Main consolidated economic highlights – 1st half FY 25/26 vs. 1st half FY 24/25
VALUE OF PRODUCTION EQUAL TO EUR 4,9M COMPARED TO EUR 4,2M (+16% YoY)
REVENUE FROM SALES* EQUAL TO EUR 3,9M (COMPARED TO EUR 3,6M AS OF DECEMBER 31, 2024) OF WHICH RECURRING REVENUE EQUAL TO EUR 2,9M COMPARED TO EUR 2,2M (+29% YoY)
“ANNUAL RECURRING REVENUE” (ARR)** EQUAL TO EUR 6,8M COMPARED TO EUR 5,2M AS OF DECEMBER 31, 2024, AN INCREASE OF 31% YoY
INTERNATIONAL TURNOVER AT 91% SHARE
EBITDA EQUAL TO EUR 150K COMPARED TO EUR -44K
LOSS EQUAL TO EUR -702K COMPARED TO EUR -781K
Main consolidated financial highlights – 31 December 2025 vs 30 June 2025
PFN (NET DEBT) EQUAL TO EUR 1,1M COMPARED TO EUR 1,7M
* Excluding Work in Progress (WIP).
** “Annual Recurring Revenue” (ARR) is the total anticipated revenue a business expects to earn from its subscription-based customers in a year, reflecting the recurring nature of subscription contracts.
Paolo Gamberoni, Chairman of the Board of Directors, comments: “In the first half of the year, the Group recorded a 16% increase in production value, driven by growth in recurring revenue (+29%), which represents the key driver of business quality. Partnerships with leading global operators—including INDRA, KPMG, NTT DATA, Accenture, and Bain & Company—are becoming an increasingly significant sales channel, as evidenced by the sharp rise in revenue generated through partners. During the period, we completed the reengineering of the TAM4 platform, with the aim of reducing project timelines and complexity and increasing our ability to scale for large clients. Sales efforts led to the signing of new contracts with international groups such as TotalEnergies, Opella, and UPM, further strengthening the Group’s positioning with global clients and maintaining a high proportion of foreign revenue, at approximately 91%. Overall, the results for the period reflect a consistent evolution of the business model: a greater share of recurring revenue, growth in the partner channel, and targeted investments in products and organization to support future development.”
Verona, March 25, 2026. Creactives Group S.p.A. (“Creactives Group” or the “Company”) (ISIN IT0005408593 – ticker: CREG), an international company and fiscally eligible Innovative SME, listed on Euronext Growth Milan – Professional Segment (“Euronext Growth Milan Pro”), that develops Artificial Intelligence technologies to address real-life business problems in the Supply Chain, today approved the consolidated half-yearly report as of December 31, 2025, voluntarily subjected to a limited audit.
Comment on the results
Production value stands at approximately 4,9 million euros, up 16% compared to the same period of the previous fiscal year (4,2 million euros). This growth is driven by an increase in recurring revenue, which amounted to 2,9 million euros (+29% year-over-year). The project component recorded a 9% decline (1,2 million euros compared to 1,3 million in the same period of the previous fiscal year), reflecting the reduced availability of resources during the half-year, which were also allocated to developing new opportunities with partners and providing increased support to the existing customer base.
Revenue from projects acquired through partners is growing strongly, rising from approximately 0,7 million euros to 2,7 million euros. This increase is attributable both to new contracts with leading international groups secured through partners and to the launch of recurring services related to projects acquired in the previous period. International revenue accounts for approximately 91% of the Group’s total revenue.
Total costs increased by 12%, from 4,9 million euros to 5,4 million euros. Personnel costs, accounting for 46% of total costs, rose by 28% to 2,5 million euros, due to contractual adjustments, investments in training, and the hiring of key personnel to support growth. Other costs, amounting to 2,96 million euros as of December 31, 2025, are substantially in line with the figure as of December 31, 2024 (2,94 million euros).
The net financial position (NFP) decreased by 35% compared to the figure as of June 30, 2025, standing at 1,1 million euros. The change is primarily due to the subscription of the first tranche of the capital increase for 1,8 million euros, partially allocated to reducing negative working capital. Shareholders’ equity increased from 1,2 million euros as of June 30, 2025, to 2,8 million euros as of December 31, 2025.
Significant events in the first half of the 2025/26 financial year
September 24, 2025: The Board of Directors of Creactives Group S.p.A. examined and approved the draft financial statements and the Group’s consolidated financial statements as of June 30, 2025.
October 13, 2025: The notice convening the Ordinary and Extraordinary Shareholders’ Meeting of October 27, 2025, was published. The Meeting was called to deliberate on the approval of the financial statements, the renewal of corporate bodies, and financial and strategic measures, including a stock option plan and capital transactions.
October 27, 2025: The Ordinary Shareholders’ Meeting approved the financial statements as of June 30, 2025, resolved to carry forward the loss, and appointed the new Board of Directors, also approving the 2025-2030 stock option plan. At an extraordinary meeting, it approved a capital increase to support the plan and granted the Board authority to carry out capital increases and/or issue convertible bonds up to 20 million euros.
November 12, 2025: As part of the rights offering approved on October 13, 2025, the unexercised rights to subscribe for additional shares were sold. The first phase of the operation was completed, with 73,50% of the new shares subscribed for, for a total value of Euro 1.811.173,50.
December 18, 2025: Creactives Group was selected for the ProcureTech100 2025/26, the annual list of the 100 most innovative digital procurement solutions globally.
Significant events between the end of the semester and the publication of this report
January 21, 2026: The remaining tranche of the rights offering was subscribed, completing the transaction for a total of 1.642.750 shares with a total value of Euro 2.464.125.
Foreseeable development of operations
The company intends to continue strengthening its partner network, which it views as a strategic lever for expansion into international markets. To this end, it plans to build on existing collaborations and establish new partnerships, with the aim of expanding its commercial presence and generating new business opportunities globally.
At the same time, particular attention will be paid to developing and qualifying the sales pipeline, with the goal of capitalizing on opportunities already identified, accelerating the closing process, and finalizing as many contracts as possible by the end of the fiscal year.
The growth of recurring revenues (ARR – annual recurring revenues), characterized by high margins and greater predictability of cash flows, remains central, along with maintaining a stable and controlled cost structure.
All of these actions are aimed at achieving economic and financial equilibrium in the coming semesters.
The financial statements are attached.
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