Egm in the X-ray: Saccheria Franceschetti records a 24.5 per cent increase in revenue

Moreover, it should be noted that as of 31 December 2025, shareholders' equity amounted to EUR 10.5 million, and consequently the Debt/Equity ratio was very low (about 0.25 times), and did not change significantly after the payment of the 2025 dividend, which took place on 13 May 2026 (EUR 0.03 per share, for a total dividend payout of EUR 262,500). This dividend resulted in a pay-out of 23.5% (thus very conservative) on the 2025 net profit of about EUR 1.12 million.

As far as profit margins are concerned, in 2025 Saccheria Franceschetti, against a 10.4% increase in turnover to EUR 19.5 million, saw ebitda rise by 3% to EUR 2.17 million, ebit by 5.8% to EUR 1.73 million, and net profit by 7.7% to about EUR 1.12 million. This trend was mainly due to the sharp increase in the cost of raw materials and goods consumption (+31.5% to EUR 14.8 million), but the company managed to reduce the level of net financial expenses from EUR 124,000 to EUR 101,000, despite the aforementioned increase in debt due to the growth in working capital (up from EUR 6 million to EUR 8.6 million).

It is also worth mentioning that Saccheria Franceschetti, precisely because of its very lean business model, has seen its personnel costs drop by 9.6% to EUR 1.26 million, as at the end of 2025 the number of employees amounted to only 24 (of which 23 were on permanent contracts). And this model in 2026 will benefit from the awarding of the 'Digital Logistics' project of the Lombardy Region, with which advanced logic and AI prompting models will be adopted to automate information flows and speed up decision-making processes, and a Warehouse Management System with predictive capabilities and next-generation tracking will be implemented to facilitate supply chain management. This will allow employees to free themselves from repetitive and low-value-added activities, to focus on customer proximity, business activity and the scalability of the e-commerce channel.

For 2026, as seen, the company's e-commerce strategy for Big Bags has led to an increase in turnover. Customer loyalty is pursued by guaranteeing punctual deliveries thanks to the large inventory (and at least for the time being, the situation in the Strait of Hormuz does not allow for a change in this policy); furthermore, a further benefit may derive from the fact that in May 2025, Textile Exchange's Global Recycled Standard certification was obtained, which guarantees the presence of at least 20% recycled materials in the products, which may be of interest to customers who are more sensitive to environmental issues and/or who in turn draw up sustainability reports, also in order to improve their credit scoring.

The operating cost structure is not expected to change substantially compared to that of 2025 (there remain, of course, tensions over the production costs of polymers and semi-finished products in the industrial districts of the Far East from which the company obtains its supplies). Saccheria Franceschetti also intends to grow by external lines and is confident that it will be able to complete an acquisition by the end of 2026 (as we have seen, despite the increase in net debt, there are no financial strength problems).

The company's considerable commitment on the ESG front has been mentioned, and the various initiatives include the continuation of the Sackmonarchy project for the use of processing waste, the measurement of the Life Cycle Assessment and carbon footprint of the flagship product (Big Bags), the only one still deliberately made in part in the company, the renewal of the Legality Rating with the maximum score, the exclusive use of energy from the company's own photovoltaic plant or purchased from certified 'green' sources, and the support of charitable initiatives in the area. For 2026, all these policies will be confirmed or strengthened and 6 webinars will be organised with the main suppliers to request their membership of the Cribis Synesgy platform for assessing corporate sustainability within the supply chain.

Unfortunately, as for many companies in the Euronext Growth Milan, the handicap of the low free float (very low in this case: only about 17% of the share capital) and the very low trading volume remains, circumstances that penalise the company's visibility by analysts and investors.