Egm in the X-ray, for Svas Biosana revenues up 21% in the first six months of 2025

On 11 June last, Svas Biosana shareholders were paid a dividend of EUR 1.08 million (EUR 0.25 per share) for the financial year 2024, and the buy-back will also continue in 2025 (the company currently holds 5.58% of its own shares and, as of 8/9/2025, disbursements amounted to a total of approximately EUR 320,500). On the other hand, the disbursement of EUR 0.9 million (but to be paid in three years) in connection with the acquisition of 51% of the Italian company Mehos Srl of Arese (Milan), specialising in the supply of medical devices to public health facilities, which was finalised on 17 July, will not yet be included in the calculation of the financial position as at 30/6/2025. Here, too, there will be a variable earn-out, not quantified, linked to ebitda over the next four years; in addition, Svas Biosana has committed to provide Mehos Srl with a €1m loan to be disbursed within three years to support its growth.

Obviously, Mehos Srl will increase the group's presence in Italy, and although it should be emphasised that in the first half of 2025 the Svas business line that markets medical devices in our country saw a leap in revenues of 48.2% to €12.3 million, the aggregation of Mehos Srl will not be entirely negligible given that in 2024 the company achieved revenues of €5.6 million but, above all, showed very low margins (ebitda of just €7,000) and a net financial debt of €1.6 million. This is therefore - albeit at low levels - Svas Biosana's biggest 'challenge' in terms of achieving integration synergies. As a reminder, in 2024 the Svas Biosana group showed an ebitda margin of 12.7%, which, for Mehos Srl, would be equivalent to an ebitda of around €711,000.

As regards the production activities of the Svas Biosana group, the most important one (Farmex, incontinence aids and dressings) in the first half of 2025 showed substantially stable revenues (-1.7% to 17.4 million), while Medical (custom packs, advanced dressings, disposable drapes and lubricating gel) rose by a good 22.5% to 4.9 million. As a result, the 'production' area generates about 31% of the consolidated turnover, while commercial activities account for most of it (the incidence will rise further with the inclusion of Mehos Srl in the group and the greater contribution of the two Serbian companies acquired in March 2025).

All this considered, Svas Biosana's geographic diversification strategy appears to be marked by prudence, also because in Italy the weight of the payback on medical devices remains and is considerable, especially for SMEs (even if the Campania-based group is not, given that in 2024 it exceeded 120 million in turnover and had 327 employees, both figures destined to rise further in 2025). Law 8/8/2025 no. 118, which converted 'Decreto Economia' 30/6/2025 no. 95, allowed companies in the medical device sector to pay only 25% of the sums due for paybacks referring to the period 2015 - 2018 if this payment is made within 30 days from the date the conversion law came into force (and remember that in 2023 the original figures had already been discounted by 52%) and renouncing any future legal action. The fact is that nothing is known about the paybacks due for the subsequent periods (2019 - 2024) even though the Regions have already sent the Ministry of Health the relevant expenditure data requesting the start of procedures to recover the sums.

Svas Biosana therefore pursues a policy of stability (and growth) in the structurally unstable sector context of national healthcare. From the point of view of sustainability, it does not draw up any specific balance sheet but has numerous environmental certifications and aims to reduce its consumption of electricity, water resources, liquid propane gas, plastic and waste materials. The incontinence aids produced by Farmex are 100% Pefc certified and only cellulose from sustainably managed forests is used. In addition, specific social-ethical, environmental, health and safety, corruption prevention and gender equality policies have been adopted.

The free float (the main problem for many companies in Euronext Growth Milan)? It is not particularly low, as it is around 30 per cent of the share capital. And given that, as part of the buy-back programme implemented so far in 2025, purchases of treasury shares on the market started from an average price of less than EUR 7.7 per share at the beginning of the year to an average of almost EUR 8.2 per share at the beginning of September, the market seems to appreciate the growth and diversification strategy undertaken by the group so far.