Somec S.p.A. Displays Moderate Growth in H1 2025

Somec S.p.A. reported a moderate 3.9% increase in revenue to €192.7 million for the first half of 2025, primarily driven by the maritime and refitting sectors. Profitability improved significantly, with EBITDA rising by 24.1% to €15.8 million. This enhancement stemmed from economies of scale and higher-margin businesses.

The main business segment, 'Horizons,' contributed 60% of total revenue, reaching €115.5 million, stabilized by the refitting business. The 'Mestieri' division saw substantial growth of 25.3% to €48.8 million due to increased maritime projects. Despite restructuring costs, the 'Talenta' division grew by 5.7% to €28.4 million.

The order backlog is strong, growing to €769 million by July, providing fair visibility into future operations. A capital increase of €6.11 million, reserved for VIS S.r.l., was executed to strengthen the equity base. GBC AG maintains a 'BUY' rating with a target price of €23.35.