Egm X-rayed: Lindbergh reports 51.4 per cent jump in revenue
The company, active in the logistics and technical assistance sector, posted a turnover of 15.8 million in the first half of 2025
Key points
At the end of 2021, when it made its debut at the Egm, the activities of the Cremonese company Lindbergh bore remarkable similarities to those of a very recent 'freshman', the Genoese RT&L: logistics services and solutions (although Lindbergh is focused on land logistics and RT&L on maritime logistics). However, this has not been the case for some time now: an intensive acquisition campaign has meant that Lindbergh can now be defined, in short, as a company that is essentially active in technical support, which is combined in three business lines: Network and Warehouse Management (logistics services and assistance to itinerant maintenance networks), Waste Management and Circular Economy (services for industrial waste management and production of tracked recycled materials) and Hvac (assistance and maintenance of heating, cooling and ventilation systems, the latter sector being under the sub-holding Smit Srl).
The numbers
And so in the first half of 2025 the Lindbergh Group saw revenues jump by 51.4% to 15.8 million. But this strong increase was largely due to the Hvac business line, whose turnover, also thanks to continuous acquisitions, rose from 2.2 to 7.2 million and now accounts for 45.7% of consolidated core revenues. On the other hand, until June 2025, the group acquired, in order, Itr Srl and Eco Manutenzioni Impianti Srl (active in the province of Rome) and a business unit of Alfatermica Srl.
The more 'traditional' Network and Warehouse Management segment showed stable revenues (+0.8% to EUR 6.2 million), while the Waste Management and Circular Economy segment rose by 27.2% to almost EUR 2.3 million. The overtaking of the Hvac business over the other two sectors has therefore already taken place.
It will be said that growth by external lines generally leads, at least in the immediate term, to the erosion of margins due to the timing of integration and, of course, to increased financial expenses. For Lindbergh this happened to a relatively limited extent (remember that they are service companies, with much leaner structures than production companies). In fact, in H1 2025, ebitda jumped 36.2% to EUR 2.8 million, ebit 45.7% to EUR 1.7 million, and net profit 28.1% to EUR 1.07 million. This was due to net financial expenses that more than doubled from EUR 81,400 to EUR 164,300 and a tax rate that rose from 26.4% to 29.1%. As for amortisation and depreciation - the income statement item that mostly increases in the case of acquisitions - amortisation for intangible assets rose from €133,400 to €179,400 and amortisation for usage rights from €440,800 to €589,000.
As at 30/6/2025, net debt amounted to EUR 5.27m, up from EUR 3.4m at the end of 2024, and gave rise to a Debt/Equity ratio of 0.55 times (therefore still low); the acquisitions made during the period resulted in a total outlay of EUR 1.44m, which corresponds to about 78% of the total increase in debt. The year 2024 had ended with a loss (due to the results of the French subsidiary divested during the year), and consequently there were no outlays for dividends.
