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Original-Research: Somec S.p.A. - from GBC AG

03.12.2025 / 11:00 CET/CEST
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Classification of GBC AG to Somec S.p.A.

Company Name: Somec S.p.A.
ISIN: IT0005329815

Reason for the research: Research study (Note)
Recommendation: BUY
Target price: 23.35 EUR
Last rating change:
Analyst: Marcel Goldmann, Cosmin Filker

9M 2025: Robust Group sales performance boosted by high-growth Mestieri
division; positive outlook reaffirmed

BUSINESS DEVELOPMENT 9M 2025

On 17 November 2025, the Somec Group published key figures on its nine-month
sales figures for the current financial year 2025. According to these
figures, the Somec Group achieved a slight year-on-year increase in
consolidated sales of 0.4% to EUR 271.1 million at the end of the third
quarter (9M 2024: EUR 270.0 million), whereby growth would have been as high
as 1.3% on a constant currency basis. The Somec Group's nine-month growth
was driven in particular by dynamic business development in the 'Mestieri'
division (9M segment growth: >15.0%).

The majority of Group sales (approximately 59.2%) were attributable to the
core segment 'Horizons', which generated segment sales of EUR 160.4 million in
the third quarter, down moderately on the same period of the previous year
(9M 2024: EUR 171.0 million). The main reason for this downward trend was the
differing progress made in maritime and civil projects. It should be noted
that some of these project activities were shifted to the current fourth
quarter, which is also in line with expectations for this period. According
to company information, refitting activities (refitting projects) in the
maritime division continue to make a significant contribution to segment
performance and at the same time account for a structurally growing share of
the order backlog, which supports medium-term visibility with regard to
future business development.

By contrast, the Talenta business unit developed in the opposite direction
with a moderate increase in segment sales of 4.2% to EUR 42.5 million in the
third quarter (9M 2024: EUR 40.8 million). This positive business development
resulted from increased synergies between the division's various business
areas, which enabled a strong and diversified performance in all segment
activities.

The 'Mestieri' division developed even more dynamically with a significant
increase in segment revenue of 17.1% to EUR 68.2 million in the third quarter
(9M 2024: EUR 58.3 million). Segment growth was fuelled primarily by the
expansion of the ship interiors business and increased business with
high-end projects in the hospitality, retail and residential sectors. The
strong growth of the Mestieri business unit over the first nine months has
thus made a significant contribution to offsetting the temporary weakness of
the 'Horizons' core segment, according to the company.

When announcing the key figures for the nine-month sales figures, Somec's
management emphasised the robustness of the Group business model and the
consistent corporate strategy based on the results and sales revenue
achieved. The increasing integration of the business divisions and the
improved project quality in the order backlog should also further strengthen
the business model.

Furthermore, the management expects the momentum in the maritime sector to
remain high and to continue in the coming years. Demand is also expected to
remain high in the vertical target markets in which the Somec Group
operates.

Despite the fact that no key earnings figures or current order backlogs were
reported with the nine-month business figures, Somec's management has
announced that visibility regarding future business development remains
high. With regard to the current financial year 2025, Somec's management
continues to strive for an improvement in the key financial indicators.

Against the backdrop of the nine-month business performance, which fell
short of our expectations due to project delays (only some of which were
postponed to Q4), we have moderately adjusted our previous revenue estimates
downwards. For the current financial year, we now expect consolidated
revenue of EUR 387.76 million (previously: EUR 398.55 million). For the
following years 2026 and 2027, we expect sales revenues of EUR 401.23 million
(previously: EUR 419.02 million) and EUR 419.83 million (previously: EUR 441.12
million) respectively, based on the lower sales-related starting point and
conservative considerations.

On the other hand, we are maintaining our previous earnings estimates due to
the expected continuation of positive cost management (high cost discipline,
efficiency gains, etc.), continuous improvements in the sales mix (higher
proportion of high-margin refitting business, etc.) and projected economies
of scale.

In view of our unchanged earnings forecasts, we are also confirming our
previous target price of EUR 23.35 per share. Based on the current share
price, we are maintaining our 'BUY' rating and see significant upside
potential for Somec shares.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=fcd81c2c873c45ddd1600f7b6dd896e8

Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de

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Date (time) of completion: 03/12/2025 (9:33)
Date (time) of first distribution: 03/12/2025 (11:00)

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