Cedacri: EBITDA rises to 124 million in the first half of the year; financial leverage improves

(Il Sole 24 Ore Radiocor) - Cedacri, an Ion Group company specialising in technology outsourcing for the financial sector, reported an increase in adjusted EBITDA to 124 million in the first half of the year (+43 per cent) on revenues of 254 million (+5 per cent), resulting in a margin of 49 per cent. This is according to sources close to the company.

Ion, a group founded by Andrea Pignataro, acquired Cedacri in 2021 at an enterprise value of 1.5 billion euros, in a transaction financed through the issuance of 650 million in senior bonds. As at 30 June 2026, the gearing ratio stood at 3.34 times pro forma adjusted EBITDA (based on the pro forma adjusted EBITDA for the 12 months to June) down from 4.62 times a year ago and from 4.26 times in 2021 at the time the senior bonds were issued. It is understood that Cedacri has repurchased part of its senior bond exposure for approximately 14 million, bringing current debt to around 1.016 billion. Cash holdings in June fell by 18 million, from 164 million in December, following the distribution of 70 million in dividends in the first quarter and the bond buyback. The company has a 60 million revolving credit facility at its disposal, which is currently unused.

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