Officina Stellare (OS) H2 2025 earnings summary

Executive summary

• Production value reached €26.6M at Dec 31, 2025, up 20.9% year-over-year from €22.0M in 2024.

• EBITDA rose 72.3% to €8.1M (30.3% margin), EBIT up 87.5% to €3.0M (11.1% margin), and net income increased 81.2% to €1.8M.

• Net financial debt improved to €8.9M from €12.3M, driven by higher liquidity.

• Strategic merger with G.A.T.G. approved, creating a vertically integrated industrial group across space, aviation, naval, cyber, and defense domains.

• Significant expansion in R&D, new factory construction, and major contract wins in quantum and laser communications.

Financial highlights

• Revenue from sales was €18.7M (+12.1% YoY), with 41% from Italy, 17% Americas, 35% EMEA (excl. Italy), and 7% Asia-Pacific.

• EBITDA margin increased to 30.3% from 21.4% YoY; EBIT margin rose to 11.1% from 7.4%.

• Net equity grew to €19.1M from €17.3M.

• Cash position at year-end was €5.6M, up from €0.8M.

• Bank debt increased to €14.3M, while leasing debt decreased to €0.3M.

Outlook and guidance

• Management expects accelerated revenue and margin growth, leveraging the G.A.T.G. integration.

• The group aims to consolidate its position as a Tier 1 supplier for mission-critical and dual-use technologies globally.

• Focus on sustainable growth and strengthening leadership in the space and aerospace sectors.