Alia Mentis Spa (ALMS) Investor presentation summary

Technology and operating model

• Koridion is an active thermo-expanding core for CFRP components, enabling complex hollow structures, internal pressure generation, reduced scrap and autoclave-free processing.

• Equalizer industrial machinery scales Koridion production; Equalizer 2.0 is designed to lift capacity, automation and process control.

• The model spans product R&D, OEM co-design, pre-series validation and industrial production, with direct engagement supporting insertion into OEM technical specifications.

• Xelion is an industrialized impact-energy management material with recurring product sales and applications across protective equipment, sports and specialized industry.

Growth and commercial traction

• FY2025 total sales reached €14.7m, up 86% YoY; EBITDA was €8.5m with a 57.9% margin, and net income was €4.1m.

• Services and royalties are key Koridion growth drivers; active-core sales are expected to increase 10x by 2028, while Xelion sales are expected to rise 50% by 2028.

• System-integrator partnerships generated €10.8m in services, license, and mold-and-equipment revenue in 2024–2025, alongside €23.0m of partner machinery capex.

• Partner 1 received an order for Equalizer #1 in Apr 2026 at €3.1m, with H2 2026 delivery expected; a second sale was under negotiation, with an order expected by Dec 2026.

H1 2026 financial performance

• H1 revenue was €7.1m, up 12.4% YoY; Koridion sales grew 29.6%, while Xelion sales fell 34.6% as key customers focused on launching new product lines.

• EBITDA rose 14.4% to €3.7m; margin was 49.3% vs. 51.5% in H1 2025, reflecting a higher cost-base incidence and €215k of prior-period legacy-receivable charges.

• EBIT declined 18.8% to €2.0m and net income fell 28.0% to €1.1m; higher depreciation from 2025 equipment investment and higher financial charges weighed on results.

• Net cash was €7.7m at Jun 30, 2026, versus net debt of €17.2m at Dec 31, 2025, mainly reflecting IPO proceeds; shareholders’ equity rose to €46.3m.