we receive e we publish the following press release.
In the first three months of 2026 Neodecortech achieved:
- Net revenues of 47,1 million Euros, up 8,0% compared to March 31, 2025 (+3,5 million Euro). Pro formando Lamitex Srl(“Lamitex”) Q1 2026 revenues are in line with those of March 31, 2025 (47,1 million Euro);
- EBITDA significantly increased to 9,1 million Euros (+126,1%) compared to March 31, 2025 (€4,0 million). Pro forma Lamitex shows an increase of +93,1% (€4,7 million). EBITDA margins growing at 19,3%, compared to 9,2% in the same period of the previous financial year and 10,0% pro forma Lamitex. The figure as of March 31, 2025 benefits from the adjustment on previous periods of Bio Energia Guarcino Srl(“BEG”) for 5,6 million Euro. Net of this adjustment, the adjusted EBITDA margin is equal to 10,8%;
- EBIT of 7,0 million Euro, a significant improvement (+361,0%) compared to March 31, 2025 (1,5 million euros). Pro forma Lamitex shows an increase of +246,7% (2,0 million euros). EBIT margin equal to 14,9 % (3,5% as of March 31, 2025, 4,3% as of March 31, 2025 which includes Lamitex). Net of the BEG adjustment, theAdjusted EBIT margin is equal to 5,8%;
- Consolidated net profit of 5,6 million Euros (+627,7%) compared to 31 March 2025 (0,8 million Euro) with profitability equal to 11,8%. Pro formando Lamitex (1,1 million Euro);
- Net Financial Debt equal to 29,0 million Euro, down 6,3% compared to 31 December 2025 (30,9 million Euro) thanks to a robust cash generation and the -13,3% compared to 31 March 2025 (33,4 million euros).
- Net financial debt adjusted of the acquisition of Lamitex equal to 18,8 million Euro, down (-43,8%) compared to 31 March 2025 (33,4 million euros).
Luigi Cologni, CEO of Neodecortech He declares: The results for the first quarter of 2026 confirm the resilience of the Group's integrated industrial model and the validity of the strategy aimed at developing higher-margin products. The integration of Lamitex is progressing as expected and will further strengthen Neodecortech's competitive positioning in its core markets. In an extremely volatile and constantly evolving market environment, geographic diversification and presence in different market segments strengthen the Group's ability to seize new opportunities and respond more effectively to future challenges. These figures are not yet impacted by the effects on raw material and energy prices resulting from the recent conflict in the Middle East, for which, however, appropriate actions have already been taken on our sales prices.
Filago, May 13, 2026
Neodecortech SpA (“Neodecortech"Or the"Society" or "NDT”), among the main European operators in the production of decorative surfaces for veneered panels and floors used in the sectorinterior design, listed on the Euronext STAR Milan segment organized and managed by Borsa Italiana SpA, announces that the Board of Directors, which met today, approved the Consolidated Interim Management Report as of March 31, 2026, which will be published within the deadlines established by the relevant legislation, together with the results of the limited audit currently underway.
KEY ECONOMIC, FINANCIAL AND BALANCE SHEET DATA ON A CONSOLIDATED BASIS AS OF MARCH 31, 2026
I Revenue from Sales and Services As of March 31, 2026, revenues amounted to €47,1 million, an increase of €3,5 million (+8,0%) compared to March 31, 2025 (€43,6 million). This increase is attributable to the share of revenues from Lamitex, acquired at the end of November 2025 (€3,5 million), the €2,2 million increase in revenues from the printed decorative paper divisions of NDT, and the €1,3 million reduction in decorative paper. The Energy division recorded a decrease in revenues of approximately €1,2 million compared to the first quarter of 2025 due to the plant shutdown related to the regulatory discontinuity. This effect, however, is mitigated by the settlement of the adjustment for previous years, which had an impact of €5,6 million. The energy division returned to full operation on February 20, 2026, following the enactment of the so-called "Bill Decree."
Geographically, the markets experiencing revenue growth were Italy (+6,6% y/y), the rest of Europe (+10,7% y/y), Asia/Middle East (+162,8% y/y), and Africa (+846,9% y/y). However, the Americas contracted (-15,9% y/y).
Il cost of goods sold and other operating costs net income amounted to 31,1 million Euro, down compared to the same period of the previous year (40,5 million Euro). In particular, the significant decrease in consumption of raw and auxiliary materials compared to March 31, 2025, the impact of net turnover on sales went from 77,4% to 48,1% following the adjustment received from BEG, the effects of the acquisition of Lamitex as well as the change in finished product inventories. The impact of the adjusted consumption of raw materials and ancillary materialsQ1 2026 amounts to 60,3% compared to 65,4% in the previous adjusted period.
- other operating expenses, on the increase of 1,6 million euros, including, in addition to the costs of energy, gas and other utilities, the costs associated with extraordinary maintenance carried out by Bio Energia Guarcino which, during the 2-month shutdown, carried out and brought forward the maintenance scheduled for 2026.
Il staff Price, equal to €6,1 million, increased in absolute value compared to the first quarter of 2025 (€5,8 million) but has a decreasing percentage impact, equal to 13,0% compared to 13,3% in the first quarter of 2025. The change is attributable to the combined effects of: i) Lamitex personnel costs (€0,6 million), which were not present in the first quarter of 2025; ii) increased use of CIGO (14.483 hours) of the subsidiary Cartiere di Guarcino (CDG). The workforce as of March 31, 2026, was 447 compared to 404 as of March 31, 2025.
EBITDA as of March 31, 2026, was 19,3% (€9,1 million) of net revenue, up from €4,0 million (9,2% EBITDA) as of March 31, 2025. This increase is attributable to the adjustment received from BEG during the first quarter of 2026 and the contribution from Lamitex, and was partially offset by higher utility costs incurred by CDG during BEG's shutdown and costs incurred for BEG's anticipated extraordinary maintenance.
Net of the adjustment received from BEG and the impact on EBITDA resulting from the acquisition of Lamitex, adjusted EBITDA margin would stand at 9,3% of turnover, substantially in line with the same period in 2025 (9,2%).
Including the effects of the acquisition of Lamitex, adjusted EBITDA margin would be equal to 10,8%, confirming the effectiveness of the Group's strategy oriented towards products with higher margins.
- depreciation, equal to 2,0 million Euro, are lower than in 2025 (2,5 million Euro), following the completion of the depreciation of the Bio Energia Guarcino plant.
Due to the effects described above, EBIT increased by +5,5 million euros compared to March 31, 2025, with an increasing incidence: 14,9% versus 3,5% at March 31, 2025.
Net of the adjustment received from BEG and the impact on EBIT resulting from the acquisition of Lamitex, adjusted EBIT margin would amount to 3,9% of turnover, a slight increase compared to the same period of the previous financial year (3,5%). Including the effects of the acquisition of Lamitex, the EBIT margin adjustmentand would be equal to 5,8%, once again confirming the effectiveness of the Group's strategy oriented towards products with higher margins.
Il pre-tax profit In the first quarter of 2026, the company reported an increase of 5,8 million euros compared to a pre-tax profit of 0,9 million euros in the same period of the previous year, due to the effects described above.
Finally, strong growth is recorded by the net operating result which amounts to 5,6 million Euro (11,8% of revenues) compared to 0,8 million Euro at 31 March 2025.
The adjusted net profit, Excluding the above-described event attributable to BEG, it is equal to 2,6% of turnover and is up compared to the previous year (1,8%). Including the effects of the Lamitex acquisition, adjusted net profit would be equal to 4,2%.
Consolidated net working capital (NCC) As of March 31, 2026, it amounted to €41,1 million, while as of December 31, 2025, it amounted to €38,3 million. The main factors contributing to the €2,8 million change are i) a €3,0 million reduction in inventories due to sales made in the quarter and postponed from 2025; ii) an increase of €11,3 million in trade receivables and other receivables for the adjustment that BEG is due and has not yet collected as of March 31, 2026; iii) an increase in trade payables related to business performance; and iv) an increase in tax consolidation payables.
The variation of the tangible and intangible assets It is related to new investments made, net of depreciation. Investments in tangible assets mainly relate to: (i) new machinery and the efficiency enhancement of existing machinery at the parent company Neodecortech; (ii) targeted interventions to increase the efficiency of paper machines and optimize the plants at Cartiere di Guarcino. As of March 31, 2026, investments in tangible and intangible assets totaled €2,1 million. In the same period of 2025, investments totaled €1,3 million.
Il consolidated equity at 31 March 2026 (equal to 92,1 million Euro) is impacted by the allocation of the profit for the period.
Net financial debt Consolidated net financial position at March 31, 2026, amounted to €29,0 million (€30,9 million at December 31, 2025). The changes are primarily due to the net effect of the €2,1 million increase in liquidity, which offset a slight €2,5 million increase in current debt. The current portion of medium- and long-term loans remained stable. No new medium- and long-term loans were taken out during the quarter. Overall, financial debt decreased by €1,9 million.
Compared to March 31, 2025, financial debt decreased more significantly, -4.4 million euros, following the collections received from BEG relating to the PMGs and the related adjustments. Compared to March 2025, debt includes Lamitex's debt of 2,7 million euros, the portion of debt still to be paid to former Lamitex shareholders (4 million euros), and the amount disbursed at the acquisition date equal to 3,5 million euros. Therefore, the reduction compared to a adjusted net debt would be equal to 14,6 million Euros.
EVENTS AFTER THE END OF THE QUARTER
After the close of the first quarter of 2026, the effects of the Middle Eastern conflict became apparent, as better described in the next paragraph.
FORESEEABLE MANAGEMENT EVOLUTION
The international geopolitical context continues to be characterized by elements of instability with possible negative effects on trade, supplies and costs of raw materials, energy and transportation.
Strong tensions persist over the prices of strategic raw materials and logistics costs, with further risks linked to evolving tensions in the Middle East.
There is also increasing pressure on interest rates and currency volatility, with possible impacts on financial costs and hedging instruments.
In this complex international environment, the Neodecortech Group confirms the resilience of its business model thanks, among other things, to its capacity for innovation, structural investments, and the integration of industrial production and renewable energy, which also represent fundamental levers for medium- to long-term development.
In light of the factors described above, and in the absence of further significant deterioration in the geopolitical environment, the Group believes it can approach the remainder of the 2026 financial year with an operating framework generally in line with that at the start of the year. The strategy will continue to be focused on safeguarding margins, controlling operating costs, and prudently managing the financial structure.
The Group also continues to pursue its sustainability policy through the implementation of the projects envisaged in the 2024–2026 ESG Plan, particularly regarding emissions reduction and the circularity of the materials used.
