Sesa S.p.a. MIL:SES
SeSa S p A : Board of Directors - Interim Report as of July 31, 2025 (three-month period)
Source: MarketScreener
- Revenues and Other Income: Eu 845.7 million (+8.0% Y/Y)
- Ebitda: Eu 60.7 million (+7.2% Y/Y)
- EAT Adjusted1: Eu 29.8 million (+6.4% Y/Y); Group EAT Adjusted: Eu 27.9 million (+4.5% Y/Y)
- Net Financial Charges: down by 11.6% Y/Y (-36.4% vs. Q4 2025)
- Net Financial Position (NFP) Reported negative (net debt) equal to Eu 64.9 million, reduced from Eu 74.7 million as of April 30, 2025
- Human Resources: 6,593 employees as of July 31, 2025 (+8.6% Y/Y, +0.9% vs. Q4 2025)
- Revenues up by 2.2% Y/Y, Ebitda +4.0% Y/Y, and Group Adjusted Net Profit +2.3% Y/Y compared to the pro-forma2 Q1 as of July 31, 2024, restated to include the results of GreenSun Srl, confirming the Group's regained ability to achieve organic Y/Y growth
- 2026-27 Industrial Plan Guidance Confirmed: Expected growth in the range of +5% to +7.5% in Revenues and +5% to +10% in Ebitda for FY ending April 30, 2026, and a return to growth in the ICT VAS sector in the second quarter of the fiscal year.
The Board of Directors of Sesa S.p.A., leading player in the Digital Technology, Consulting, and Vertical Application sectors for businesses and organizations, today examined and approved the consolidated interim management report as of July 31, 2025, relating to the first quarter of the fiscal year ending April 30, 2026, prepared in accordance with EU-IFRS accounting standards.
The Group has returned to growth in the first quarter of FY 2026, confirming the guidance set out in the 2026-2027 Industrial Plan.
In the first three months of the fiscal year Sesa, on a consolidated basis, achieved Revenues and Other Income equal to 845.7 million (+8.0% Y/Y), Operating Profitability (Ebitda) equal to Eu 60.7 million, up by 7.2% Y/Y, Adjusted Net Profit equal to Eu 29.8 million (+6.4% Y/Y), and Group Adjusted Net Profit equal to Eu 27.9 million (+4.5% Y/Y).
Revenues increased by 2.2% Y/Y, Ebitda by 4.0% Y/Y, and Group Adjusted Net Profit by 2.3%, compared to the pro-forma2restated Quarter ended July 31, 2024, including the results of GreenSun Srl (Revenues equal to Eu 45.1 million, Ebitda equal to Eu 2.2 million, Adjusted EAT equal to Eu 0.9 million), acquired in November 2025 and included in the consolidation perimeter starting from Q3 2025, confirming the Group's return to organic growth capability.1EAT Adjusted before amortization of intangible assets (customer lists and know-how) recognized following PPA for M&A, amounted to Eu 8.7 million versus Eu 7.7 million as of July 31, 2024, reported net of the related tax effect
2Pro-forma figures as of July 31, 2024 (Q1 2025) restated to include the quarterly results of GreenSun Srl (revenues equal to Eu 45.1 million, Ebitda equal to Eu 2.2 million, Adjusted EAT equal to 0.9 million), acquired in November 2025 and effectively included in the consolidation perimeter starting from Q3 2025, as well as the normalization of certain non-recurring income related to the SSI sector, impacting Q1 2025 revenues and Ebitda by Eu
0.4 million
Consolidated Revenues and Other Income show the following trends across the Group's sectors (Q1 2026 results
compared to pro-forma Q1 2025):
ICT VAS with Revenues and Other Income equal to Eu 496.8 million (-2.7% Y/Y), reflecting an entirely organic revenue trend and a progressive recovery compared to the 8.2% decline in Q4 2025, with expectations of returning to growth starting from Q2 2026 following the positive double-digit growth in the backlog during July and August 2025
Digital Green VAS with Revenues and Other Income equal to Eu 111.4 million (+24.7% Y/Y compared to pro-forma Q1 20252figures), driven by the continuation of the double-digit organic growth trend from Q4 2025 and the positive business market performance, further boosted by increasing energy demand linked to digitalization and AI penetration;
SSI with Revenues and Other Income equal to Eu 219.9 million (+2.8 % Y/Y compared to pro-forma Q1 20252figures), despite the slowdown in demand in certain Made in Italy districts and the re-engineering activities affecting some Business Units;
Business Services with Revenues and Other Income equal to Eu 36.9 million (+3.0 % Y/Y), which continues its entirely organic growth, supported by the development of applications dedicated to the Financial Services industry, with a progressive focus of revenues on the high-value areas of Digital Platforms and Vertical Applications, and an expectation of acceleration in the following quarters thanks to the acquisition of several contracts with key clients.
Consolidated Ebitda increased by 7.2% Y/Y reaching a total of Eu 60.7 million compared to Eu 56.6 million as of July 31, 2024, with an Ebitda margin equal to 7.2%, stable Y/Y thanks to growth trends in the Green VAS and Business Services sectors, alongside a substantially stable performance Y/Y in the ICT VAS and SSI sectors.Below the Group's Sectors contribution to the Ebitda as of July 31, 2025 (Q1 2026 results compared to proforma Q1 2025):
ICT VAS with an Ebitda equal to Eu 22.2 million (-0.9% Y/Y) and an Ebitda margin equal to 4.5% as of July 31, 2025 vs 4.4% as of July 31, 2024;
Digital Green VAS with an Ebitda equal to Eu 6.2 million (+17.9% Y/Y compared to pro-forma Q1 20252figures) and an Ebitda margin equal to 5.6% as of July 31, 2025;
SSI with an EBITDA of Eu 23.5 million (-2.7% Y/Y compared to pro-forma Q1 20252figures) and an EBITDA margin of 10.7% as of July 31, 2025 vs. 11.5% as of July 31, 2024 and 10.8% in FY 2025, reflecting the re-engineering activities of certain Business Units within the sector, with the expectation of EBITDA margin stabilization during FY 2026 at the same levels as FY 2025.
Business Services with an EBITDA of Eu 7.3 million (+25.0% Y/Y) and an EBITDA margin of 19.9% as of July 31, 2025, further increasing vs. 16.4% as of July 31, 2024, driven by the progressive focus of revenues on the value-added areas of Digital Platforms and proprietary Vertical Applications developed over the past two fiscal years.
As outlined in the 2026-27 Industrial Plan, Net Financial Expenses showed a significant decrease of 11.6% compared to Q1 2025 and 36.4% compared to Q4 2025, thanks to the reduction in interest rates and the Group's financial management efficiency measures.
Adjusted Consolidated Net Profit amounted to Eu 29.8 million as of July 31, 2025 (+6.4% Y/Y), reflecting the growth in operating profitability and the reduction in financial expenses.The Group's Adjusted Consolidated Net Profit as of July 31, 2025, amounted to Eu 27.9 million, up by 4.5% Y/Y compared to Eu 26.6 million as of July 31, 2024 (+2.3% Y/Y compared to the pro-forma2restated
Quarter ended July 31, 2024).
Reported Net to Eu 23.5 million, up by 4.1% compared to Eu 22.6 million as of July 31, 2024.
Reported Consolidated Net Financial Position as of July 31, 2025, is negative (net debt) for Eu 64.9 million compared to Eu 25.0 million as of July 31, 2024 (vs Eu 38.5 million as of July 31, 2024 pro-forma2), improving from Eu 74.7 million as of April 30, 2025, following LTM investments of approximately Eu 125 million (Eu 11.5 million in Q1 2026 alone) and LTM buy back and dividend distributions totaling about Eu 30 million.Net Financial Position as of July 31, 2025, excluding IFRS liabilities, is positive (net cash) at Eu 148.8 million compared to Eu 184.1 million as of July 31, 2024, and Eu 158.4 million as of April 30, 2025. The Reported NFP at July 31, 2025, includes IFRS liabilities for deferred payments to minority shareholders related to acquisitions and lease liabilities under IFRS 16 amounting to Eu 213.7 million vs Eu 209.1 million (and Eu 233.2 million pro-forma2as of July 31, 2024).
In the period under review, the consolidated Shareholders' Equity is further strengthened, achieving Eu
521.5 million as of July 31, 2025, vs Eu 500.8 million as of April 30, 2025.Considering the results for the quarter under review and the order intake trend, the Group confirms the guidance set forth in the 2026-27 Industrial Plan, with expected growth in the range of +5%/+7.5% for Revenues and +5%/+10% for Ebitda for the FY ending April 30, 2026, thanks, among other factors, to the expected organic growth trend in the Digital Green VAS and Business Services sectors, as well as to the return to growth of the ICT VAS sector starting from the second quarter of 2026, with the Group's progressive focus on the main areas characterizing the digital transformation of the business segment, such as Cyber Security, Cloud, AI and Digital Platforms. The Group's net income performance will also benefit from the ongoing reduction in Net Financial Expenses, which is expected to progressively accelerate throughout the fiscal year
The Chairman Paolo Castellacci and the Chief Executive Officer Alessandro Fabbroni stated about the 3-month results as of July 31, 2025 as follows:
"We continue our strategy of developing expertise and vertical applications, reaffirming our position as a key player in the sector, guiding the digital transformation of businesses, institutions, and large organizations with a management model focused on sustainable development", stated Paolo Castellacci, Chairman and founder of Sesa.
"We close a quarter marked by a return to organic growth in revenues and profitability, amid an ongoing complex market scenario, with significant progress across the Group's key areas driving digital transformation such as Cyber Security, Cloud, AI, Vertical and Digital Platforms, enabling value creation for partners and clients. We continue to execute the 2026-27 industrial plan with discipline, focusing on organic growth, operational efficiency, and the adoption of digital enablers, inspired by a corporate vision oriented to sustainable development, digital innovation, and the focus on people", stated Alessandro Fabbroni, CEO of Sesa.
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Here attached you can find the following exhibits (in thousand Euros):
Exhibit n. 1 - Reclassified Consolidated Income Statement as of July 31, 2025 Exhibit n. 2 - Reclassified Consolidated Balance Sheet as of July 31, 2025 Exhibit n. 3 - Consolidated Income Statement as of July 31, 2025
Exhibit n. 4 - Consolidated Statement of Financial Position as of July 31, 2025 Exhibit n. 5 - Segment Information as of July 31, 2025
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This press release is also available on the company's website https://www.sesa.it, as well as on the authorized storage mechanism eMarket Storage consultable at the website https://www.emarketstorage.com.
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Conference Call: Today, September 11, 2025 at 11.00 a.m. (CET), Sesa S.p.A. will hold a conference call with the financial community, in order to discuss the Group's economic and financial results. To participate in the call, please connect via the following link:https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=9031503&linkSecuritySt ring=153a55ec41
The financial presentation will be available for download prior to the call in the Investor Relations section of the
company's website: https://www.sesa.it/en/investor-relations/presentations.html
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Alessandro Fabbroni, in his capacity as Manager in charge of preparing the Corporate Accounting Documents, declares pursuant to paragraph 2 of the article 154 bis of the Consolidated Finance Act, that the accounting information contained in this press release matches the information included in the accounting books and records_
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Sesa S_p_A_, with Headquarters in Empoli (Florence), is the operating holding company of a Group with presence on the whole Italian territory and foreign countries as Germany, Switzerland, Austria, France, Spain and Romania that represents the leading player in Digital Technology, Consulting and Vertical Application for companies and organizations, with consolidated revenues of Eu 3,356_8 million (+4_6% Y/Y) and 6,532 employees as of April 30, 2025 (+14_8% Y/Y)_
Sesa Group has the mission of offering Digital Technology, Consulting and Vertical Applications to promote innovation and sustainable growth for Enterprise and Organizations by enabling value creation and digital evolution, through the following business Sectors:
SSI (Software and System Integration) with revenues of Eu 875_7 million and 4,243 Human Resources as of April 30, 2025_ BS (Business Services) with revenues of Eu 153_5 million and 962 Human Resources as of April 30, 2025_
ICT VAS (Value Added Solutions) with revenues of Eu 2,075_5 million and 711 Human Resources as of April 30, 2025_ Digital Green VAS with revenues of Eu 343_8 million and 95 Human Resources as of April 30, 2025_
Corporate with revenues of Eu 62 million and 521 Human Resources as of April 30, 2025_
Sesa Group pursues a sustainable development strategy for the benefit of its Stakeholders, with a track record in the period 2012- 2025 of continuous growth in revenues (CAGR revenues 2012-2025 +11_5%), profitability (CAGR Ebitda 2012-2025 +14_53%) and employment (CAGR Human Resources 2012-2025 +16_8%)_ The long-term value generation strategy is based on skills development, environmental sustainability and social responsibility, with continuous improvement of ESG performance_
As of April 30, 2025, the Group generated a net economic value of about Eu 450 million (+15% Y/Y), distributed for over 70% to the remuneration of Human Resources, with 6,532 employees (+14_8% Y/Y), with improved hiring programs, education and Welfare programs to support diversity, work-life balance and well-being of Human Resources_ Sesa introduced in its corporate bylaw the sustainable growth as Board of Directors priority and starting from FY 2022 Sesa has published the Integrated Annual Report, which represents both financial and ESG performance in a single complete and transparent document, in application of international reporting standards_ In terms of sustainability governance, the Group's main companies achieved the ISO 14001 certification and the UN Global Compact membership_ Sesa has confirmed the Ecovadis rating at Gold level, the sustainability rating issued by MSCI at BBB level and the ESG rating issued by CDP at B level_ Sesa is listed on the Euronext STAR Milan market (ISIN Code: IT0004729759) and is part of FTSE Italia Mid Cap index_ Sesa is also part of Euronext Tech Leaders, Euronext's initiative dedicated to high-growth Tech companies_
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For Media Information Elisabetta Natali: Corporate Communications +39 0571 900179 - stakeholder@sesa_it Community Società Benefit a r_l_ Giuliano Pasini, Federico Nascimben +39 02 89404231 - sesa@communitygroup_it | For Financial and ESG Information Sesa Team Stakeholder Relations Caterina Gori: IR and Corporate Finance M&A Jacopo Laschetti: Stakeholder and Sustainability +39 0571 900179 - stakeholder@sesa_it |
31/07/2025
31/07/2024
Reclassified Income Statement | (3 months) Reported | % | (3 months) Reported | % | Reported (3 months) | % Pro-forma | ||
Revenues | 829,135 | 767,984 | 8.0% | 812,610 | 2.0% | |||
Othe Income | 16,594 | 14,999 | 10.6% | 15,032 | 10.4% | |||
Revenues and Other Income | 845,729 | 100.0% | 782,983 | 100.0% | 8.0% | 827,642 | 100.0% | 2.2% |
Costs for purchasing products | (613,916) | 72.6% | (566,480) | 72.3% | 8.4% | (606,708) | 73.3% | 1.2% |
Costs for services and use of third-party assets | (71,588) | 8.5% | (70,822) | 9.0% | 1.1% | (72,694) | 8.8% | -1.5% |
Personnel costs | (97,833) | 11.6% | (86,375) | 11.0% | 13.3% | (87,185) | 10.5% | 12.2% |
Other operting expenses | (1,717) | 0.2% | (2,697) | 0.3% | -36.3% | (2,697) | 0.3% | -36.3% |
Total COGS and Operating Costs | (785,054) | 92.8% | (726,374) | 92.8% | 8.1% | (769,284) | 92.9% | 2.1% |
Ebitda | 60,675 | 7.2% | 56,609 | 7.2% | 7.2% | 58,359 | 7.05% | 4.0% |
Depreciation/Amortisation of tangible and intangible | (12,745) | (11,131) | 14.5% | (11,148) | 14.3% | |||
Provisions | (670) | (115) | 482.6% | (115) | 482.6% | |||
Ebit Adjusted (1) | 47,260 | 5.6% | 45,363 | 5.9% | 4.2% | 47,096 | 5.7% | 0.3% |
PPA Amortisation and other non monetary costs | (8,700) | (7,583) | 14.7% | (7,714) | 12.8% | |||
Stock grant and other non-monetary costs | - | - | - | |||||
Ebit | 38,560 | 4.6% | 37,780 | 4.8% | 2.1% | 39,382 | 4.8% | -2.1% |
Net Financial Charges | (6,781) | (7,778) | -12.8% | (7,675) | -11.6% | |||
FX gains / (losses) | (509) | 130 | -491.5% | 130 | -491.5% | |||
Income / (loss) on equity method investments | 101 | 131 | -22.9% | 131 | -22.9% | |||
Ebt | 31,371 | 3.7% | 30,263 | 3.9% | 3.7% | 31,969 | 3.9% | -1.9% |
Income taxes | (7,888) | (7,695) | 2.5% | (8,146) | -3.2% | |||
Net Result | 23,483 | 2.8% | 22,568 | 2.9% | 4.05% | 23,823 | 2.9% | -1.4% |
Net result attributable to the Group | 21,583 | 21,245 | 1.6% | 21,732 | -0.7% | |||
Net result attributable to non-controlling interests | 1,900 | 1,323 | 43.6% | 2,091 | -9.1% | |||
EAT Adjusted (1) | 29,750 | 3.5% | 27,966 | 3.6% | 6.4% | 29,314 | 3.5% | 1.5% |
Group EAT Adjusted (1) | 27,850 | 3.3% | 26,643 | 3.4% | 4.5% | 27,222 | 3.3% | 2.3% |
Var. 25/24
31/07/2024
Var. 25/24
Pro-forma
(1) Adjusted Operating Profit before the amortization of customer lists and know-how recognized following the Purchase Price Allocation (PPA) process and before Stock Grant costs. Adjusted Net Profit attributable to the Group before (i) the amortization of customer lists and know-how recognized following the PPA process and (ii) Stock Grant costs, net of the related tax effect and non-recurring taxes.