December 31, 2025 was negative (net debt) Euro 38.3 million, versus positive (cash) Euro 10.2 million at December 31, 2024. This change was attributable mainly to: (i) the acquisition transaction, which led to the recognition of financial liabilities arising from both the financing of the transaction itself, amounting to Euro 9.2 million, and deferred price components including: (a) deferred price related to the installment and discounted payment of 51% of the investment acquired for Euro 8.6 million; (b) discounted debt for the Earn out for Euro 7.2 million; (c) discounted debt for the call/put option for the purchase of the remaining 49% investment for Euro 17.4 million; (ii) the consolidation of the NFP of K-Array, whose debt was fully included in the consolidation scope. The net financial position at December 31, 2025 therefore consists of cash of Euro 17.0 million, portfolio securities of Euro 2.0 million, and financial liabilities totaling Euro 57.3 million, attributable mainly to payables and liabilities arising from or related to the acquisition.
Consolidated equity at December 31, 2025 increased to Euro 42.6 million versus Euro 38.6 million in the prior year, attributable to profit for the period and capital increase transactions to finalize the acquisition of K-Array for the portion of the consideration paid in Powersoft shares (i.e. 300 thousand shares).
Income and financial performance of Powersoft S.p.A.
The parent company Powersoft S.p.A. generated revenue of Euro 68.0 million in 2025 (in line with the prior year), EBITDA of Euro 19.0 million (Euro 19.4 million in the prior year), and net profit of Euro 11.1 million versus Euro 12.1 million in the prior year.
Significant events during the year
On February 20, 2025, Powersoft S.p.A. announced that it had signed a binding investment agreement to acquire from H.P. Sound Equipment S.p.A. 51% of the share capital of K-Array S.r.l., a company specialized in the design and production of advanced high-performance compact design audio systems for a wide range of applications. The closing of the transaction took place on April 1, 2025, and the agreement also envisaged the mutual granting of call and put options in favour of Powersoft and HP Sound, respectively, on the remaining 49% of K-Array's share capital. For further details on the transaction, see the press release issued on the same date.
On April 16, 2025, the Ordinary Shareholders' Meeting of the Company approved, among other things, the Annual Report of Powersoft S.p.A. at December 31, 2024 and the distribution of an ordinary dividend of Euro 0.82 per share.
On May 8, 2025, the Extraordinary Shareholders' Meeting resolved to increase the Company's share capital for cash and in divisible form, with the exclusion of option rights pursuant to Article 2441, paragraphs 5 and 6, of the Italian Civil Code, by a maximum total amount of Euro 5,009,280.00 (of which a maximum of Euro 31,413.61 as share capital and a maximum of Euro 4,977,866.39 as premium), through the issue of a maximum total of 300,000 new ordinary shares of the Company, with no par value, carrying regular dividend rights and the same ISIN as Powersoft's currently outstanding shares, at a subscription price of Euro 16.6976 per share (including premium) for each new share, reserved for subscription to H.P. Sound Equipment S.p.A., also to be released by offsetting, by the deadline of June 30, 2025. The Share Capital Increase is part of the transaction whereby on April 1°, 2025, Powersoft acquired from HP Sound a 51% stake (the "Stake") in the share capital of K-Array, and the consideration for the acquisition was determined to be Euro 22,275,298.05. Under the terms of the Agreement, HP Sound agreed to reinvest part of this consideration by subscribing to 300,000 newly issued Powersoft shares. At the date of completion of the Transaction, the newly issued shares were valued at Euro 16.6976 per share and, therefore, the reinvestment value was Euro 5,009,280.00. The newly issued shares from the Capital Increase are subject to a lock-up restriction until October 1°, 2026, or 18 months from the date of completion of the Transaction.
On May 20, 2025, the Group announced a major partnership with Coastal Source, a US company specializing in the design of high-performance outdoor audio systems. The new strategic OEM (Original Equipment Manufacturer) agreement marks the start of a new partnership phase between the two companies that will involve the development of an amplification platform based on Powersoft's proprietary technologies, customized to ensure superior audio performance in outdoor and marine applications, typically subject to more challenging environmental and usage conditions.
On June 3, 2025, the Group announced a partnership with Midwich, a leading global distributor of professional Audio Video solutions. The agreement, an essential step in Powersoft's internationalization roadmap, is aimed at strengthening its commercial presence in the United States in a structured way, extending access to its entire product portfolio and offering even broader support to System Integrators through a widespread and solid distribution network.
On June 10, 2025, a strategic agreement was announced with Adam Hall Group, a German company among the leading international players in the design, manufacture, and distribution of professional audio, lighting, and event equipment solutions. Under this partnership, Powersoft Group's