EGM under the microscope: Confinvest Oro reports an 80 per cent rise in revenue thanks to the integration with Dierre

It should be noted that the 2025 figure had benefited from revenue arising from a number of non-recurring ‘spot’ transactions managed directly by the management and linked to the volatility of gold prices, which contributed as much as 20 million to turnover (although these transactions were characterised by lower profit margins than those of the traditional core business). Excluding these transactions, turnover for 2025 would have stood at 60.9 million (which is still almost double the 2024 figure).

Net financial debt as at 31 December 2025 stood at 232,000 euros (the debt-to-equity ratio is negligible, given that shareholders’ equity as at the same date stood at just over 8 million), down from €587,000 at the end of 2024. Confinvest Oro also calculates an ‘adjusted’ net financial debt figure, which includes the value of the liquid component of its stock of gold coins, and which, at the end of 2025, resulted in net liquidity of 7.3 million (5.8 million as at 31 December 2024, and, of course, the price of gold had risen in the meantime).

At the end of 2025, a rights issue was carried out on the basis of 5 new shares for every 26 existing shares, at €1,835 per new share, for a total value of approximately 2.5 million (fully subscribed; 91.93 per cent of the total had already been subscribed during the rights issue period). In addition, there was a capital increase reserved for Dierre Srl for the purpose of a ‘reverse takeover’, amounting to 1 million.

On 1 April 2026, Confinvest Oro distributed a dividend of 0.034 euros per share. However, this was not the ‘traditional’ dividend in respect of the 2025 financial year (and, indeed, the general meeting to approve the financial statements was held on 29 April 2026 and did not resolve to distribute any dividend), but rather a distribution from available extraordinary reserves, and in particular from the reserve formed from profits made in the 2024 financial year.

This reserve amounted to 501,467 euros, and a total of 304,136 euros was distributed (including, of course, the shares issued as part of both the capital increase reserved for Dierre and the rights issue); for stock market purposes, this dividend was treated as an ordinary dividend (not least given its relatively modest value compared with share prices) and, consequently, no adjustment factors were applied to the share price. As regards the 2025 net profit, which, as mentioned, amounted to approximately 1.4 million, it was allocated in full to reserves (specifically, 1.37 million to the extraordinary reserve). Confinvest Oro had previously distributed (ordinary) dividends in respect of the financial years 2019, 2020 and 2022.

For the current financial year, Confinvest Oro’s management is optimistic, not least in light of the full integration of the Dierre business unit from both an operational and commercial perspective; furthermore, the stock that had been set aside for Confinvest Oro by the former Dierre Srl has been fully utilised for purchasing purposes. This stock includes, amongst other items, ‘new mint’ sterling silver coins, Swiss and Italian marenghi, Krugerrands and ingots produced by LBMA-accredited foundries weighing 50 grams or more and accompanied by certification.

Confinvest Oro’s core business will remain the sale of investment gold to the retail market (in 2025, 62.4 per cent of revenue came from bullion and 34.7 per cent from investment gold coins), but its entry into the wholesale market and diversification into other precious metals that have not yet been ‘discovered’ as safe-haven assets (industry experts emphasise that there are excellent prospects, particularly for silver, given its greater availability and versatility compared to platinum and palladium) may further boost the 2026 results. Operational and, of course, commercial synergies are expected, as well as entry into new markets, particularly overseas (in 2025, over 99% of revenue was generated in Italia). However, staff costs will increase significantly as the workforce expands from 6 to 11 employees (of the 5 former Dierre staff members, two are dedicated to sales, one to compliance management, one to administration and accounting, and one to logistics).

Confinvest Oro, which was recently included amongst the 100 companies in the Intermonte Valore Italia index, is one of the few companies on Euronext Growth Milan with a free float exceeding 50 per cent of the share capital (in this case, 53.08 per cent); the largest shareholder is the Turin-based Bolaffi group, with 24 per cent of the share capital, followed by Dierre Srl with 6.15 per cent. There is, of course, a strong synergy between the activities carried out by Bolaffi, which in 2025 held 57 auctions of safe-haven assets, including stamps, banknotes and antique coins, with a total value of 49.1 million – 15 per cent more than in 2025 – but also sells investment coins and gold bars. Consequently, although Confinvest Oro is theoretically ‘scalable’, the presence of a controlling shareholder so closely aligned with the business makes an ‘unauthorised’ takeover bid unlikely. 

Over the past year, the share price has risen by more than 20 per cent, though unfortunately trading volumes have been very low and analyst coverage has been very limited. However, the company’s increased size following the merger with the Dierre business unit could change this situation and potentially encourage institutional investors – who are not currently represented – to become shareholders.