Alia Mentis Spa (ALMS) Investor presentation summary

Business and growth

• Deep-tech materials and manufacturing platform spanning Koridion active cores and Xelion impact-dissipating materials; €14.7m total sales and €8.5m EBITDA in 2025.

• Total sales rose 86% YoY to €14.7m in 2025; EBITDA increased 154% to €8.5m, EBIT 133% to €6.3m and net income 149% to €4.1m.

• EBITDA margin rose to 57.9% in 2025 from 42.4% in 2024; EBIT margin was 42.9% versus 34.2%, and net income margin was 27.9% versus 20.9%.

• Active-core sales are expected to increase 10x over the next three years, driven by services and royalties; Xelion product sales rose 49%, with a further 50% increase expected in 2028.

Technology and intellectual property

• Koridion is a heat-expanding active core for CFRP components, generating internal pressure during curing to support complex geometries, lower scrap, simpler processing and reduced reliance on autoclaves.

• Equalizer machinery is designed to scale Koridion production; Equalizer 2.0 targets higher capacity, shorter cycles, greater automation and improved process control.

• Xelion is a proprietary functional composite for absorbing and dissipating impact energy, with industrialized applications, recurring product sales and transferability across sectors.

• The IP portfolio includes more than 20 patents; 17% of staff work in R&D, and R&D investment since 2023 totaled €13m, including ~€2m operating expense and ~€11m prototype capex.

• Tomography for non-destructive testing and additive manufacturing for rapid mold production are in development; Equalizer 2.0 and Xelion 2.0 are among planned initiatives.

Commercial traction and production scale-up

• The operating model spans product R&D, OEM co-design, pre-series and industrial production, with direct OEM engagement and technologies embedded in customer technical specifications.

• Machinery capex with five system integrator partners totaled €22.99m in 2024–2025; related services, licenses and mold-and-equipment revenue totaled €10.85m.

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

• Royalties from Equalizer machinery sold by system integrators are expected from 2026; the first machine orders are expected to generate royalties in 2026.

• Automotive and motorsport OEM programs average 3–4 years from RFQ to start of production; aerospace programs average 7–8 years, while fighter and drone programs have longer timelines.