Egm X-rayed: Omer reports +18% revenue in the first nine months of 2025

In the meantime, Omer continues with the execution of multi-year orders acquired in 2024 as well as in 2025: an order from Knorr-Bremse Rail Systems Italy for the supply of toilet modules for 42 German high-capacity regional 'Coradia Stream' trains built by Alstom and intended to run in the federal state of Schleswig-Holstein has begun. The delivery will mostly take place in 2026 and the counter value amounts to about EUR 5 million.

Then there is the six-year order (2025 - 2030) to supply the Caf Group with interior fittings for 146 trains for the Paris 'Rer - B' line (connecting the two airports of Roissy - Charles de Gaulle and Orly) serving 47 stations in 41 municipalities. This order has a total value of approximately EUR 2.5 million.

Operations have also begun for the supply to Alstom of the fairings for 12 'Avelia Stream' high-speed trains (with an option for a further 18 trains). They will be supplied to an Italian operator (by 2027); but these are the most advanced type of trains at present also at international level, since Alstom has signed an exclusive agreement with the British Virgin group for the supply of 12 'Arcadia Stream' trains for cross-Channel services with planned start-up in 2030, with 20 daily round-trip connections from London mostly with Paris, but also (to a lesser extent) with Brussels and Amsterdam.

To cope with all this, Omer has launched the production expansion plan for its industrial site in Carini (Palermo) and has signed the 'Innorail' development contract with Invitalia for a duration of 36 months and amounting to approximately EUR 28 million, half of which will be covered by a non-repayable grant and half by the company (it has already been seen that Omer has net liquidity and therefore no financial strain problems). The company also recently hosted the fifth edition of the international 'RedCabin Railway Interior Innovation Summit Europe 2025', dedicated to the design and innovation of railway interiors, which was held for the first time in Italy and concluded with a visit by the participants (the major players in the railway world) to the Carini plant. In terms of ESG, Omer has numerous certifications and has adopted Model 231 and a code of ethics.

As far as the bottom end of the income statement is concerned, in the first half of 2025 Omer saw ebit rise by 12.9% to €7 million, while net profit remained more or less stable at around €4.5 million, as a result of foreign exchange charges of €586,000 (clearly referring to Omer North America; not considering this item, the balance of financial management would have been positive) and a tax rate that rose from 27.9% to 30.6%. For the remaining part of the year, this situation should not show substantial changes and, consequently, 2025 should close with positive results, but not very different from those of the previous year (in the presence, however, of growing revenues and ebitda).

The management stated that 2026 will be a year of consolidation for Omer, which will see the completion of a number of important projects financed with Pnrr funds, but of course existing orders will continue and new opportunities are not excluded.

This was reflected in Omer's share prices in 2025, which were little changed, with a positive balance in any case; the free float is in line with the average percentage of Euronext Growth Milan (just under 26%), but the trading volume is quite low. The company has interesting prospects for the future, and despite the significant investments planned it also certainly has the financial capacity to continue to remunerate shareholders. In fact, it is more a 'value' than a 'growth' stock, despite being listed on Euronext Growth Milan. If Marcello Rubini (Marcello Mastroianni), the protagonist of the film 'La Dolce Vita', said 'I am too serious to be an amateur, but not serious enough to be a professional', Omer has certainly so far proved to be a professional company.