- Operating revenues total approximately € 80.2 million
- Consolidated EBITDA amounts to approximately € 6.6 million
- Consolidated EBIT amounts to approximately € 1.8 million
- Net consolidated loss amounts to approximately € 724 thousand
- Net financial debt of approximately € -64.4 million
Genoa, 29 September 2025 – EdiliziAcrobatica S.p.A. (“ACROBATICA” or the “Company”), the parent company of the Group of the same name, specialising in double safety rope access construction works, such as the maintenance and renovation of buildings and other architectural structures, listed on the Euronext Growth Milan segment (ticker EDAC) and on Euronext Growth Paris (ticker ALEAC), announces that its Board of Directors, which met today, reviewed and approved the consolidated half-yearly report at 30 June 2025, prepared in line with International Accounting Standard IAS 34, on the half-yearly financial reports of companies listed on unregulated markets, such as the Euronext Growth Milan.
Anna Marras, CEO of Acrobatica, commented:
“The first half of 2025 confirmed the solidity of our operating model, able to generate growth even in the absence of the tax incentives that were features of previous years. This can be seen from our consolidated operating revenues, which rose by 13%, reaching € 80.2 million, thanks to geographic expansion and the integration within our Group of Verticaline and Acrobatica Smart Living, demonstrating our ability to adapt and our strategic vision. With regard to the net consolidated loss of around € 724 thousand, this should be viewed in the context of a transitional half. The worsening of the Net Financial Position, at € -64.4 million, is mainly associated with the increase in net working capital and a slowdown in amounts coming in from certain trade receivables. To remedy this contingent situation, we have already launched a structured plan to collect them, accompanied by new sources of funding that guarantee operational continuity and solidity in terms of equity. Finally, we are particularly pleased with the performance of our foreign subsidiaries: Acrobatica Middle East in the United Arab Emirates saw excellent EBITDA growth (+202%), while the French subsidiary managed to reverse its previously negative trend, and the subsidiaries in Spain and Monaco showed signs of becoming stronger. In essence, these results confirm the validity of our international expansion model and encourage us to continue with determination in the second half of the year, noting that new operating areas have already been opened in Luxembourg and Paris.”
| RECLASSIFIED CONSOLIDATED INCOME STATEMENT | H1 2025 | H1 2024 |
| Revenues | 80,205 | 70,938 |
| Operating Costs | (73,635) | (63,915) |
| EBITDA | 6,570 | 7,023 |
| Amortisation | (4,042) | (3,775) |
| Provisions and Write-downs | (709) | (189) |
| EBIT | 1,819 | 3,059 |
| Financial income and charges | (2,505) | (1,627) |
| Pre-tax income | (686) | 1,432 |
| Income taxes | (38) | (1,067) |
| Net profit (loss) | (724) | 365 |
| Profit (loss) attributable to minority interests | (24) | 20 |
| Group profit (loss) | (700) | 345 |
| EBITDA % | 8.19% | 9.90% |
| EBIT % | 2.27% | 4.31% |
| Pre-tax income % | (0.86%) | 2.02% |
| Net profit (loss) % | (0.90%) | 0.51% |
Operating revenues in the first half of 2025 rose, going from € 70.9 million in the first half of 2024 to € 80.2 million, an increase of 13%. In particular, when compared to the same period the previous year, the following trends were seen: the parent company EdiliziaAcrobatica S.p.A. saw an increase of € 3.5 million (€ 65.1 million, against € 61.6 million), Acrobatica Energy saw a decrease of € 189 thousand (€ 271 thousand, against € 460 thousand), Enigma increased its revenues by € 2.8 million (€ 7.9 million against € 5.1 million), the French company saw notable growth with respect to the first half of 2024 (€ 3.4 million against € 2.4 million), the Spanish company saw moderate growth, going from around € 1.0 million to € 1.1 million, and the company in Monaco contributed revenues of € 637 thousand, compared to € 370 thousand in the same period in 2024. Additionally, with respect to the first half of 2024, additional revenues came from the new companies Verticaline S.r.l., for € 891 thousand and from Acrobatica Smart Living S.r.l. for € 900 thousand.
EBITDA came to € 6.57 million, compared to € 7.02 million in the same period of the previous year.
Ediliziacrobatica S.p.A. saw EBITDA of € 4.4 million, compared to € 6.6 million in the first half of 2024. The decline in EBITDA in the first half can mainly be traced to the increase in personnel expense, due to the adjustment of the national labour contract for the construction industry and the introduction of a new indemnity for personnel. In the second half, we expect to see an adjustment in the value of deliverables with respect to the new production costs and an improvement thanks to actions to recover productivity.
The French company recorded EBITDA of € 101 thousand, a notable recovery when compared to the same period the previous year, when it saw negative EBITDA of € 333 thousand. Hence, with respect to the previous year, the French company saw significant growth, a trend that can reasonably be expected to continue in the second half of 2025.
The Spanish company saw negative EBITDA of around € 169 thousand, a small improvement compared to the previous year, when the figure was € -181 thousand. The company in Monaco saw positive EBITDA of € 70 thousand, compared to the € 162 thousand recorded in the first six months of 2024.
Also worthy of note was the growth achieved by Acrobatica Middle East, a company operating out of the United Arab Emirates, which saw EBITDA of € 2.3 million, up sharply when compared to the € 752 thousand achieved in the first half of the previous year. The Group’s high expectations for Enigma appear to be bearing fruit, and it is believed that in the coming years it will continue to contribute to Group EBITDA in a similarly satisfactory manner.
Acrobatica Energy S.r.l. saw negative EBITDA of around € 352 thousand, down compared to the € 24 thousand recorded in the first half of 2024.
The Group’s new companies Verticaline S.r.l. and Acrobatica Smart Living S.r.l. contributed a total of € 215 thousand in EBITDA.
Amortisation, depreciation, and provisions came to € 4.8 million. This comprehensive amount brought EBIT to around € 1.8 million (around € 3.1 million in the first half of 2024).
Financial management resulted in a net financial expense of € 2.5 million (around € -1.6 million in the first half of 2024).
| RECLASSIFIED BALANCE SHEET | 06/30/2025 | 12/31/2024 |
| Inventories | 3,074 | 2,053 |
| Trade receivables | 59,872 | 48,309 |
| Trade payables | (21,500) | (23,693) |
| Operating NWC | 41,446 | 26,669 |
| Tax assets | 18,598 | 15,804 |
| Other current receivables | 5,193 | 6,568 |
| Tax liabilities | (4,764) | (11,738) |
| Other current payables | (12,985) | (14,563) |
| Net Working Capital | 47,488 | 22,740 |
| Tangible fixed assets (including rights of use) | 25,463 | 26,886 |
| Intangible fixed assets (including goodwill) | 12,491 | 13,383 |
| Financial fixed assets | 0 | 55 |
| Fixed assets | 37,954 | 40,324 |
| Other non-current assets | 11,449 | 14,000 |
| Other non-current liabilities (including employee benefits) | (8,316) | (7,563) |
| TOTAL Net Invested Capital | 88,575 | 69,501 |
| Equity | (24,179) | (25,915) |
| Cash and cash equivalents | 7,664 | 24,262 |
| Current financial receivables | 1,646 | 906 |
| Current financial liabilities (including leasing commitments) | (25,283) | (25,141) |
| Non-current financial liabilities (including leasing commitments) | (48,423) | (43,613) |
| Net Financial Position | (64,396) | (43,586) |
| TOTAL Equity and Net Financial Indebtedness | (88,575) | (69,501) |
| Short-term Net Financial Position | (15,973) | 27 |
The Net Financial Position (“NFP”) worsened by € 20.8 million, going from € 43.6 million to € 64.4 million. Recall that, with the adoption of international accounting standards, the NFP also includes the financial commitment arising from leases measured according to accounting standard IFRS 16 in the amount of € 22 million (€ 22.9 million as at 31 December 2024) and the option for the acquisition of 49% of Enigma Capital Investment LLC in the amount of € 5.8 million as at 30 June 2025.
During the first half of the year, the Net Financial Position suffered from difficulties associated with increased burdens for net working capital, attributable to an expansion in the collection time needed for certain trade receivables. The Parent Company has already taken action to resolve this issue with a structured plan to collect the same. While awaiting the full implementation of this plan, it was necessary to obtain new funding sources to ensure regular operating and management performance.
With respect to cash flow, in the first half of 2025, operating flows were negative at € 19.3 million, mainly due to the situation indicated in the comment on the Net Financial Position.
Finally, note that the net consolidated result at 30 June 2025 is a loss of around € 724 thousand, compared to the profit of € 365 thousand in the first six months of 2024.
MAIN EVENTS DURING THE PERIOD
During the first half of 2025, EdiliziAcrobatica S.p.A. continued its corporate growth strategy.
Geographic expansion, both in Italy and abroad, as well as increasing volumes, were the Group’s two main areas of focus.
In January, EdiliziAcrobatica S.p.A. acquired 80% of the share capital of Verticaline S.r.l., for € 1 million. This is an Italian company based in Jesolo (prov. Venice) which performs rope access construction work, including the maintenance and renovation of buildings and other architectural structures, mainly in the Veneto region.
Reinforcement and consolidation of the local French units continued from an organisational and managerial perspective, and the same applies to Spain, where the consolidation of the operational units continues unabated.
In the Middle East, where the Group has a presence through its investment in the Acrobatica Middle East Group, the Group continued to see business growth in Saudi Arabia and Kuwait, strengthening its coverage of façade services (technical maintenance, sealing, vertical cleaning) and further reinforcing its commercial pipeline in the GCC area.
EVENTS AFTER THE REPORTING PERIOD
With respect to events after the end of the first half of 2025, we note the opening of operating units in Luxembourg and Paris, helping to strengthen Acrobatica’s presence in Northern European markets.
BUSINESS OUTLOOK
In the first half of 2025, the macroeconomic situation remained moderately weak, but with less inflation compared to 2024. Globally, IMF estimates suggest growth of around 3.0% in 2025, with inflation down, despite risks associated with the US duties, political uncertainties, and various geopolitical tensions, which at this point are well-known.
Acrobatica remains a resilient company, able to generate value even in challenging situations. We continue to invest in efficiency, innovation, and human capital to strengthen our leadership in the sector and achieve our pre-established EBITDA goals, while keeping people and sustainability at the centre of our model. In the second half, we expect to see a recovery in margins thanks to the specific attention the Group is paying to manage costs and investments, with the aim of improving and optimising the profit for the year, which at present does not adequately represent the efforts and work put in.
In addition, the Group will continue to pursue its growth strategy, consolidating its locations in Italy and continuing its expansion abroad, having already identified some very interesting foreign target areas.
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***This press release is available on the Company’s website, at https://acrobaticagroup.com/investors/, in the Press Releases section, and on the authorised storage system www.1info.it.
***
FILING OF DOCUMENTATION
Documentation relative to the Half-Yearly Report at 30 June 2025, required by current regulations, will be made available to the public at the registered office (via Turati 29, 20121 Milan) and will also be published on the institutional website https://acrobaticagroup.com/investors/ in the section “Financial Reports and Presentations”.
Annexed to the press release are:
• Half-yearly consolidated income statement schedule at 30/06/2025
• Consolidated statement of equity and financial position at 30/06/2025
• Half-yearly consolidated statement of cash flow at 30/06/2025
| INCOME STATEMENT | H1 2025 | H1 2024 | |
| (amounts in thousands of Euros) | |||
| Revenue from sales and services | 79,887 | 70,181 | |
| Other income | 318 | 757 | |
| Cost for consumption | (7,735) | (7,051) | |
| Cost for services | (13,938) | (17,072) | |
| Personnel expense | (46,583) | (36,536) | |
| Other Operating Costs | (5,379) | (3,256) | |
| Gross Operating Margin | 6,570 | 7,023 | |
| Amortisation | (4,042) | (3,775) | |
| Provisions and Write-downs | (709) | (189) | |
| Net Operating Margin | 1,819 | 3,059 | |
| Financial Income | 30 | 64 | |
| Financial Charges | (1,921) | (1,691) | |
| Share of Results of Joint Ventures | 0 | 0 | |
| Forex income and expenses | (614) | 0 | |
| Net financial income (expense) | (2,505) | (1,627) | |
| Net profit (loss) before taxes | (686) | 1,432 | |
| Income taxes | (38) | (1,067) | |
| Net Profit (loss) for the year including non-controlling interests) | (724) | 365 | |
| of which: results of non-controlling interests | (24) | 20 | |
| of which: profit attributable to the owner of the Parent | (700) | 345 | |
| STATEMENT OF FINANCIAL POSITION | 06/30/2025 | 12/31/2024 | |
| (amounts in thousands of Euros) | |||
| Intangible assets | 1,040 | 1,229 | |
| Goodwill | 11,451 | 12,154 | |
| Rights of use assets | 21,241 | 22,221 | |
| Tangible fixed assets | 4,222 | 4,665 | |
| Financial fixed assets | 0 | 55 | |
| Other non-current assets | 11,449 | 14,000 | |
| Non-current assets | 49,403 | 54,324 | |
| Inventories | 3,074 | 2,053 | |
| Trade receivables | 59,872 | 48,309 | |
| Tax assets | 18,598 | 15,804 | |
| Other Current assets | 5,193 | 6,568 | |
| Cash and cash equivalents | 7,664 | 24,262 | |
| Current Financial Assets | 748 | 0 | |
| Other current financial assets measured at fair value | 898 | 906 | |
| Current assets | 96,047 | 97,902 | |
| TOTAL ASSETS | 145,450 | 152,226 | |
| Non-current financial liabilities | 31,261 | 25,537 | |
| Non-current lease liabilities | 17,162 | 18,076 | |
| Employee benefits | 7,625 | 6,857 | |
| Other non-current liabilities | 691 | 706 | |
| Non-current liabilities | 56,739 | 51,176 | |
| Current financial liabilities | 20,443 | 20,302 | |
| Current lease liabilities | 4,840 | 4,839 | |
| Trade payables | 14,438 | 13,034 | |
| Advances from customers | 7,062 | 10,659 | |
| Tax liabilities | 4,764 | 11,738 | |
| Other Current liabilities | 12,985 | 14,563 | |
| Current Liabilities | 64,532 | 75,135 | |
| Share capital | 842 | 842 | |
| Statutory reserves | 11,253 | 11,422 | |
| FTA Reserve | (4,500) | (4,500) | |
| OCI Reserve | (376) | 237 | |
| Retained earnings | 17,754 | 20,704 | |
| Net profit (loss) for the Period (Group) | (700) | (2,700) | |
| Equity attributable to the owners of the Parent | 24,273 | 26,005 | |
| Share Capital and Reserves | (70) | 11 | |
| Net profit (loss) for the Period (non-controlling interests) | (24) | (101) | |
| Equity of non-controlling interests | (94) | (90) | |
| Equity | 24,179 | 25,915 | |
| TOTAL LIABILITIES | 145,450 | 152,226 | |
| STATEMENT OF CASH FLOWS | H1 2025 | H1 2024 | |
| (amounts in thousands of Euros) | |||
| Profit for the year | (724) | 365 | |
| Amortisation | 4,042 | 3,778 | |
| Changes post-employment benefits | 676 | 925 | |
| Change in advances from customers | (3,602) | (1,183) | |
| Income taxes | 38 | 1,067 | |
| Other changes in non-monetary items | 81 | (563) | |
| Cash flows before changes in Net Working Capital | 511 | 4,389 | |
| Changes in inventories | (1,021) | (769) | |
| Changes in trade receivables | (11,292) | (8,463) | |
| Change in trade payables | 1,149 | (12,303) | |
| Changes in other credits/debts or other assets/liabilities | (8,608) | 32,245 | |
| Tax payment | (61) | 0 | |
| Cash flows from changes in Net Working Capital | (19,833) | 10,710 | |
| Cash flows from operating activities | (19,322) | 15,099 | |
| Acquisition of intangible assets | (57) | (437) | |
| Acquisition of property, plant, and equipment | (722) | (1,296) | |
| Acquisition of investments and other assets | 0 | (172) | |
| Price Paid for Business Combination | (200) | 0 | |
| Cash flows from investing activities | (979) | (1,905) | |
| New financing | 11,395 | 5,334 | |
| Decrease of financial assets | 0 | 1,872 | |
| Repayments of loans | (5,358) | (17,616) | |
| Repayments of lease liabilities | (2,618) | (2,195) | |
| Dividends paid | 0 | (1,318) | |
| Sale/(Purchase) of treasury shares | 0 | 0 | |
| Cash flows from financing activities | 3,419 | (13,923) | |
| NET CASH FLOW FOR THE YEAR | (16,882) | (729) | |
| Cash and cash equivalents at the beginning of the year | 24,262 | 11,831 | |
| Net cash flow for the year | (16,882) | (729) | |
| Cash and Cash Equivalents Acquired | 284 | 0 | |
| Cash and Cash Equivalents at End of the Period | 7,664 | 11,102 | |
EdiliziAcrobatica S.p.A. is the leading company specialising in exterior renovation work. Founded in Genoa in 1994 by Riccardo Iovino and currently led by Anna Marras, the Group’s CEO, the company now employs over 3000 staff and operates in more than 150 locations across Italy, France, Spain, Monaco, the Arab Emirates, Saudi Arabia, and Kuwait. The double safety rope technique enables the company to conduct construction activities while ensuring that clients receive efficient, safe, and sustainable services. Listed on the Euronext Growth Milan market since November 2018 and on the Euronext Growth Paris market since February 2019, ACROBATICA has integrated the principles of sustainability into its Business Model, guaranteeing a naturally sustainable service and a responsible approach that targets the well-being and satisfaction of its internal and external stakeholders. In 2022, it obtained an ESG rating that placed it among the lowest-risk companies in its reference cluster.
