- Revenues: €46.8 million (+19.1% vs H1 2025 at current exchange rates, +21.2% at constant rates)
- Gross Profit: €29.2 million vs €24.6 million in H1 2025 (+19.0%)
- Gross Margin at 62.5%, stable compared to H1 2025
- EBITDA: €10.2 million (21.7% EBITDA margin) vs €8.3 million in H1 2025 (+22.7%)
- Net Result: €5.9 million (12.7% of revenues) vs €4.2 million in H1 2025 (+40.1%)
- Operating Cash Flow: €5.1 million vs €7.6 million in H1 2025
- Net Financial Position: €9.1 million vs €7.8 million at year-end 2025
Ronco Scrivia (GE, Italy), September 29, 2026 - The Board of Directors of Racing Force S.p.A. (the "Company" or "RFG"), the parent company of Racing Force Group, specialized in the design, production and marketing of safety equipment for motorsport competitions worldwide, listed on the Euronext Growth market in Milan and Paris, met today and examined and approved the consolidated half-year financial statements as of June 30, 2026, prepared in accordance with international accounting standards.
Paolo Delprato, Chairman and CEO of Racing Force Group, commented: "The first half of 2026 is the best in our history, with double-digit growth evenly distributed across both quarters and all product segments. This growth also translated into a marked improvement in profitability: EBITDA margin rose to 21.7% and net profit grew by +40% compared to the first half of 2025. The Americas have begun to show their potential and we expect growth to continue in the coming periods: we are the leader in EMEA and APAC, and we want to be the number one in America as well. We look at the second half of the year with confidence, while remaining aware that we are comparing against a particularly strong 2025 base. By the end of the year we will announce the certification of the Riot helmet with an anti-gas mask, ready to begin commercial activities in early 2027. In parallel, the development of the Gladiator helmets for special police and military forces has reached its final stages and, here too, we expect to be able to take part in the first tenders during 2027."
Summary of Group Results as of June 30, 2026
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Group Revenues stood at €46.8 million, up €7.5 million compared to the first half of 2025 (+19.1% at current exchange rates, +21.2% at constant exchange rates), supported by broad-based demand across all product segments. Growth in the half brought LTM revenues to €80.6 million, up by approximately +20% compared to the previous twelve months and the highest level ever reached in the Group's history.
Order intake continues to grow on an annual basis, supporting visibility over the coming months.
The main contribution to growth came from the Driver's Equipment segment, up +€5.3 million (+17.9%), driven by Bell helmets (+23.5%), which continue to benefit from the new homologation standards cycle, and by OMP racewear (+20.3%), increasingly present in international competitions. After a weaker start, Car Parts returned to growth (+€0.6 million, +9.0%) thanks to the recovery, in the second quarter, of delays accumulated in the production programs of some major automakers. The strong expansion of the Other segment (+€1.6 million, +58.2%) continued, amplified by the multi-year supply of corporate apparel under the Racing Spirit brand (+97.8%), which added to the brand's organic growth in the corporate channel, and by the delivery of the second batch of HPS helmets intended for the Ministry of Justice of the Netherlands.
On the geographic front, the EMEA region remains the Group's main market, with sales up €2.3 million (+8.5%). The Americas reached €13.1 million (+€3.8 million, +41.4% at current exchange rates, +50.3% at constant exchange rates), while the APAC region rose to €4.9 million (+€1.4 million, +39.8%).
With regard to sales channels, revenue generated by Dealers stood at €26.0 million (+€3.4 million, +15.2%). Sales to Team & Car Manufacturers increased by €2.3 million (+22.0%), supported by the technical partnership agreements in place in the leading world championships, while the Other category recorded an increase of €1.8 million (+27.9%), mainly thanks to the previously mentioned multi-year supply of Racing Spirit-branded products. - Gross Profit stood at €29.2 million, up €4.7 million (+19.0%) compared to the first half of 2025. The ratio to revenues remained stable at 62.5%, reflecting the positive contribution of the product mix and pricing policies, which offset the increase in raw material costs.
- EBITDA amounted to €10.2 million (21.7% EBITDA margin), compared with €8.3 million in the first half of 2025 (21.1% EBITDA margin): +60 bps of margin, despite the increase in i) selling and distribution expenses (€7.4 million vs €5.7 million), following the increase in revenues and the effect of the technical partnership agreements in place during the period, and ii) general and administrative expenses (€12.5 million vs €11.4 million), mainly attributable to an average of +93 employees compared to the first half of 2025, following the introduction, already from the second half of 2025, of specialized technical and production roles supporting the expected growth in motorsport and in the defense sector.
- EBIT amounted to €7.6 million (16.3% EBIT margin), compared with €6.3 million (16.1% EBIT margin) in the first half of 2025 (+20.4%).
- The Net Result amounted to €5.9 million (12.7% of Revenues), compared with €4.2 million (10.8% of Revenues) in the first half of 2025 (+40.1%), also benefiting from the reduction in net financial expenses to €0.5 million (from €1.0 million in H1 2025, mainly due to unrealized exchange rate differences on intercompany balances).
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The cash flow from operating activities amounted to €5.1 million, compared with €7.6 million in H1 2025. The decline does not reflect the trend in operating profitability (EBITDA grew by €1.9 million compared to H1 2025), but is entirely attributable to the dynamics of net working capital, which absorbed €5.6 million during the half, compared with a release of €0.8 million in the first half of 2025. In particular: (i) trade receivables increased by €4.6 million, reflecting the seasonality of revenues and a slight lengthening of average collection times, related to a limited number of contracts with leading motorsport team and racing car manufacturers; (ii) inventories increased by €0.1 million, following the decision to bring forward the procurement of materials for next season's production, partially offset by the reduction in finished products, consistent with the seasonality of the business; (iii) trade payables decreased by €1.0 million, due to payments for procurement carried out in the second part of the previous financial year.
This is therefore a temporary and seasonal absorption: the collection of receivables already under way and the reduction in material procurement needs in the second part of the year support the expectation of an improvement in working capital dynamics and operating cash flow in the second half. - Cash flow generated from operating activities funded capital expenditure of €3.7 million (sharply down from €6.8 million in H1 2025, following the completion of the infrastructure upgrade plan in autumn 2025) and the payment of dividends to shareholders of €2.6 million (€0.095 per share, resolved by the Shareholders' Meeting on April 29, 2026 and paid in May 2026), against €2.5 million in 2025.
- As a result of the above dynamics, the Group's Net Financial Position increased from €7.8 million at year-end 2025 to €9.1 million as of June 30, 2026. Equity stood at €66.1 million (€62.5 million as of December 31, 2025).
Business Review
In the first half of 2026, the international macroeconomic environment remained characterized by a high degree of uncertainty, fueled by the ongoing conflict in Ukraine and, from the end of February, by the military escalation in the Middle East, which also affected the Kingdom of Bahrain, where the Group operates its helmet production facility. Despite the geographic proximity to the crisis areas, the impact on the Group's operations was limited: production was not interrupted and logistics disruptions were managed through the use of alternative routes, with only minor delays in March deliveries, progressively absorbed over the course of the half.
Against this backdrop, the motorsport sector confirmed its positive structural dynamics, supported by the expansion of its audience and the growing interest of North American markets, which represent an area of significant development potential for the Group.
The Group closed the half with record revenue levels, with sales growth of 19.1% (+21.2% at constant exchange rates) evenly distributed between the two quarters (+18.0% in the first and +20.3% in the second). This represents an acceleration compared to the trajectory already set since the listing: since 2021 the Group has closed every financial year with sales higher than the previous one, with a compound annual growth rate of 16.8% over the last 5 years. The result confirms the validity of the Group's multi-brand model, which combines continuous product innovation with the breadth of its range and direct presence in the leading world championships.
The half was the first to benefit from the infrastructure investments completed in autumn 2025 - the expansion of the Ronco Scrivia (Italy) site and the start-up of the second floor of the Sakhir (Bahrain) plant - which enabled the Group to absorb higher production volumes, ensuring service levels and delivery punctuality in a period of strong demand. The operating leverage generated by volumes made it possible to improve percentage profitability despite an increase in structural costs, already starting from the second half of 2025, and in commercial investments related to the season's technical partnerships, including the collaboration with adidas in Formula 1, extended from 2026, in addition to the Mercedes-AMG Petronas F1 Team, also to the Audi Revolut F1 Team.
In parallel, diversification projects in the defense sector under the HPS brand continued: during the half, the second tranche of Riot helmets was delivered to the Netherlands Ministry of Justice, while the first production order from Lift Airborne Technologies for helmets intended for US Air Force pilots is expected shortly.
In communication services, Zeronoise Communication Services continued its development and in July 2026 was awarded an important multi-year contract with Formula E Operations Limited for radio communication services in Formula E, with a first limited contribution already expected in the second part of 2026 and full effect from 2027.
On the organizational front, headcount increased by 21 employees compared to December 31, 2025, in line with expectations, with new hires concentrated on the technical and production functions of the main operating sites.
The Group's capital structure, with a net financial position equal to approximately 0.6 times EBITDA for the last twelve months, supports the development plan in both motorsport and diversification projects.
Current trading and business outlook
Sales recorded in the early part of the second half are growing compared to the corresponding period of the previous year, supported by demand that remains solid.
The outlook for the second part of the year remains positive, despite the comparison with a particularly strong second half of 2025. Geopolitical risk (Middle East, Ukraine) remains high but, as of today, the effects on the Group's operating results are marginal.
On the R&D front, certification of the integrated system with an anti-gas mask for the Riot helmets is expected by year-end, with subsequent commercialization from 2027; for the Gladiator anti-ballistic helmets, progressive homologations are expected from the first part of 2027, followed by the start of commercial activities.
Significant events after June 30, 2026:
- July 27, 2026: Zeronoise Communication Services Ltd was incorporated, based in Nottingham (UK), a wholly-owned subsidiary of Zeronoise Communication Services Wll (Bahrain), intended to provide the Group with the operating structure needed to deliver radio-communication services to racing series and teams. To support the commercial development of this division, in August the parent company entered into a €1 million bank financing agreement.
- August 3, 2026: the Board of Directors of Racing Force USA approved the 5-year extension (+ option for a further 5 years) of the Mooresville (NC) lease agreement, including an expansion of approximately 12,000 sq ft at the landlord's expense.
2025 Sustainability Report
The Report, prepared in accordance with the Global Reporting Initiative (GRI) guidelines, describes the Group's approach to environmental and social sustainability topics, illustrating the main activities carried out during 2025.
This is a voluntary document that demonstrates the Group's commitment and transparency regarding sustainability and social responsibility, in particular towards its people, partners, customers and suppliers, the community in which it operates, and the environment.
In this perspective, the investment plan, now nearing completion, which has involved the Group's main operating sites, is inspired by sustainability criteria that will help reduce the environmental impact of its activities and, at the same time, achieve improvements in energy efficiency.
For further details, please refer to the Report made available to the public on the Company's website at www.racingforce.com, in the "Sustainability - 2025 Sustainability Report" section.