High-potential SMEs

EGM under the microscope: Kaleon reported a 14 per cent increase in revenue in the first half of the year

The company, owned by the Borromeo family, is responsible for the management and promotion of artistic and natural heritage. It has recently changed its name

by Valeria Novellini

1 September 2026

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6' min read

Translated by AI

Versione italiana

Key points

The figures
2025 results on the rise, with the exception of EBIT due to listing costs
First third-party cultural heritage site under management: Vogogna Castle

6' min read

Translated by AI

Versione italiana

Administrative and Management Services. This is not an association of accountants but the former name of Kaleon, a company owned by the Borromeo family and active in the management and promotion of artistic, natural and museum heritage for tourism purposes. Indeed, the new name ‘Kaleon’ is inspired by the Greek word meaning ‘beautiful’: the focus therefore shifts from the act of management to the object of that management itself.

Kaleon made its debut simultaneously on Euronext Growth Milan and Euronext Growth Paris (the first Italian company to undertake a simultaneous dual listing) on 1 December 2025, and on that occasion a retail allocation was set aside exclusively for investors in France (subsequently, following the introduction of the direct distribution service for IPOs, Giunti Psychometrics became the first company on Euronext Growth Milan to reserve a quota for retail shareholders in Italia, listing on 22 July 2026).

The figures

At present, however, Kaleon’s share price is virtually in line with the IPO offer price of 4 euros per share; and this is despite the fact that, in the first half of 2026, the group’s revenue rose by 14 per cent to 12.3 million (it should be noted that the figures for this period do not, of course, include the peak tourist season, although, given the nature of the properties managed by Kaleon, the seasonal nature of tourism is less pronounced than in traditional seaside or mountain resorts).

Most of the turnover comes from ticketing, up 10.5 per cent to 9.3 million (a strategy of price differentiation between weekdays and public holidays, as well as between ‘open’ and ‘closed’ dates, has been implemented). However, the best performance was recorded by Food & Beverage services (+38.6% to 2 million), closely followed by Retail (+36.2% to 0.6 million). As for the other services, which generated total revenue of 0.5 million, they remained broadly stable: Hospitality at 0.1 million, Events also at 0.1 million, and other activities (tolls at Mottarone Park, pass-through of lake transport charges and miscellaneous revenue) at 0.3 million. Revenue from ‘other services’ as at 30 June 2025, amounting to 0.6 million, still included administrative management services – from which the company’s original name derives – which were spun off in February 2025.

Among the sites managed, the Borromean Islands on Lake Maggiore naturally take centre stage, with Isola Bella generating a turnover of 7.3 million (+16.1 per cent) and Isola Madre (+4.9 per cent to 2.5 million). These are followed by Pallavicino Park in Stresa (+17.6 per cent to 1.1 million), the Rocca di Angera (+1.6 per cent to 0.7 million), Mottarone Park, also near Stresa (+50.5% to 0.6 million) and the Castles of Cannero, which reopened to the public on 28 May 2025 following a decade-long restoration, contributing 0.1 million in the first half of 2026. All these sites have historically been owned by the Borromeo family.

2025 results up, except for EBIT due to listing costs

For the 2025 financial year (which essentially relates to a pre-listing period), Kaleon reported a 6.8 per cent increase in revenue to 23.2 million (+9.2 per cent excluding the aforementioned revenue from administrative and management services), whilst adjusted EBITDA rose by 10.7 per cent to 6.1 million, EBIT fell by 17.9 per cent to 2.5 million (including non-recurring income of 85,800 euros, the decline was 15.1 per cent to 2.6 million), profit before tax fell by 12 per cent to 2.4 million, and net profit remained broadly stable at around 1.56 million, as the tax rate fell from 43.7 per cent to 35.2 per cent). As at 31 December 2025, thanks to net proceeds from the IPO, which amounted to approximately 16.5 million net of offering costs, as well as positive operating cash flow of 5.2 million, Kaleon had net liquidity of 3.2 million (net financial debt of 12.7 million at the end of 2024). The decline in EBIT was largely due to the increase in depreciation and amortisation from 2.4 to approximately 3.6 million, of which 0.5 relates to capitalised costs incurred for the stock market listing. Excluding these costs, the group’s net profit would have reached 2.1 million.

As part of the “Progetto Fenice” – funded by the EU, the Italian government and the Lombardy Region – Kaleon was awarded a grant of 600,000 euros (it should be noted that the total costs of the listing amounted to over 1.5 million). The strategy outlined at the time of the IPO envisaged the expansion of the portfolio of managed properties (including those not owned by the Borromeo family), the expansion of the catering offering on Isola Bella by 2026 and the accommodation offering on Isola Bella and in the town of Stresa by 2027.

First third-party cultural heritage site under management: Vogogna Castle

By the end of 2025, negotiations had been announced (at various stages of discussion) concerning the management of two gardens in Veneto, a castle with gardens in Lazio, a castle in Veneto and a medieval village in Emilia-Romagna. However, these have not yet materialised; nevertheless, on 1 July 2026, Kaleon was awarded, following its success in a public tender (with 10 competitors), a nine-year management contract for another historic property, the Visconti Castle in Vogogna (also situated in the Verbano-Cusio-Ossola area and a few kilometres from Lake Maggiore).

This is the first third-party cultural asset managed by the company, and a major promotional and communications campaign is planned, naturally accompanied by a comprehensive range of services including visitor reception and ticketing, guided tours, educational activities, cultural events, light refreshments, a bookshop and dedicated merchandise. The castle is situated within the Val Grande National Park and has been open to visitors for some time, with the option of guided tours featuring guides in historical costume. Exhibitions are regularly held there and events take place. Vogogna is part of the ‘Borghi più belli d’Italia’ (Italia’s Most Beautiful Villages) scheme.

Challenges between lakes

Kaleon will publish its full results for the first half of 2026 on 30 September. Just a few days earlier, on 27 September (International Tourism Day, established by the UN), cultural tourism will be specifically celebrated in Italia. For now, it is worth noting that the Lakes Tourist District (Maggiore, Orta, Mergozzo and the Ossola valleys) – according to Cities Analytics data compiled by Confcommercio in the summer of 2026 – recorded over 4.9 million overnight stays (+5.7 per cent compared with 2025), with an average stay of 3.4 nights per tourist. Furthermore, Lake Maggiore is attracting an increasing number of international property investors, with prices for high-end properties (60 per cent of the total) rising by between 10 per cent and 20 per cent over the last three years (data from Lionard Luxury Real Estate).

This is also because, in any case, prices for similar properties on the more ‘popular’ Lake Como are around 30 per cent higher. And Stresa, thanks precisely to the draw of the Borromean Islands, is currently the most sought-after location. Finally, from 5 December to 6 January 2027, Isola dei Pescatori will take centre stage in the ‘Isole di Luce’ (Islands of Light) lighting display, and in future the local authorities aim to implement similar projects involving the municipalities of Laveno, Stresa and Verbania, with the aim of reducing the seasonal fluctuations in local tourism.

Kaleon’s prospects therefore look decidedly positive; for destinations in the Borromean Islands, the 2026 season runs from 12 March to 8 November (with regard specifically to high-end tourism, it is worth noting that Isola Bella is also home to a Fope jewellery boutique; Vitaliano Borromeo sits on its Board of Directors and is also a shareholder with a 6.37 per cent stake). Furthermore, at Mottarone Park, the Adventure Park is open again from late May to 20 September, featuring attractions designed for lovers of mountain adventures.

It has been said that the share price is in line with the IPO price; Kaleon has been included amongst the 100 listed Italian companies on the Intermonte Valore Italia index, and the free float is relatively high for a company on Euronext Growth Milan (31.2 per cent of the share capital), but, despite these characteristics and its dual listing in Paris, trading volumes remain, unfortunately, very low. Given its specific sector of activity, Kaleon’s share price could naturally benefit from the release of data on tourist numbers during the peak summer season and, above all, from the expansion of third-party facilities under management, particularly if these are located outside its traditional area of operation (between Piedmont and Lombardy).