Egm in the X-ray: Siav recorded a 43% increase in ebitda
Growth in 2025. The Padua-based company active in the It sector issued a EUR 2 million minibond, subscribed by Banca Valsabbina, to grow by external lines
Key points
Siav is a Padua-based benefit company active in the It sector, and in particular in the areas of Enterprise Content Management and Business Process Outsourcing. Thanks to a management efficiency strategy, it managed to achieve an increase in ebitda of about 43% to EUR 9 million in 2025, and turnover also rose (+7% to EUR 35.7 million); on a like-for-like basis, i.e. excluding from the 2024 figures the contribution of Mitric Srl (sold on 27 May for EUR 1.05m to Archiva Srl owned by Progressio funds), growth would have been 10%, driven by Outsourcing (+15%) and Services (+11%), while Software rose 7% (but only +1% excluding Mitric Srl).
It should be recalled here that the Software business relates to the group's proprietary platforms (Archiflow, Connect and Catflow), while Outsourcing revenues refer to electronic invoicing and electronic document storage activities, and Services revenues to the sale of application development services referring to the proprietary platforms. It goes without saying that Software and Outsourcing activities are those characterised by higher margins.
The numbers
In the first half of 2025, Siav, while revenues were up only 2% to €16.8 million (and let's remember that Mitric Srl was included for practically the entire period), ebitda was €3.8 million (+22%), ebit was €1.1 million (+46%), and it went from a net loss of €496.000 to a net profit of €397,000 (with a contribution of €218,000 from the proceeds of the sale of Mitric Srl, thanks to which net financial charges dropped from €549,000 to €354,000). The increase in turnover was exclusively driven by the sale of Services (+10% to EUR 7.3 million), while the other business lines showed slight declines.
Siav has a fairly diversified customer portfolio, and as at 30/6/2025, Private customers (private companies) had generated EUR 10.1 million in production value, Central and Local Public Administration around EUR 3.3 million each, and commercial reseller partners EUR 425,000. The first half of 2025 had seen a decrease in the Private contribution of 5%, while that of the Public Administration had increased overall by 19.6% to EUR 6.6 million thanks to the start-up of important Pnrr-related projects.
As is the case for a number of companies in this sector, the main balance sheet item under scrutiny is net debt; at the end of 2025, Siav had a debt of EUR 18.2m, down from EUR 20.9m at 31/12/2024, but slightly higher than the EUR 17.9m of the first half-year. For IT companies, the second half of each financial year is usually the one characterised by the most favourable seasonality (and as we have seen, this was also the case for Siav), but the growth in turnover generally also gives rise to an increase in working capital. Compared to shareholders' equity as at 30/6/2025, which amounted to EUR 8.8 million, the net debt at the end of the year gives rise to a Debt/Equity ratio of approximately 2.07 times, which is therefore quite high. In any case, it should be noted that part of the group's debt (EUR 7.3 million as at 30/6/2025) relates to utilisation rights, which are recorded as financial fixed assets in accordance with international accounting standards.
