Egm x-rayed: Officina Stellare revenues down in first half 2025

The negative balance of financial management increased from €196,700 to €361,100, but essentially due to the presence of a negative exchange rate effect that jumped from just €2,000 to almost €100,000. In fact, at 30 June 2025, net financial debt, at €12.1 million, was down from €12.3 million at the end of 2024. The Debt/Equity ratio at the end of June 2025 was 0.69 times, thus at entirely physiological levels. Finally, the higher tax rate, which rose from 17% to 24.7%, resulted in a 57.2% drop in net profit to €146,800.

As at 30 June 2025, the Group's order backlog amounted to €50.68 million, 47% of which came from Italy, 26% from the rest of the EMEA area, and 17% each from the Americas and Asia-Pacific areas. Including activities under contract as at 30 September 2025 (not those still being finalised), the backlog had risen to €59.2 million (for orders covering the period 2025-2029), of which €25.6 million related to the Earth Observation sector, €14.9 million to Laser Satcom, €6.3 million to Cyber, €6.2 million to Defence, €3.1 million to Scientific Research, €2.2 million to Industrial Adaptive Optics, and €0.9 million to Space Traffic Management.

La commessa da 1,6 milioni di Leonardo non è quindi inclusa nel backlog al 30/9/2025, mentre vi sono incluse una commessa da 2,5 milioni con il Centro di Ricerca Aerospaziale tedesco per la realizzazione di una stazione ottica di terra destinata alla futura costellazione Gps europea “Galileo” (durata 18 mesi, con il 60% corrisposto nel 2025 e il 40% nel 2026), una da 1,39 milioni con il Politecnico dell’Università di Cipro (consegna prevista a ottobre 2026), una da complessivi 7,5 milioni con Thales Alenia Space Italia (joint-venture fra Leonardo e Thales, che ne detiene il 67% ed è uno dei partner della nuova alleanza spaziale europea), con una prima tranche da 2,5 milioni entro 14 mesi dalla firma del contratto che è avvenuta a inizio settembre 2025, e la seconda da 5 milioni entro i successivi 51 mesi; di conseguenza la commessa è di competenza degli esercizi dal 2027 in poi), ed infine quella da 3 milioni con l’Agenzia Spaziale Italiana, della durata di 24 mesi sempre a partire da settembre 2

The three latest orders also concern the design and construction of optical ground stations for Lasercom and quantum communication applications. Then, at the beginning of October, a technology and licensing agreement was signed with Skyloom Global Corp. USA, as well as a collaboration agreement for the realisation of the Skyloom Europe project, which will involve the establishment of a newco wholly owned by Officina Stellare and equipped with a production plant located near the current headquarters that will be used to manufacture optical flight terminals for Earth-to-orbit and orbit-to-orbit inter-satellite link applications that will serve multi-orbit satellite networks. Not only: the new plant will also carry out research and development activities on new safe optical communication projects (free-space and airbone systems, aircraft/satellite drones and aircraft/earth drones).

Intanto Officina Stellare, già a fine 2024, aveva acquistato un terreno edificabile adiacente alla sede di Sarcedo (Vi) destinato alla realizzazione dell’impianto della newco (che si prevede sarà operativo a fine 2026 ed occuperà inizialmente 30addetti, destinati a diventare 120 entro il 2030); infatti la lettera d’intenti con Skyloom Global era stata siglata a inizio ottobre dello scorso anno e la finalizzazione dell’accordo è avvenuta dopo 12 mesi. Allo scopo di migliorare l’efficienza produttiva e di ottimizzare la supply chain è stata inoltre costituita la start-up innovativa Meccanica Stellare Srl (40% Officina Stellare, 40% di competenza del fornitore strategico vicentino Dogreco attivo nella meccanica di precisione e 20% di Giovanni Zuccolo, ingegnere e ricercatore con un PhD presso la britannica Cranfield University, fra le prime 30 al mondo nel settore dell’ingegneria meccanica e aerospaziale).

Officina Stellare is part of the Veneto Aerospace Cluster, Italy's fourth largest region in terms of the number of companies active in the aerospace sector. The sector is in turmoil and, following the entry into force last 25 June of Law 89 on the Space Economy (the first piece of legislation in Europe), for which the relevant implementation decrees are expected by the end of the year, further development of this decidedly strategic activity is expected. In the meantime, interest in the space sector is also expressed through the multiplication of events dedicated to the Space Economy: in addition to the already consolidated Nse New Space Economy in Rome and Space Meetings Veneto in Venice, the first edition of Bex - Beyond Exploration organised in Rimini by the Italian Exhibition Group will be held in 2026; it will be an expo-conference with an exhibition area and informative and training meetings.

Will Officina Stellare also be a protagonist in some of these events? At the moment we do not know, but the group's pipeline of orders and initiatives is decidedly interesting, and it is no coincidence that the share's performance over the past year (despite the low trading volumes that characterise the entire Euronext Growth Milan and a free float of less than 23% of the share capital) is over 80%, half of which has been shown in the last six months.