Draft individual and consolidated financial statements as of 31 December 2025
Revenues above 77M EUR
Beefree posts revenue growth of +24%
Review of the FY2025 Sustainability Report
- Consolidated REVENUES of EUR 77.4M, +4% versus 31 December 2024
- Consolidated foreign REVENUES of EUR 55.7M, -5% versus 31 December 2024
- Consolidated EBITDA of EUR 2.5M
- Consolidated NET RESULT of EUR -2.3M
- NET FINANCIAL POSITION of EUR 11+M cash versus EUR 13M cash on 31 December 2024
Milan, 24 March, 2026 – Growens S.p.A. – GROW (the “Company” or the “Issuer” or “Growens”), a company admitted to trading on the multilateral trading facility Euronext Growth Milan and operating in the cloud marketing technology field, has announced today that the Board of Directors passed a resolution to approve the draft individual and consolidated report for the full year ended on 31 December 2025, prepared in compliance to international accounting standards (IAS/IFRS). The approved data have been submitted to the audit firm BDO Italia S.p.A. and to the Board of Statutory Auditors for their review.
Consolidated figures show revenues for FY2025 at 77.4M EUR vs. 74.5M EUR in FY2024 (+4%); and FY2025 EBITDA back to a positive at 2.5M EUR vs. -0.1M EUR in FY2024, driven by the increase of Gross Profit by 2.8M EUR (+16%) for an increased incidence on sales of 3%.
“The results of the 2025 financial year confirm a healthy Gross Profit around 27% and material improvement of operating margins, driven by Agile Telecom’s growth and Beefree’s recovery of profitability.”
Matteo Monfredini, Chairman and founder of Growens
“The year 2025 2025 and the early months of 2026 are characterized by a deeply unstable economic and geopolitical landscape. Amid the complexity and rapid shifts of the market environment, the Growens management team continues to focus on innovation and on maintaining a flexible strategy, aimed at capturing all growth opportunities while delivering on the guidance shared with the market.”
Nazzareno Gorni, CEO and founder of Growens
Summary of consolidated results as of 31 December 2025
Here follow select unaudited full-year Group results as of 31 December 2025:
|
Consolidated Profit & Loss |
31/12/2025 |
% |
31/12/2024 |
% |
Change |
Ch.% |
||
|
SaaS Revenues |
14,778,114 |
§19.1% |
12,585,243 |
16.9% |
2,192,871 |
17.4% |
||
|
CPaaS Revenues |
61,705,275 |
79.7% |
60,010,417 |
80.6% |
1,694,858 |
2.8% |
||
|
Other Revenues |
945,650 |
1.2% |
1,864,641 |
2.5% |
(918,991) |
(49.3%) |
||
|
Total Revenues |
77,429,039 |
100.0% |
74,460,302 |
100.0% |
2,968,737 |
4.0% |
||
|
COGS |
56,929,369 |
73.5% |
56,760,013 |
76.2% |
169,356 |
0.3% |
||
|
Gross Profit |
20,499,670 |
26.5% |
17,700,289 |
23.8% |
2,799,381 |
15.8% |
||
|
Sales & Marketing costs |
6,606,645 |
8.5% |
5,763,560 |
7.7% |
843,086 |
14.6% |
||
|
Research & Development Opex |
2,944,708 |
3.8% |
3,035,032 |
4.1% |
(90,324) |
(3.0%) |
||
|
R&D Capex |
(3,671,560) |
(4.7%) |
(3,561,598) |
(4.8%) |
(109,962) |
3.1% |
||
|
R&D costs |
6,616,268 |
8.5% |
6,596,630 |
8.9% |
19,638 |
0.3% |
||
|
General & Admin Costs |
8,407,883 |
10.9% |
9,012,441 |
12.1% |
(604,558) |
(6.7%) |
||
|
Total Costs |
17,959,237 |
23.2% |
17,811,033 |
23.9% |
148,204 |
0.8% |
||
|
EBITDA |
2,540,434 |
3.3% |
(110,744) |
(0.1%) |
2,651,177 |
n.m. |
||
|
General Depreciation Costs |
198,028 |
0.3% |
133,886 |
0.2% |
64,143 |
47.9% |
||
|
Right of Use Amortization Costs |
521,094 |
0.7% |
522,426 |
0.7% |
(1,331) |
(0.3%) |
||
|
R&D Amortization Costs |
3,635,628 |
4.7% |
3,282,440 |
4.4% |
353,187 |
10.8% |
||
|
Amortization & Depreciation |
4,354,750 |
5.6% |
3,938,751 |
5.3% |
415,999 |
10.6% |
||
|
EBIT |
(1,814,317) |
(2.3%) |
(4,049,495) |
(5.4%) |
2,235,178 |
55.2% |
||
|
Net financial income/(charges) |
111,441 |
0.1% |
1,341,360 |
1.8% |
(1,229,919) |
(91.7%) |
||
|
EBT |
(1,702,876) |
(2.2%) |
(2,708,136) |
(3.6%) |
1,005,259 |
37.1% |
||
|
Current Income Taxes |
(529,324) |
(0.7%) |
(30,698) |
(0.0%) |
(498,625) |
n.m. |
||
|
Deferred Taxes |
(115,275) |
(0.1%) |
203,789 |
0.3% |
(319,063) |
n.m. |
||
|
Net Profit (Loss) |
(2,347,474) |
(3.0%) |
(2,535,045) |
(3.4%) |
187,571 |
7.4% |
||
|
Group Net Profit (Loss) |
(2,255,455) |
(2.9%) |
(2,430,410) |
0.0% |
174,955 |
7.2% |
||
|
Minority Net Profit (Loss) |
(92,019) |
(0.1%) |
(104,635) |
(3.4%) |
12,616 |
12.1% |
||
Data in EUR
Here follow the unaudited full-year Group results by business unit as of 31 December 2025:
|
REVENUES |
EBITDA |
|||||||
|
FY 2025 |
FY 2024 |
Var % |
FY 2025 |
FY 2024 |
Var % |
|||
|
Agile Telecom |
61,787,427 |
60,314,430 |
2.4% |
2,917,654 |
1,987,494 |
46.8% |
||
|
Beefree |
15,002,074 |
12,663,099 |
18.5% |
(1,184,315) |
(2,828,772) |
58.1% |
||
|
Holding |
14,150,130 |
14,590,972 |
(3.0%) |
686,567 |
692,715 |
(0.9%) |
||
|
Consol. Adjustments |
(13,510,593) |
(13,108,199) |
(3.1%) |
|||||
|
IFRS 16 Impact |
120,527 |
37,819 |
n.m. |
|||||
|
TOTAL |
77,429,039 |
74,460,302 |
4.0% |
2,540,434 |
(110,744) |
n.m. |
||
Data in EUR
The SaaS business line (Software-as-a-Service) includes services supplied to clients via cloud platforms, sold through mostly recurring multi-period contracts / c.d. subscriptions, by Beefree. The CPaaS business line (Communication-Platform-as-a-Service) covers the messaging services provided on a wholesale basis using APIs, especially supplied by the Agile Telecom Business Unit.
Comments to FY2025 consolidated results
The full-year P&L posts total Revenues of 77.4M EUR, showing an increase of 3M+ EUR or +4% versus FY2024. Such result is mainly driven by the 17% growth of the SaaS component, for a 19% incidence on total revenues, as well as by the CPaaS +3% performance for an 80% incidence on total revenues.
The Agile Telecom Business Unit posted the biggest revenues of ca. 61.8M EUR, increasing by 2+%, against a total of 2.7B SMS sent during the year. The fastest growing Business Unit is Beefree, with a 24% increase at constant fx or 18% net of USD/Euro exchange rate effect, amounting to about 15M EUR (or 17M USD) in revenue. The ARR (Annual Recurring Revenue, a very widespread metric for measuring the performance of a subscription business, indicative of the average annualized recurring value of existing contracts) is equal to 17.8M USD as of December 2025.
Foreign revenues represent 73% of total revenues (-5% vs FY2024) whereas recurring revenues exceed 19% of total turnover (+17% vs FY2024).
Consolidated EBITDA is back to a positive 2.5M EUR (vs. -0.1M EUR in FY 2024), whereas Gross Profit amounts to 20.5M EUR for an incidence on revenues around 26.5%, growing 16% YoY. The COGS component remains broadly stable in absolute terms against the recovery in revenue growth, resulting in an improvement of approximately 3 percentage points as a percentage of revenues. Agile Telecom reports EBITDA of approximately 3M EUR, up 47% compared to 2024, driven primarily by improved contract margins combined with higher sales volumes, despite an extremely competitive market environment. At the consolidated level, the cost items weighing most on gross operating margin are mainly related to investments in the Beefree Business Unit, specifically in the Sales & Marketing component (+15%); Beefree’s EBITDA stands at approximately −1.2M EUR, showing a 58% improvement versus the prior year, driven by Gross Profit growth of approximately 23%.
Results Before Taxes amount to -1.7M EUR, with 4.4M EUR depreciations (+11% versus FY2024), mainly due to capitalized R&D costs amortization. IFRS16-related amortizations amount to 0.5M EUR.
Consolidated Net results amount to -2.3M EUR loss; consolidated tax figures result from the mere combination of individual taxation on each legal entity of the Group.
The consolidated Net Financial Position as of 31 December 2025 exceeds 11M EUR cash, slightly decreasing vs 13M EUR cash as of 31 December 2024. The change is particularly influenced by the cash component payment of the scrip dividend of approximately 1M EUR, as well as by increasing strategic investments in research and development, alongside certain dynamics related to the rise in the Group’s VAT receivable and working capital movements at Agile Telecom, which reversed in early 2026. The effect of adopting the IFRS 16 accounting principle, relating to costs of rent, leasing, and rental, results in a notional debt item of approximately 1M EUR. Liquid assets and equivalents as of 31 December, 2025, amount to ca 15.5M EUR, while approximately 1.2M EUR are escrowed as customary as a guarantee of certain obligations related to the sale of the ESP business to TeamSystem.
Summary of KPI’s
SAAS
|
KPI |
Beefree (EUR) |
Beefree (USD) |
Date |
|
ARR |
15,396,660 |
17,800,636 |
December 2025 |
|
ARR growth |
+2% |
+11.2% |
December 2025 |
|
Gross margin |
83.3% |
FY 2025 |
|
|
EBITDA margin |
(7.9%) |
FY 2025 |
|
|
Net Revenue Retention |
97% |
December 2025 |
|
Data from management accounts, not subject to a BoD resolution, unaudited
CPAAS
|
KPI |
Amount |
Date |
|
Revenues |
61.8M EUR |
FY 2025 |
|
EBITDA |
2.9M EUR (4.7%) |
FY 2025 |
|
# Sent Messages |
2.7B |
FY 2025 |
Data from management accounts, not subject to a BoD resolution, unaudited
Summary of individual holding results as of 31 December 2025
As per the Holding Company, Growens S.p.A., FY2025 decreases by 3% for the impact of certain one-off revenues in FY2024, with total revenues at 14.2M EUR.
EBITDA margin is stable at 0.7M EUR, notwithstanding the increasing incidence of R&D costs resulting from a reinforced holding team supporting subsidiaries, especially Beefree. Financial income benefits from Agile Telecom’s dividends.
For the above, individual Net Result show a 1.3M EUR profit.
Growens’ Net Financial Position amounts to ca. 11.9M EUR, with dynamics similar to the consolidates figures.
Significant events occurred during the reporting period
With regard to the main events occurring during the 2025 financial year and subsequent to 31 December 2025, please refer to the press releases published on the Growens website
Allocation of the net result of Growens S.p.A.
With reference to the individual financial statements of Growens S.p.A., the Board of Directors has resolved to propose to the next ordinary General Shareholders’ Meeting to allocate to reserves the parent company net result of 1,323,893 EUR.
Calling of the General Shareholders’ Meeting
The Board of Directors resolved to call the General Shareholders’ Meeting, ordinary session, on 27 April 2025 to approve the individual financial statements as of 31 December 2025 and the allocation of the net operating result.
The notice of call will be published pursuant to law. Please be advised that, according to article 21, par. 2 of the Company By-Laws, eligible persons will be allowed to attend and vote exclusively through a Designated Representative.
Sustainability Report
The Board of Directors has reviewed the seventh edition of the Sustainability Report, covering the 2025 financial year. The new edition, prepared by Growens on a voluntary basis, has been produced to communicate transparently and consistently to all Stakeholders the values, strategies and performance relating to the Group’s economic, social and environmental impacts (ESG – Environmental, Social and Governance). The document reflects the Group’s commitment to the UN 2030 Agenda and its 17 Sustainable Development Goals (SDGs), understood as shared objectives for sustainable global development.
For the reporting process — covering the period 1 January to 31 December 2025 — Growens established an internal working group, representative of the main business functions, with the purpose of collecting the required information, identified in accordance with the relevant reference standards. Starting from this financial year, the Group has initiated a significant methodological evolution: the reporting now follows the new ESRS (European Sustainability Reporting Standards) introduced by the European CSRD Directive (Corporate Sustainability Reporting Directive), transposed into Italian law by Legislative Decree 125/2024. This choice represents a voluntary and early transition beyond the previous GRI Standards, confirming Growens’ intention to align promptly with the most rigorous European transparency requirements.
As required by the new framework, the data collection phase was guided by a double materiality analysis. This approach made it possible to identify material topics by examining them from two complementary perspectives: impact materiality, relating to the significant impacts generated by the Group on the environment and on people (including human rights), and financial materiality, aimed at identifying ESG-related risks and opportunities that may influence the Company’s economic and financial performance and long-term resilience.
Investor Relations and miscellaneous
The draft individual and consolidated financial report as of 31 December 2025 have been submitted to BDO and to the Board of Statutory Auditors for their review and will be made available to the public as per EGM regulations as well as on the Issuer’s website www.growens.io, Section ‘Investor Relations/Financial Statements’.
This press release is online on www.emarketstorage.com and on the Issuer website www.growens.io, Section ‘News/Press Releases’.
The updated corporate presentation will be made available to the public on the Issuer’s website www.growens.io, Section ‘Investor Relations/Presentations’.
Growens’ Chairman, CEO and IR will comment FY2025 results in a conference call to be held on 26 March 2026 at 10am CET, registration here: : https:// meet.google.com/ebx-rseg-oqm.
Unaudited consolidated and individual P&L, balance sheet and cash flow statement are attached.
GROWENS GROUP – CONSOLIDATED INCOME STATEMENT AS OF 31 DECEMBER 2025
|
Consolidated Profit & Loss |
31/12/2025 |
% |
31/12/2024 |
% |
Change |
Ch.% |
||
|
SaaS Revenues |
14,778,114 |
19.1% |
12,585,243 |
16.9% |
2,192,871 |
17.4% |
||
|
CPaaS Revenues |
61,705,275 |
79.7% |
60,010,417 |
80.6% |
1,694,858 |
2.8% |
||
|
Other Revenues |
945,650 |
1.2% |
1,864,641 |
2.5% |
(918,991) |
(49.3%) |
||
|
Total Revenues |
77,429,039 |
100.0% |
74,460,302 |
100.0% |
2,968,737 |
4.0% |
||
|
COGS |
56,929,369 |
73.5% |
56,760,013 |
76.2% |
169,356 |
0.3% |
||
|
Gross Profit |
20,499,670 |
26.5% |
17,700,289 |
23.8% |
2,799,381 |
15.8% |
||
|
Sales & Marketing costs |
6,606,645 |
8.5% |
5,763,560 |
7.7% |
843,086 |
14.6% |
||
|
Research & Development Opex |
2,944,708 |
3.8% |
3,035,032 |
4.1% |
-90,324 |
(3.0%) |
||
|
R&D Capex |
(3,671,560) |
(4.7%) |
(3,561,598) |
(4.8%) |
(109,962) |
3.1% |
||
|
R&D costs |
6,616,268 |
8.5% |
6,596,630 |
8.9% |
19,638 |
0.3% |
||
|
General & Admin Costs |
8,407,883 |
10.9% |
9,012,441 |
12.1% |
(604,558) |
(6.7%) |
||
|
Total Costs |
17,959,237 |
23.2% |
17,811,033 |
23.9% |
148,204 |
0.8% |
||
|
EBITDA |
2,540,434 |
3.3% |
(110,744) |
(0.1%) |
2,651,177 |
n.m. |
||
|
General Depreciation Costs |
198,028 |
0.3% |
133,886 |
0.2% |
64,143 |
47.9% |
||
|
Right of Use Amortization Costs |
521,094 |
0.7% |
522,426 |
0.7% |
(1,331) |
(0.3%) |
||
|
R&D Amortization Costs |
3,635,628 |
4.7% |
3,282,440 |
4.4% |
353,187 |
10.8% |
||
|
Amortization & Depreciation |
4,354,750 |
5.6% |
3,938,751 |
5.3% |
415,999 |
10.6% |
||
|
EBIT |
(1,814,317) |
(2.3%) |
(4,049,495) |
(5.4%) |
2,235,178 |
55.2% |
||
|
Net financial income/(charges) |
111,441 |
0.1% |
1,341,360 |
1.8% |
(1,229,919) |
(91.7%) |
||
|
EBT |
(1,702,876) |
(2.2%) |
(2,708,136) |
(3.6%) |
1,005,259 |
37.1% |
||
|
Current Income Taxes |
(529,324) |
(0.7%) |
(30,698) |
(0.0%) |
(498,625) |
n.m. |
||
|
Deferred Taxes |
(115,275) |
(0.1%) |
203,789 |
0.3% |
(319,063) |
n.m. |
||
|
Net Profit (Loss) |
(2,347,474) |
(3.0%) |
(2,535,045) |
(3.4%) |
187,571 |
7.4% |
||
|
Group Net Profit (Loss) |
(2,255,455) |
(2.9%) |
(2,430,410) |
(3.3%) |
174,955 |
7.2% |
||
|
Minority Net Profit (Loss) |
(92,019) |
(0.1%) |
(104,635) |
(0.1%) |
12,616 |
12.1% |
||
Data in EUR
GROWENS GROUP – CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2025
|
Consolidated Balance Sheet |
31/12/2025 |
31/12/2024 |
Change |
Change % |
|
Tangible fixed assets |
224,335 |
228,580 |
(4,244) |
(1.9%) |
|
Right of Use |
1,096,462 |
1,283,515 |
(187,054) |
(14.6%) |
|
Intangible fixed assets |
6,913,198 |
6,858,847 |
54,351 |
0.8% |
|
Goodwill |
8,498,292 |
8,498,292 |
|
|
|
Equity investments in associates and joint ventures |
497,919 |
450,720 |
47,199 |
10.5% |
|
Other non-current assets |
1,339,132 |
6,298,318 |
(4,959,185) |
(78.7%) |
|
Deferred tax assets |
2,336,641 |
2,191,456 |
145,185 |
6.6% |
|
Total non-current assets |
20,905,979 |
25,809,728 |
(4,903,749) |
(19.0%) |
|
Receivables from customers |
12,355,898 |
9,406,046 |
2,949,852 |
31.4% |
|
Other current assets |
21,018,730 |
19,396,022 |
1,622,708 |
8.4% |
|
Cash and cash equivalents |
2,115,042 |
4,970,777 |
(2,855,735) |
(57.5%) |
|
Total current assets |
35,489,671 |
33,772,845 |
1,716,825 |
5.1% |
|
Total assets |
56,395,650 |
59,582,573 |
(3,186,923) |
(5.3%) |
|
Share capital |
384,834 |
384,834 |
0 |
0.0% |
|
Reserves |
33,284,072 |
36,516,688 |
(3,232,616) |
(8.9%) |
|
Profit (Loss) for the period |
(2,255,455) |
(2,430,410) |
174,955 |
7.2% |
|
Net Equity (third parties) |
34,269 |
98,844 |
(64,575) |
(65.3%) |
|
Total equity |
31,447,719 |
34,569,956 |
(3,122,236) |
(9.0%) |
|
Payables to banks and other financiers |
209,504 |
1,034,118 |
(824,614) |
(79.7%) |
|
Liabilities RIGHT OF USE long-term |
597,677 |
880,369 |
(282,693) |
(32.1%) |
|
Provisions for risks and charges |
533,333 |
333,333 |
200,000 |
60.0% |
|
Provisions for personnel |
1,186,278 |
1,300,534 |
(114,256) |
(8.8%) |
|
Deferred taxes |
1,340,040 |
909,858 |
430,182 |
47.3% |
|
Total non-current liabilities |
3,866,831 |
4,458,213 |
(591,382) |
(13.3%) |
|
Trade and other payables |
11,710,499 |
11,003,447 |
707,052 |
6.4% |
|
Due to banks and other lenders short term |
3,026,523 |
2,730,904 |
295,619 |
10.8% |
|
Liabilities RIGHT OF USE short-term |
457,099 |
446,936 |
10,163 |
2.3% |
|
Other current liabilities |
5,886,978 |
6,373,117 |
(486,139) |
(7.6%) |
|
Total current liabilities |
21,081,099 |
20,554,404 |
526,695 |
2.6% |
|
Total Liabilities |
56,395,650 |
59,582,573 |
(3,186,923) |
(5.3%) |
Data in EUR
GROWENS GROUP – CASH FLOW STATEMENT AS OF 31 DECEMBER 2025
|
Consolidated Cash Flow statement |
31/12/2025 |
31/12/2024 |
|
Period profit/(loss) |
(2,347,474) |
(2,535,045) |
|
Income tax |
529,324 |
30,698 |
|
Prepaid/deferred tax |
115,275 |
(203,789) |
|
Financial incomes (costs) |
(310,666) |
(998,527) |
|
Exchange (gains)/losses |
199,225 |
(342,832) |
|
(Dividends) |
|
|
|
1 Year profit/(loss) before income tax, interest, dividends and cap. gains/losses on disposals |
(1,814,317) |
(4,049,495) |
|
Value adj. for non-monetary elements that have no equivalent item in net working capital: |
|
|
|
Provisions for TFR |
441,257 |
404,689 |
|
Other provisions |
328,414 |
264,964 |
|
Amortization and depreciation of fixed assets |
4,226,336 |
3,873,788 |
|
Write-downs for permanent losses in value |
|
|
|
Other adjustments for non-monetary items |
77,771 |
142,029 |
|
2 Cash flow before changes in NWC |
3,259,461 |
635,975 |
|
Changes to net working capital |
|
|
|
Decrease/(increase) in trade receivables |
(3,078,267) |
(658,159) |
|
Increase/(decrease) in trade payables |
707,052 |
(1,727,253) |
|
Decrease/(increase) in accrued income and prepaid expenses |
325,226 |
334,267 |
|
Increase/(decrease) in accrued liabilities and deferred income |
676 |
844,522 |
|
Increase/(decrease) tax receivables |
(816,047) |
(3,591,179) |
|
Increase/(decrease) tax payables |
(81,512) |
(27,327) |
|
Increase/(decrease) other receivables |
191,531 |
(394,866) |
|
Increase/(decrease) other payables |
(934,627) |
(910,289) |
|
Other changes in net working capital |
(185,452) |
|
|
3 Cash flow after changes in NWC |
(611,958) |
(5,494,310) |
|
Other adjustments |
|
|
|
Interest collected/(paid) |
242,877 |
1,749,382 |
|
(Income tax paid) |
(46,243) |
(194,138) |
|
(Gains) / losses arising from the sale of current assets |
|
|
|
Dividends collected/(paid) |
|
|
|
(Use of provision) |
(246,618) |
(231,551) |
|
4 Cash flow after other adjustments |
(661,942) |
(4,170,616) |
|
A Cash flow from operations |
(661,942) |
(4,170,616) |
|
Tangible fixed assets |
(84,009) |
(41,774) |
|
(Investments) |
(84,009) |
(41,774) |
|
Divestment realisation price |
(3,671,339) |
(4,675,672) |
|
Intangible fixed assets |
(3,671,339) |
(4,675,672) |
|
(Investments) |
(17,149) |
(58,482) |
|
Divestment realisation price |
(17,149) |
(58,482) |
|
Financial fixed assets |
3,640,927 |
(6,500,000) |
|
(Investments) |
3,640,927 |
(6,500,000) |
|
Acquisition or sales of subsidiaries companies |
|
|
|
B Cash flow from investments |
(131,570) |
(11,275,928) |
|
Minority interest funds |
(1,135,566) |
(30,519) |
|
Increase (decrease) in short-term payables to banks |
417,922 |
1,506,235 |
|
Stipulation of loans |
|
|
|
Repayment of loans |
(1,553,489) |
(1,536,754) |
|
Other current assets |
(926,657) |
(20,040,249) |
|
Own funds |
|
|
|
Capital increase by payment |
|
|
|
Dividends |
(926,657) |
(20,040,249) |
|
Change to share premium reserve |
|
|
|
C Cash flow from loans |
(2,062,223) |
(20,070,768) |
|
Increase (decrease) in liquid funds (A ± B ± C) |
(2,855,735) |
(35,517,313) |
|
Initial cash and cash equivalents |
4,970,777 |
40,488,090 |
|
Final cash and cash equivalents |
2,115,042 |
4,970,777 |
|
Change in cash and cash equivalents |
(2,855,735) |
(35,517,313) |
Data in EURGROWENS GROUP – NET FINANCIAL POSITION AS OF 31 DECEMBER 2025
|
Consolidated Net Financial Position (ESMA) |
31/12/2025 |
31/12/2024 |
Change |
Change % |
|
A. Cash |
2,115,042 |
4,970,777 |
(2,855,735) |
(57.5%) |
|
B. Cash equivalents |
|
|
|
|
|
C. Assets held for sale |
13,359,098 |
13,123,021 |
236,077 |
1.8% |
|
D. Cash and cash equivalents (A) + (B) + (C) |
15,474,140 |
18,093,798 |
(2,619,658) |
(14.5%) |
|
E. Current financial debt |
2,494,034 |
2,065,949 |
428,085 |
20.7% |
|
F. Short term liabilities |
989,588 |
1,111,891 |
(122,304) |
(11.0%) |
|
G. Current financial position (E) + (F) |
3,483,622 |
3,177,841 |
305,781 |
9.6% |
|
H. Net short term financial position (G) – (D) |
(11,990,518) |
(14,915,958) |
2,925,440 |
(19.6%) |
|
I. Financial Debt medium/long term |
807,180 |
1,914,487 |
(1,107,307) |
(57.8%) |
|
J. Bonds issued |
|
|
|
|
|
K. Commercial and other liabilities medium/long term |
|
|
|
|
|
L. Non current financial position (I) + (J) + (K) |
807,180 |
1,914,487 |
(1,107,307) |
(57.8%) |
|
M. Net financial position (H) + (L) |
(11,183,338) |
(13,001,470) |
1,818,133 |
(14.0%) |
|
N. Other long-term financial assets |
(1,172,662) |
(4,813,589) |
3,640,927 |
(75.6%) |
|
o/w E.Current financial liabilities Rights of Use IFRS 16 |
457,099 |
446,936 |
10,163 |
2.3% |
|
o/w I. Non current financial liabilities Rights of Use IFRS 16 |
597,677 |
880,369 |
(282,693) |
(32.1%) |
|
O. Adjusted Net financial position |
(13,410,775) |
(19,142,365) |
5,731,590 |
(29.9%) |
Data in EUR
GROWENS S.P.A. – INCOME STATEMENT AS OF 31 DECEMBER 2025
|
Separated Profit and Loss Growens |
31/12/2025 |
% |
31/12/2024 |
% |
Change |
Change % |
|
Intercompany Revenues |
13,532,564 |
95.6% |
12,957,194 |
88.8% |
575,370 |
4.4% |
|
Other Revenues |
617,566 |
4.4% |
1,633,778 |
11.2% |
(1,016,212) |
(62.2%) |
|
Total Revenues |
14,150,130 |
100.0% |
14,590,972 |
100.0% |
(440,842) |
(3.0%) |
|
Cost of Goods Sold |
2,171,419 |
15.3% |
1,954,210 |
13.4% |
217,209 |
11.1% |
|
Gross Profit |
11,978,711 |
84.7% |
12,636,762 |
86.6% |
(658,051) |
(5.2%) |
|
Sales & Marketing costs |
710,492 |
5.0% |
298,163 |
2.0% |
412,329 |
138.3% |
|
Research & Development Opex |
5,204,538 |
36.8% |
5,349,253 |
36.7% |
(144,715) |
(2.7%) |
|
R&D costs |
5,204,538 |
36.8% |
5,349,253 |
36.7% |
(144,715) |
(2.7%) |
|
General & Admin Costs |
5,377,114 |
38.0% |
6,296,632 |
43.2% |
(919,518) |
(14.6%) |
|
Total Costs |
11,292,144 |
79.8% |
11,944,047 |
81.9% |
(651,903) |
(5.5%) |
|
Ebitda |
686,567 |
4.9% |
692,715 |
4.7% |
(6,148) |
(0.9%) |
|
General Depreciation Costs |
68,689 |
0.5% |
65,110 |
0.4% |
3,579 |
5.5% |
|
Right of Use Amortization Costs |
462,258 |
3.3% |
456,683 |
3.1% |
5,576 |
1.2% |
|
R&D Amortization Costs |
248,352 |
1.8% |
575,104 |
3.9% |
(326,752) |
(56.8%) |
|
Amortization & Depreciation |
779,299 |
5.5% |
1,096,897 |
7.5% |
(317,597) |
(29.0%) |
|
Ebit |
(92,732) |
(0.7%) |
(404,182) |
(2.8%) |
311,450 |
77.1% |
|
Net financial income/(charges) |
1,529,999 |
10.8% |
2,912,536 |
20.0% |
(1,382,537) |
(47.5%) |
|
Ebt |
1,437,267 |
10.2% |
2,508,354 |
17.2% |
(1,071,087) |
(42.7%) |
|
Curent Income Taxes |
(41,103) |
(0.3%) |
(88,449) |
(0.6%) |
47,346 |
53.5% |
|
Deferred Taxes |
(72,271) |
(0.5%) |
(258,436) |
(1.8%) |
186,165 |
72.0% |
|
Net Profit (Loss) |
1,323,893 |
9.4% |
2,161,469 |
14.8% |
(837,576) |
(38.8%) |
Data in EUR
GROWENS S.P.A. – BALANCE SHEET AS OF 31 DECEMBER 2025
|
Separated Balance Sheet Growens |
31/12/2025 |
31/12/2024 |
Change |
Change % |
|
Tangible fixed assets |
178,259 |
177,377 |
881 |
0.5% |
|
Right of Use |
986,061 |
1,178,339 |
(192,278) |
(16.3%) |
|
Intangible fixed assets |
285,661 |
433,115 |
(147,454) |
(34.0%) |
|
Investments in subsidiaries |
24,286,159 |
22,997,167 |
1,288,992 |
5.6% |
|
Equity investments in associates and joint ventures |
483,663 |
429,054 |
54,610 |
12.7% |
|
Other non-current assets |
1,265,833 |
6,201,004 |
(4,935,172) |
(79.6%) |
|
Deferred tax assets |
19,648 |
117,575 |
(97,927) |
(83.3%) |
|
Total non-current assets |
27,505,283 |
31,533,631 |
(4,028,348) |
(12.8%) |
|
Receivables from customers |
97,903 |
196,881 |
(98,979) |
(50.3%) |
|
Receivables from subsidiaries |
2,634,555 |
1,476,531 |
1,158,024 |
78.4% |
|
Other current assets |
20,489,831 |
18,518,400 |
1,971,431 |
10.6% |
|
Cash and cash equivalents |
620,224 |
492,770 |
127,455 |
25.9% |
|
Total current assets |
23,842,513 |
20,684,582 |
3,157,931 |
15.3% |
|
Total assets |
51,347,796 |
52,218,213 |
(870,417) |
(1.7%) |
|
Share capital |
384,834 |
384,834 |
|
|
|
Reserves |
40,397,530 |
38,873,329 |
1,524,201 |
3.9% |
|
Profit (Loss) for the period |
1,323,893 |
2,161,469 |
(837,576) |
(38.8%) |
|
Total equity |
42,106,256 |
41,419,631 |
686,625 |
1.7% |
|
Payables to banks and other financiers |
137,729 |
962,343 |
(824,614) |
(85.7%) |
|
Liabilities RIGHT OF USE long-term |
543,952 |
796,166 |
(252,213) |
(31.7%) |
|
Provisions for risks and charges |
373,333 |
233,333 |
140,000 |
60.0% |
|
Provisions for personnel |
936,624 |
951,496 |
(14,872) |
(1.6%) |
|
Total non-current liabilities |
1,991,638 |
2,943,338 |
(951,700) |
(32.3%) |
|
Trade and other payables |
612,215 |
999,735 |
(387,520) |
(38.8%) |
|
Payables to subsidiaries |
3,516,288 |
3,018,472 |
497,815 |
16.5% |
|
Due to banks and other lenders short term |
1,010,580 |
1,148,688 |
(138,108) |
(12.0%) |
|
Liabilities RIGHT OF USE short-term |
399,411 |
411,743 |
(12,331) |
(3.0%) |
|
Other current liabilities |
1,711,408 |
2,276,605 |
(565,197) |
(24.8%) |
|
Total current liabilities |
7,249,901 |
7,855,243 |
(605,342) |
(7.7%) |
|
Total Liabilities |
51,347,796 |
52,218,213 |
(870,417) |
(1.7%) |
Data in EUR
GROWENS S.P.A. – CASH FLOW STATEMENT AS OF 31 DECEMBER 2025
|
Separated Cash Flow statement |
31/12/2025 |
31/12/2024 |
|
Period profit/(loss) |
1,323,893 |
2,161,469 |
|
Income tax |
41,103 |
88,449 |
|
Prepaid/deferred tax |
72,271 |
258,436 |
|
Financial incomes (costs) |
(354,113) |
(1,067,943) |
|
Exchange (gains)/losses |
201,450 |
(352,675) |
|
(Dividends) |
(1,377,335) |
(1,491,918) |
|
1 Year profit/(loss) before income tax, interest, dividends and cap. gains/losses on disposals |
(92,732) |
(404,182) |
|
Value adj. for non-monetary elements that have no equivalent item in net working capital: |
|
|
|
Provisions for TFR |
372,402 |
350,020 |
|
Other provisions |
140,000 |
|
|
Amortization and depreciation of fixed assets |
779,299 |
1,096,897 |
|
Write-downs for permanent losses in value |
|
|
|
Other adjustments for non-monetary items |
87,413 |
(859,084) |
|
2 Cash flow before changes in NWC |
1,286,382 |
183,651 |
|
Changes to net working capital |
|
|
|
Decrease/(increase) in trade receivables |
(1,059,046) |
6,009,781 |
|
Increase/(decrease) in trade payables |
110,295 |
713,519 |
|
Decrease/(increase) in accrued income and prepaid expenses |
40,663 |
533,646 |
|
Increase/(decrease) in accrued liabilities and deferred income |
22,723 |
(61,141) |
|
Increase/(decrease) tax receivables |
(875,946) |
(2,756,259) |
|
Increase/(decrease) tax payables |
(11,045) |
112,919 |
|
Increase/(decrease) other receivables |
187,271 |
(423,427) |
|
Increase/(decrease) other payables |
(617,978) |
(1,054,605) |
|
Other changes in net working capital |
(186,803) |
|
|
3 Cash flow after changes in NWC |
(1,103,484) |
3,258,084 |
|
Other adjustments |
|
|
|
Interest collected/(paid) |
262,889 |
1,756,744 |
|
(Income tax paid) |
(79,946) |
|
|
(Gains) / losses arising from the sale of current assets |
|
|
|
Dividends collected/(paid) |
1,377,335 |
1,491,918 |
|
(Use of provision) |
(118,274) |
(218,191) |
|
4 Cash flow after other adjustments |
418,466 |
6,208,609 |
|
A Cash flow from operations |
418,466 |
6,208,609 |
|
Tangible fixed assets |
(69,808) |
(49,570) |
|
(Investments) |
(69,808) |
(49,570) |
|
Divestment realisation price |
(100,660) |
(212,355) |
|
Intangible fixed assets |
(100,660) |
(212,355) |
|
(Investments) |
(1,337,566) |
(12,961,997) |
|
Divestment realisation price |
(1,337,566) |
(12,961,997) |
|
Financial fixed assets |
3,640,927 |
(6,500,000) |
|
(Investments) |
3,640,927 |
(6,500,000) |
|
Acquisition or sales of subsidiaries companies |
|
|
|
B Cash flow from investments |
2,132,893 |
(19,723,922) |
|
Minority interest funds |
(1,497,247) |
(1,587,007) |
|
Increase (decrease) in short-term payables to banks |
(15,805) |
(34,538) |
|
Stipulation of loans |
|
|
|
Repayment of loans |
(1,481,443) |
(1,552,470) |
|
Other current assets |
(926,657) |
(20,040,249) |
|
Own funds |
|
|
|
Capital increase by payment |
|
|
|
Dividends |
(926,657) |
(20,040,249) |
|
Change to share premium reserve |
|
|
|
C Cash flow from loans |
(2,423,905) |
(21,627,256) |
|
Increase (decrease) in liquid funds (A ± B ± C) |
127,455 |
(35,142,569) |
|
Initial cash and cash equivalents |
492,770 |
35,635,339 |
|
Final cash and cash equivalents |
620,224 |
492,770 |
|
Change in cash and cash equivalents |
127,455 |
(35,142,569) |
Data in EURGROWENS S.p.A.– NET FINANCIAL POSITION AS OF 31 DECEMBER 2025
|
Separated Net Financial Position Growens |
31/12/2025 |
31/12/2024 |
Change |
Ch. % |
|
A. Cash |
620,224 |
492,770 |
127,455 |
25.9% |
|
B. Cash equivalents |
|
|
|
|
|
C. Assets held for sale |
13,359,098 |
13,123,021 |
236,077 |
1.8% |
|
D. Cash and cash equivalents (A) + (B) + (C) |
13,979,323 |
13,615,791 |
363,532 |
2.7% |
|
E. Current financial debt |
420,403 |
448,539 |
(28,136) |
(6.3%) |
|
F. Short term liabilities |
989,588 |
1,111,891 |
(122,304) |
(11.0%) |
|
G. Current financial position (E) + (F) |
1,409,991 |
1,560,431 |
(150,440) |
(9.6%) |
|
H. Net short term financial position (G) – (D) |
(12,569,332) |
(12,055,360) |
(513,971) |
4.3% |
|
I. Financial Debt medium/long term |
681,681 |
1,758,509 |
(1,076,828) |
(61.2%) |
|
J. Bonds issued |
|
|
|
|
|
K. Commercial and other liabilities medium/long term |
|
|
|
|
|
L. Non current financial position (I) + (J) + (K) |
681,681 |
1,758,509 |
(1,076,828) |
(61.2%) |
|
M. Net financial position (H) + (L) |
(11,887,651) |
(10,296,852) |
(1,590,799) |
15.4% |
|
N. Other long-term financial assets |
(1,172,662) |
(4,813,589) |
3,640,927 |
(75.6%) |
|
o/w E.Current financial liabilities Rights of Use IFRS 16 |
399,411 |
411,743 |
(12,331) |
(3.0%) |
|
o/w I. Non current financial liabilities Rights of Use IFRS 16 |
543,952 |
796,166 |
(252,213) |
(31.7%) |
|
O. Adjusted Net financial position |
(14,003,676) |
(16,318,349) |
2,314,673 |
(14.2%) |
Data in EUR
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