Sol S.p.a. MIL:SOL
SOL S p A : First Half 2025 results
Source: MarketScreener
PRESS RELEASE
The Board of Directors has approved the Half-Year Financial Report as of June 30, 2025 Consolidated Sales € 874.1 ml (+12.1% vs 1H 2024, € 779.6 ml) EBITDA € 220.8 ml (€ 201.3 ml at 1H 2024) EBIT € 134.9 (€ 122.2 ml at 1H 2024) Net Profit € 83.5 ml (74.9 ml at 1H 2024) Since the beginning of the year, 5 acquisitions have been completed across different business areas.These are, in summary, the main results for the first half of 2025 approved today by the Board of Directors of SOL S.p.A., a company listed on the Italian Stock Exchange and the operating holding of a multinational Group with over 7,400 employees, active in the technical and medical gases sector and in home care services.
In a context where the global economy continued to face moderate growth, slowdown in international trade, and uncertain geopolitical dynamics, the SOL Group achieved solid sales performance, reaching €874.1 million, up 12.1% compared to the first half of 2024 (+11.0% on the same basis and net of currency effects).
The half-year result was positive both in Italy, where sales grew by 9.7%, and abroad, where they increased by 13.7%.
Specifically, the Technical Gases Division achieved sales of € 425.3 million, 9.5% increase compared to the first half of 2024, this increase was primarily due to price increases linked to rising production and transportation costs and of inflation, compared to the first half of 2024.
The Home Medical Care Division, in which the Group operates through Vivisol, saw significant organic growth thanks to the increase in new patient treatments. This division's sales totaled € 448.8 million, 14.7% increase compared to the same period of 2024.
Compared to the first half of 2024, the Gross Operating Margin grew by 9.7% in absolute value, representing 25.3% of sales (25.8% at June 30, 2024), while the Operating Result increased by 10.4% and is now equal to 15.4% of sales (15.7% at June 30, 2024).
Consolidated Net Profit was €83.5 million, equal to 9.6% of turnover, an increase of 11.5% compared to €74.9 million at June 30, 2024. Consolidated Operating Cash Flow has grown to € 169.8 million, equal to 19.4% of revenue, compared to €154.0 million at June 30, 2024.
From a financial perspective, the net financial debt at June 30, 2025, amounting to €
516.8 million, of which € 92.6 million for rent (IFRS 16), increased by € 77.5 million compared to December 31, 2024, due to investments and acquisitions for € 128.4 million during the six-month period. The "Net Debt/Equity" ratio is 0.467 (0.416 at June 30, 2024), while the "Net Debt/Ebitda" ratio is equal to 1.22 (1.08 at June 30, 2024), calculated on a rolling year.
In the first half of 2025, the subsidiary Airsol Srl acquired 100% of the shares of the German company Freyco Kohlensäure Service GmbH (Industrial Gases). With reference to the period following June 30, 2025, four further acquisitions were completed: the Swiss subsidiary Sitex S.A. acquired 100% of the share capital of the Swiss company CSAIR Sàrl (Home Medical Assistance), the subsidiary Behringer S.r.l. acquired a 70% stake in the Italian company BERMAN S.r.l. (Medical Equipment), Airsol S.r.l., wholly owned by SOL S.p.A., acquired an 80% stake in the Italian company Aenduo S.r.l. (Digital Technologies)and also acquired a 20% stake in Biomethan Green 1 - Società Agricola S.r.l. (Renewable Energy), holder of the permits for the construction and operation of a bio-LNG (liquid biomethane) production plant from biomass and agricultural by-products in Mirandola (Modena, Italy).
"The results achieved in the first half of 2025," stated Marco Annoni, Vice President of SOL S.p.A., "are improving in comparison with the second half of last year and confirm that the SOL Group continues on its growth path, maintaining high profitability in an uncertain economic environment and seizing interesting growth opportunities through acquisitions and partnerships."
"Consistent with the evolution of the international economic and geopolitical situation, energy cost trends, and the resilience of the European economy and industrial production," concluded Aldo Fumagalli Romario, President of SOL S.p.A., "the SOL Group will continue its growth path in the second half of 2025 through new investments in production and distribution, considering possible further acquisition opportunities, and developing innovative and diversification projects. We confirm our goal of consolidating the strong sales performance of the first half of the year and maintaining healthy profitability."
Pursuant to paragraph 2 of Article 154-bis of the Unified Finance Act of February 24,1998, the manager responsible for preparing the financial reports Marco Michele Leccese declares that the accounting information contained in this press release corresponds to the results documented in the books, accounting and other records.
Monza, September 11th, 2025
SOL Group - Consolidated income statement30/06/2025 % 30/06/2024 %
Net sales | 874.083 | 100,0% | 779.564 | 100,0% |
Other revenues and proceeds | 16.157 | 1,8% | 14.166 | 1,8% |
Revenues | 890.240 | 101,8% | 793.730 | 101,8% |
Purchase of materials | 223.516 | 25,6% | 196.542 | 25,2% |
Services rendered | 234.909 | 26,9% | 217.970 | 28,0% |
Change in inventories | 385 | 0,0% | (6.760) | -0,9% |
Other expenses | 21.222 | 2,4% | 17.787 | 2,3% |
Total costs | 480.033 | 54,9% | 425.539 | 54,6% |
Added value | 410.207 | 46,9% | 368.191 | 47,2% |
Payroll and related costs | 189.442 | 21,7% | 166.890 | 21,4% |
EBITDA | 220.765 | 25,3% | 201.300 | 25,8% |
Depreciation & amortization | 81.842 | 9,4% | 75.538 | 9,7% |
Other provisions | 4.073 | 0,5% | 3.604 | 0,5% |
EBIT | 134.850 | 15,4% | 122.158 | 15,7% |
Financial income | 2.902 | 0,3% | 3.278 | 0,4% |
Financial expense | (15.235) | -1,7% | (13.438) | -1,7% |
Result of investments | (166) | 0,0% | (215) | 0,0% |
Net financial Income / (Charges) | (12.499) | -1,4% | (10.375) | -1,3% |
PBT | 122.351 | 14,0% | 111.783 | 14,3% |
Tax on profit | 34.393 | 3,9% | 33.306 | 4,3% |
Net profit from ongoing operations | 87.958 | 10,1% | 78.477 | 10,1% |
Net profit from discontinuous operations | 0 | 0,0% | 0 | 0,0% |
Minorities | (4.435) | -0,5% | (3.553) | -0,5% |
Net profit | 83.523 | 9,6% | 74.924 | 9,6% |
EPS | 0,921 | 0,0% | 0,826 | 0,0% |
30/06/2025 | 31/12/2024 | |
Tangible assets | 898.194 | 846.751 |
Goodwill | 264.221 | 264.395 |
Other intangible assets | 52.848 | 50.187 |
Equity investments | 26.712 | 27.233 |
Other financial assets | 11.552 | 13.999 |
Tax advances | 21.570 | 18.145 |
NON CURRENT ASSETS | 1.275.096 | 1.220.710 |
Non current assets held for sale | 0 | 0 |
Inventories | 110.754 | 112.001 |
Trade receivables | 537.806 | 491.437 |
Other current assets | 77.052 | 61.792 |
Current financial assets | 20.341 | 21.411 |
Cash and cash equivalents | 245.332 | 231.590 |
CURRENT ASSETS | 991.286 | 918.231 |
TOTAL ASSETS | 2.266.382 | 2.138.942 |
Share capital | 47.164 | 47.164 |
Share premium reserve | 63.335 | 63.335 |
Legal reserve | 10.459 | 10.459 |
Reserve for treasury shares in portfolio | 0 | 0 |
Other reserves | 853.610 | 757.589 |
Retained earnings | 1.317 | 1.319 |
Net profit | 83.524 | 147.698 |
Shareholders' equity - Group | 1.059.409 | 1.027.563 |
Minorities | 43.014 | 44.028 |
Net income attributable to minority shareholders | 4.435 | 7.259 |
Shareholders' equity - minority interests | 47.449 | 51.287 |
SHAREHOLDERS' EQUITY | 1.106.858 | 1.078.851 |
Employee benefits | 20.283 | 19.939 |
Provision for deferred tax liabilitieses | 17.570 | 14.380 |
Provision for risks and charges | 11.316 | 10.860 |
Payables and other financial liabilities | 678.119 | 594.350 |
NON CURRENT LIABILITIES | 727.288 | 639.530 |
Non current liabilities held for sale | 0 | 0 |
Due to banks | 6.289 | 4.199 |
Trade accounts | 189.578 | 193.541 |
Current financial liabilities | 99.030 | 97.301 |
Taxes payables | 38.741 | 33.961 |
Other current liabilities | 98.597 | 91.561 |
CURRENT LIABILITIES | 432.236 | 420.561 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2.266.382 | 2.138.942 |