Neodecortech Spa · MIL:NDT
Neodecortech Spa — Q1 2025 Earnings Presentation
58 slides from Neodecortech Spa's earnings presentation, May 2025
Slide 1: Investor Presentation May 2025
INVESTOR PRESENTATION May 2025
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Neodecortech S.p.A. those results or development s may not be indicati ve of results or (“NEODEC ORTECH”) solely for use in connection with the presentation developments in future periods. of the Com pany to potential investors and shareholders and may n
Slide 3: Index
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Certifications Group structure Survey Sustainability Vertical integration benefits Circular economy Intercompany flows: economics 2024 Group emissions neutrality scope 1 + 2 circular economy Fully commited ESG agenda Industr
Slide 4: Index: Company overview
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Certifications Group structure Survey Sustainability Vertical integration benefits Circular economy Intercompany flows: economics 2024 Group emissions neutrality scope 1 + 2 circular economy Fully commited ESG agenda Industr
Slide 5: Neodecortech, a group 100% Made in Italy
1. Company overview 5 Neodecortech, a group 100% Made in Italy. 5 companies sharing the same vision and a clear industrial and ESG strategy: Providing the interior design industry with high-end decors and surfaces enhanced by distinctive Italian flair for a sustainable living.
Slide 6: At a glance
1. Company overview 6 AT A GLANCE 75 YEARS OF EXPERIENCE Neodecortech is a top player in the niche of decorative surfaces design and manufacturing (mostly paper, plus plastic more recently) for the interior design and flooring industries. A HIGHLY SINERGISTIC BUSINESS MODEL The Group is built around
Slide 7: Group structure
1. Company overview 7 EFFECTIVE BUSINESS MODELS Group structure Neodecortech S.p.A. - 1947 (38% of FY24 revenue, 217 employees) 70% owned Bergamo Printing, Impregnation Changzhou NDT new material technology Lacquering, Embossing company Ltd – 2024 (0% of FY24 revenue, 4 employees) 100% owned Casoli
Slide 8: Group structure: Neodecortech S.p.A.
1. Company overview 8 EFFECTIVE BUSINESS MODELS Group structure Neodecortech S.p.A. - 1947 (38% of FY24 revenue, 217 employees yees) Founded in 1947, is the parent company of the Group. Under the brand name Confalonieri, Plana and Texte it is specialized in paper printi ng, pol ymeri c fil ms printi
Slide 9: Vertical integration benefits
1. Company overview 9 EFFECTIVE BUSINESS MODELS Vertical integration benefits KNOW HOW – R&D (Centralized R&D, co- development with the paper mill) Vertical integration brings competitive advantages in terms of: - flexibility; - competitive purchase prices; - maintaining control over R&D. Operating
Slide 10: Intercompany flows 2024: integration but also a lot of market
1. Company overview 10 INTERCOMPANY FLOWS 2024: integration but also a lot of market 100% Electricity 36% Steam-hot water 75% Bio-energy producer Paper mil l Decor lay er pri nting (steam and base, unicol or Impregnat ion Plastic 24%Electricity 19% electricity ) and b lack paper film pri nting 100%
Slide 11: Intercompany flows 2024: a fully sustainable business model
1. Company overview 11 INTERCOMPANY FLOWS 2024: A FULLY SUSTAINABLE BUSINESS MODEL A model based on the circular economy approach (see more at section 4) CDG uses only FSC® (Forest Stewardship Council) pulp that comes from sustainable certified forests (for a total consum ption of 22k tons) Paper pr
Slide 12: Effective business models: internal vertical integration
1. Company overview 12 EFFECTIVE BUSINESS MODELS Internal vertical integration to serve across an integrate supply chain Energy producer (BEG) Decor paper producers NDT - Cartiera Printers NDT China NDT - Confalonieri Impregnators HPL/CLP, LPL/DPL NDT - Lamination on Plana eTexte wood substrates Fur
Slide 13: Strategic positioning: competitive arenas
1. Company overview 13 STRATEGIC POSITIONING Competitive arenas Paper Producers Décor Paper Producers *Only Décor Paper (printers – impregnators) high high Schattdecor (GER) Technocell (GER) 900 730 Toppan (Toppan JAP + Interprint GER Surteco Qifen g (CN) Kingdecor (CN) (GER) + Decotec SP) 475 435 8
Slide 14: Strategic positioning
1. Company overview 14 STRATEGIC POSITIONING High price – design products Neodecortech Small niche producers Big diversified groups Limited product range Wide product range Chinese Producers Low price – retail market Sour ce: Com pany inform ation
Slide 15: Strong brand portfolio for a complete Made in Italy offer
1. Company overview 15 STRONG BRAND PORTFOLIO FOR A COMPLETE MADE IN ITALY OFFER - Base paper - Unicolors - Balancing paper - Printed decorative papers (DEC) - Melamine-impregnated papers (MEL) - Finish-foils mainly for the furniture, laminate flooring and camper/caravan segments (FINISH) Paper-base
Slide 16: Superior market offering 1/3
1. Company overview 16 SUPERIOR MARKET OFFERING Over 900 designs divided into 7 families 1/3 NDT recently launche d EOS, the innovative line of supermatt anti-fingerprint products for the high- end surfaces market. Now the over 900 designs are divided in 7 families: Décor Papers Decorative printed p
Slide 17: Superior market offering 2/3
1. Company overview 17 SUPERIOR MARKET OFFERING Over 900 designs divided into 7 families 2/3 PPF & PPLF for LVT EOSTP EOSLAMINATO Laminates Printed plastic films that offer the A thin unicolor or printed plastic Thanks to a spe cific technology, Decorative Laminates are same high resemblance to film
Slide 18: Superior market offering 3/3
1. Company overview 18 SUPERIOR MARKET OFFERING Over 900 designs divided into 7 families 3 /3 Micro Top Melamin e Pape r Décor Paper Finish Foil EOSLAM INAT O Laminate Melamin e Film EOS T P Luxu ry Vin yl Tiles
Slide 19: 2024 sales mix
1. Company overview 19 2024 SALES MIX End Users Geography* 0,5% Middle East 1,0% Africa 5,7% Americas 1,4% Asia 18,6% Flooring Furniture 81,4% 42,0% Italy Europe 49,4% * Excluded Energy turnover
Slide 20: Experienced management team
1. Company overview 20 EXPERIENCED MANAGEMENT TEAM GIANLUCA VALENTINI – Chairman, 2025 LUIGI COLOGNI –CEO, 2005 - 61, Degree in Business Administration, MBA from - 63, Degree in Philosophy at the University of Bolognain 1988 and Bocconi University; earned a Master in Philosophy M.A. from Indiana Uni
Slide 21: Key financials & numbers 2024
1. Company overview 21 KEY FINANCIALS & NUMBERS – 2024 168,6 58% 16,6M Revenues (€M) Export * EBITDA (€M) 9,9% 33,1M 398 EBITDA Margin NFP (€ M) Employees * Excluded Energy turnover
Slide 22: Shareholders and market data
1. Company overview 22 SHAREHOLDERS AND MARKET DATA Shareholding structure - updated at 29 April 2025 PRIVATE COMPANY 26-09-2017 25-05-2020 15-03-2021 Azimut Investments SA 5,3% Market Data Finanziaria Valentini Spa 58,6% Share Price Mar 19th , 2025 2,86€/share Market (including Mkt Cap Mar 19th , 2
Slide 23: Shareholders and market data 2/2
1. Company overview 23 SHAREHOLDERS AND MARKET DATA 2/2 Performance 1Y 115.0 110.0 105.0 100.0 95.0 90.0 85.0 80.0 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 2024 2024 2025 2025 (INDEX) N eodecortech SpA - Price (INDEX) FTSE Italia STAR Net Tax - Price (INDEX) FTSE Italia Growth - Price Analyst
Slide 24: Index: Economics & financials
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Certifications Group structure Survey Sustainability Vertical integration benefits Circular economy Intercompany flows: economics 2024 Group emissions neutrality scope 1 + 2 circular economy Fully commited ESG agenda Industr
Slide 25: Financial results 2020-2024 and Q1 2025
2. Results 25 FINANCIAL RESULTS: 2020 – 2024 and Q1 2025 (in € milions) 2020 2021 2022 2023 2024 (in € milions) Q1 2024 Q1 2025 Net Sales 127,8 176,4 196,5 161,6 168,6 Net Sales 43,1 43,6 % change -3,9% 38,0% 11,4% -17,8% 4,3% % change 1,2% Ebitda 14,6 18,1 16,0 13,9 16,6 Ebitda 3,3 4,0 Ebitda Margi
Slide 26: Net sales
2. Results 26 Net SALES - €M 2020 – 2024 Net Sales (€/M) Q1 2024 – Q1 2025 Net Sales (€/M) 200 + 20,1 M 196.5 100 + 11,4% - 34,9 M 176.4 180 + 48,5 M 43.8 - 17,7 % (*) 168.6 161.6 +7 M 160 + 37,9% 38.3 +4,3 % 29.8 50.0 140 127.9 120 32.0 75.5 100 76.9 50 70.8 43.1 43.6 64.1 80 9.2 12.3 55.2 60 17.5
Slide 27: EBITDA & EBITDA margin
2. Results 27 EBITDA & EBITDA MARGIN (*) - €M 2020 – 2024 EBITDA(€/M) Q1 2024 – Q1 2025 EBITDA (€/M) 20 100.0% 10 100.0% 18.1 97.0% 94.0% - 2,1 M 91.0% 90.0% 16.6 88.0% + 3,5 M 16.0 85.0% - 11,6 % 82.0% 80.0% 14.6 + 24,0% 79.0% 15 - 2,1 M 13.9 +2,7 M 76.0% 73.0% - 13,1 % +19,7% 70.0% 70.0% 67.0% 64.
Slide 28: Net income
2. Results 28 NET INCOME - €M 2020 – 2024 Net Income (€/M) Q1 2024 – Q1 2025 Net income (€/M) 9 8.4(*) 9 100.0% 100.0% 8 90.0% 8 90.0% + 1,7 M 7 6.7 80.0% 7 80.0% + 25,4% 70.0% 70.0% 6 - 5,6 M 6 + 3,2 M - 66,7 % 60.0% 60.0% 5 5 + 91,4% 4.00 50.0% 50.0% 4 3.5 4 +1,2 M 40.0% 40.0% 3 2.8 3 +39,6 % 30.0
Slide 29: Net working capital
2. Results 29 NET WORKING CAPITAL - €M (*) 2020 – 2024 Net Working Capital (€/M) Q1 2024 – Q1 2025 Net Working Capital (€/M) 90 90 45.8 27.4 33.7 38.5 32.9 70 30.4 25.1 70 (*) 23.8 35.7 25.9 26.6 23.9 50 16.3 50 19.3 30 30 40.6 43.6 42.6 40.0 41.9 44.9 36.7 10 10 -10 -10 -25.6 -29.9 -32.9 -32.3 -39.
Slide 30: 2024 cash flow analysis
2. Results 30 2024 CASH FLOW ANALYSIS - €/M 30 25 10.4 20 16.0 2.8 15 10 10.1 7.6 12.20 12.5 5 - Cash Operational Cash NWC Changes Other changes Capex Banks Debts and Dividends Cash 31/12/2023 flow leasing payment 31/12/2024 At 2024 the Group not yet collected the credit maximization and PMG from au
Slide 31: Q1 2025 cash flow analysis
2. Results 31 Q1 2025 CASH FLOW ANALYSIS - €/M 30 25 20 15 2.2 4.2 0.9 1.3 10 12.50 7.7 5 - 4.60 - Cash Operational Cash NWC Changes Other Capex Banks Debts and Dividends Cash 31/12/2024 flow Changes Leasing Payment 31/03/2025 At 2024 the Group not yet collected the credit maximization and PMG from
Slide 32: Net financial position
2. Results 32 NET FINANCIAL POSITION - €M 2020 - 2024 Net financial position (€/M) 45 45 39,9 40 40 37.5 35 33,1 33.4 (10.6) 35 30,7 29,3 7,2 30 1,4 (4,8) 30 25,9 25 28.8 25 21.7 20.0 18.0 20 22.1 20 23.2 15 22.2 15 10 10 11.1 13.1 15.8 15.4 5 6.1 8.6 5 2.7x 1.9x 3.7 1.9x 0 1.6x 1.8x 0 2020 2021 202
Slide 33: Consolidated debt maturity at 31 December 2024
2. Results 33 CONSOLIDATED DEBT MATURITY at 31 December 2024 Debt Repayment plan (€ /M) One covenants on CDG long term debts 10 9.3 9 8.3 8 7 6.3 6 5 4 3.7 3 2 0.9 1 0.4 0 2025 2026 2027 2028 2029 2030
Slide 34: Index: Growth strategy
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Certifications Group structure Survey Sustainability Vertical integration benefits Circular economy Intercompany flows: economics 2024 Group emissions neutrality scope 1 + 2 circular economy Fully commited ESG agenda Industr
Slide 35: Investment opportunities 2024-2026
3. Growth strategy 35 INVESTMENT OPPORTUNITIES 2024 – 2026 (€/M) Tangible & Intangible investments 35 30 25,3 + 0,8% 25,5 25 + 31,8% Planned: 20 19,2 2024 Investments € 12,3 m 12.3 12.2 6.9 2025 investments € 6,0 m 15 2026 investments € 7,1 m 10 4.3 7.5 9.5 5 Actual data: 8.0 5.4 3.8 2024 Investment
Slide 36: Index: ESG approach
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Certifications Group structure Survey Sustainability Vertical integration benefits Circular economy Intercompany flows: economics 2024 Group emissions neutrality scope 1 + 2 circular economy Fully commited ESG agenda Industr
Slide 37: Certifications
4. Neodecortech’s Sustainability Approach 37 CERTIFICATIONS The Group certifications are the tangible proof of its focus toward sustainable production. All Group companies have the following in place: Code of Ethics Organisational Model Pursuant to Legislative Decree 231/2001 QHSE Policy Quality, He
Slide 38: Certifications history
4. Neodecortech’s Sustainability Approach 38 CERTIFICATIONS HISTORY UNI ENISO UNI ENISO FSC®-CHAIN OF OHSAS 100% SUSTAINABILTY ISO UNI ISO NONFINANCIAL 14001 9001 CUSTODY 18001 MADE IN ITALY REPORT 50001 45001 REPORT wirh limited RATING assurance CDP 2007 2009 2010 2011 2015 2016 2017 2020 2021 UNI
Slide 39: Certifications
4. Neodecortech’s Sustainability Approach 39 CERTIFICATIONS System certifications Product certifications 9001:2015 14001:2015 *Neodec ortech S.p.A . only 45001:2018 50001:2018 **Cartiere di Guarci no S.p.A . only **Cartiere di Guarci no S.p.A . only
Slide 40: Survey sustainability ratings
4. Neodecortech’s Sustainability Approach 40 SURVEY SUSTAINABILITY - RATINGS score score score score 92% 92.3% 85.8% A A- B B- C C- D D- 30/06/2024 15/02/2024 30/06/2024 31/12/2023 top performer score score score leader green A conscious yellow BCDE red builder Deloitte 31/072024 10/07/2024 30/06/20
Slide 41: A fully sustainable business model: circular economy
4. Neodecortech’s Sustainability Approach 41 A FULLY SUSTAINABLE BUSINESS MODEL Circular economy CDG uses only FSC® (Forest Stewardship Council) pulp that comes from sustainable certified forests (for a total consum ption of 22k tons) Paper production Thermoplastic film production Circular Economy 1
Slide 42: Carbon neutral scope 1+2: 2023 neutralization and offsetting
4. Neodecortech’s Sustainability Approach 42 A FULLY SUSTAINABLE BUSINESS MODEL From 2023 onward the Group is Carbon neutral scope 1 + 2 2023 Neutralization and Offsetting (Scope 1+2) CO2 eq - Ton 40,000 30,000 20,000 32,609 26,120 10,000 0 0 -6,489 -14,907 -10,000 -26,120 -20,000 -30,000 BEG Contri
Slide 43: Carbon neutral scope 1+2: 2024 neutralization and offsetting
4. Neodecortech’s Sustainability Approach 43 A FULLY SUSTAINABLE BUSINESS MODEL From 2023 onward the Group is Carbon neutral scope 1 + 2 2024 Neutralization and Offsetting (Scope 1+2) -35,7% versus 2023 CO2 eq - Ton 40,000 30,000 20,000 10,000 20.955 18.879 0 0 -2.076 -10,000 -18.770 -18.879 -20,000
Slide 44: Fully committed to ESG agenda 1/3
4. Neodecortech’s Sustainability Approach 44 FULLY COMMITTED TO ESG AGENDA 1/3 Environment & Circular Economy: 2024 Confirmation of Group Carbon Neutrality (Scope 1 + Scope 2). Fuel used by the BEG power plant was derived from certified tallow and other by products of animal origin (ABPs). CDG uses
Slide 45: Fully committed to ESG agenda 2/3
4. Neodecortech’s Sustainability Approach 45 FULLY COMMITTED TO ESG AGENDA 2/3 Social 2024 15.571 hours of training delivered 11 Scholarship program for employees’ children New policy on diversity issued. In 2024 women represented 16% of the employees 398 employees of which 207 < 50 years-old Contra
Slide 46: Fully committed to ESG agenda 3/3
4. Neodecortech’s Sustainability Approach 46 FULLY COMMITTED TO ESG AGENDA 3/3 Governance and reporting: Organizational model in place pursuant to Legislative Decree 231/2001 adopted in all companies Code of Ethics adopted in all companies Code of Conduct of Borsa Italiana: comply or explain Board o
Slide 47: Sustainable development goals
4. Neodecortech’s Sustainability Approach 47 SUSTAINABLE DEVELOPMENT GOALS The 2030 Agenda for Sustainable Development set by the United Nations in 2015 expresses the global plan of action for sustainable development, by tackling issues of universal concern such as poverty, hunger, lack of education
Slide 48: Index: Appendix
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Certifications Group structure Survey Sustainability Vertical integration benefits Circular economy Intercompany flows: economics 2024 Group emissions neutrality scope 1 + 2 circular economy Fully commited ESG agenda Industr
Slide 49: Income statement 2024-2023
Appendix 49 INCOME STATEMENT 2024 – 2023 (Euro thousands) 31 % 31 % ChangeChange % December December 2024 2023 Revenue from sales and services 168.575 100,0% 161.604 100,0% 6.971 4,3% Changes in work in progress, semi-finished and finished products (945) (0,6%) 3.250 2,0% (4.195) (129,1%) Other reve
Slide 50: Income statement Q1 2025-Q1 2024
Appendix 50 INCOME STATEMENT Q1 2025 – Q1 2024 (Euro thousands) 31 March % 31 March % Change Change % 2025 2024 Revenue from sales and services 43.629 100,0% 43.079 100,0% 550 1,3% Changes in work in progress, semi-finished and finished products 6.425 14,7% (107) (0,2%) 6.532 (6104,7%) Other revenue
Slide 51: Balance sheet statement - assets FY 2024-2023
Appendix 51 BALANCE SHEET STATEMENT - ASSETS FY 2024 – FY 2023 31 Dec 31 Dec Assets (Euro thousands) % % Change Change % 2024 2023 Intangible assets 3.317 1,9% 777 0,5% 2.540 326,9% Tangible assets 74.480 42,9% 75.969 46,1% (1.489) (2,0%) Equity investments 0 0,0% 0 0,0% 0 - Other non-current assets
Slide 52: Balance sheet statement - equity and liabilities FY 2024-2023
Appendix 52 BALANCE SHEET STATEMENT– EQUITY AND LIABILITIES FY 2024 – FY 2023 Equity and liabilities (Euro thousands) 31 Dec 2024 % 31 Dec 2023 % Change Change % Share capital 18.804 10,8% 18.804 11,4% 0 0,0% Share premium reserve 18.864 10,9% 18.864 11,4% 0 0,0% Other reserves 30.276 17,5% 28.185 1
Slide 53: Balance sheet statement - assets Q1 2025-FY 2024
Appendix 53 BALANCE SHEET STATEMENT - ASSETS Q1 2025 – FY 2024 31 March 31 Dec Assets (Euro thousands) % % Change Change % 2025 2024 Intangible assets 3.379 2,0% 3.317 1,9% 62 1,9% Tangible assets 73.265 43,3% 74.480 42,9% (1.215) (1,6%) Equity investments 0 0,0% 0 0,0% 0 0,0% Other non-current asse
Slide 54: Balance sheet statement - equity and liabilities Q1 2025-FY 2024
Appendix 54 BALANCE SHEET STATEMENT– EQUITY AND LIABILITIES Q1 2025 – FY 2024 Equity and liabilities (Euro thousands) 31 March 31 Dec % % Change Change % 2025 2024 Share capital 18.804 11,1% 18.804 10,8% 0 0,0% Share premium reserve 18.864 11,2% 18.864 10,9% 0 0,0% Other reserves 30.122 17,8% 30.276
Slide 55: Net financial position FY 2024-2023
Appendix 55 NET FINANCIAL POSITION FY 2024 – FY 2023 (Euro thousands) 31 December 31 December Change 2024 2023 A. Cash funds 12.483 12.157 326 B. Cash and cash equivalents 0 0 0 C. Other current financial assets 82 0 82 D. Cash (A+ B + C) 12.565 12.157 408 E. Current financial debt (16.226) (9.578)
Slide 56: Net financial position Q1 2025-FY 2024
Appendix 56 NET FINANCIAL POSITION Q1 2025 – FY 2024 (Euro thousands) 31 March 31 March Change 2025 2024 A. Cash funds 4.594 5.508 (914) B. Cash and cash equivalents 0 0 0 C. Other current financial assets 0 0 0 D. Cash (A+ B + C) 4.594 5.508 (914) E. Current financial debt (10.617) (13.694) 3.077 F
Slide 57: Key contacts
Appendix 57 KEY CONTACTS ISSUER INVESTOR RELATIONS SPECIALIST CORPORATE BROKING Luigi Cologni – CEO & Investor relator Lorenzo Edmondo Bondi Chiara Tavazzi Email: [email protected] Email:[email protected] Email: [email protected] Marina Fumagalli - CFO Email:m.fumagalli
Slide 58: Decors and surfaces for sustainable living
4+A0Z mmm ANO OR H Decors and surfaces for sustainable living.