The company reported revenues of EUR 23.5M, representing a year-on-year increase of 12.5%. EBITDA reached EUR 9.3M (+11.4% YoY). Results are consistent with the lower bound of full-year guidance, with management indicating expectation of results in the upper half of the guidance range.
Key topics covered in the report:
The completed acquisition of Gevorkyan Sinteris Italia (Bologna) added 94 new customers and established immediate supply relationships with Rheinmetall and Leonardo. The company is approaching the conclusion of its 2023–2026 investment cycle, with FCF inflection anticipated from 2027. In the defense segment, negotiations regarding a joint venture in Poland are underway. The company is also expanding into Southern Europe and advancing preparations for a manufacturing facility in Africa.
Rating: BUY. Target Price: EUR 12.02 / CZK 292.
This report is published as issuer-sponsored research, prepared with full editorial independence in accordance with the Gafrik Research Analytical Methodology. All conclusions are based solely on independent analysis.
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