High-potential SMEs

Egm x-rayed: Telmes sees 8.1% increase in revenue

The switchboard company achieved a turnover of almost EUR 10 million last year

by Valeria Novellini

11 May 2026

Milano: il palazzo della Borsa in piazza Affari Adobe Stock

5' min read

Translated by AI

Versione italiana

Key points

Numbers
Thanks to cost containment, all margins are up sharply
Significant order from Ferrovie della Calabria

5' min read

Translated by AI

Versione italiana

Telmes for friends. In fact, the latest 'freshman' at Euronext Growth Milan in 2025 (and for now also in 2026 if we exclude the investment vehicle Praexidia Industrie Strategiche), where it landed on 18 December, boasts the record for the longest legal name on the entire Italian stock exchange: Techno Electrical Management Equipment Solutions.

From its full name it is clear that it is an electromechanical company, and in particular that it operates in the design, production and maintenance of low voltage electrical panels and automation and remote control software, and through its subsidiary Temeco Srl also in the design and construction of electromechanical systems for industrial use and renewable energy. It is a small company, even by Egm standards, and is also of relatively recent foundation as it was established in 2004 from the spin-off of the electromechanical branch of Telform, still active in Modugno (Bari) in the field of thermoforming of plastic materials and/or glass covers for civil and industrial applications.

The numbers

Our Telmes ended the year 2025 (obviously still almost entirely conducted as an unlisted company) with excellent results, especially in terms of profit margins.

Revenues rose by 8.1% to EUR 9.78 million, a trend driven by the historic Electrical Boards business line with +15.5% to EUR 6.42 million, but there was also a strong increase in the contribution of the Renewable Energy business line (Temeco Srl) with +72.3% to EUR 429.000 euro and Software & Engineering (+18.2% to 266,000 euro), while the Maintenance & Technological Plants business line showed a 12.5% drop in revenue to 2.67 million euro in relation to the delayed authorisation of some works connected with large plants.

Thanks to cost containment, all margins are rising sharply

On the other hand, raw material costs rose by only 7.2% to EUR 4.43 million, service costs by 2.3% to EUR 1.32 million, and personnel costs by 1.5% to EUR 2.98 million, in the presence of a little change in the number of employees (from 72 to 74). Above all, other operating expenses decreased from EUR 337,000 to EUR 118,000 (-65.1%).

Thus, despite the fact that amortisation and depreciation more than doubled from €125,000 to €286,000 (in particular, amortisation and depreciation on intangible assets rose from €33,800 to €158,900 and amortisation and depreciation on tangible assets from €78,200 to €110.100), ebit increased by 24.8% to €592,000, and, considering that the incidence of net financial charges was low and dropped from €112,000 to €84,000, net profit reached €311,000 (+40.4%), with a tax rate that hardly changed at 38.9%. No dividends were distributed from the parent company's net profit of EUR 309,000 (EUR 127,000 in 2024).

As of 31 December 2025, Telmes showed a net financial debt of EUR 1.85 million, down from EUR 2.27 million at the end of 2024; obviously, this item was affected by the IPO proceeds, which, net of expenses and commissions, amounted to EUR 0.6 million (but it should be noted that these expenses and commissions amounted to EUR 0.7 million, an even higher figure, which unfortunately can explain the reticence of Italian companies to list themselves, as well as the difficult international geopolitical context). But there was also a contribution from operating cash flow. The Debt/Equity ratio at the end of 2025 amounted to 0.75 times and was therefore at physiological levels, although not very low.

At the IPO, Telmes was very concise in indicating its future strategies: it intends to expand its core business (medium voltage switchboards and renewable energies), strengthen its production structure (including through investments in process automation and artificial intelligence). However, growth by external lines through the acquisition of complementary companies is also not excluded.

The group's management believes that 2026 will also be a good year for the switchboard segment (given the growing trend towards electrification in many industrial sectors and the demand from data centre activities, distribution networks, infrastructure and energy transition-related sectors), and that this could lead to a further increase in revenues and margins (fortunately, Telmes does not operate in any of the markets currently affected by war or tariffs). Moreover, this year should also see revenues from works in the Management & Technological Plants segment postponed from 2025 (of course there will be the impact of amortisation of listing costs, but Telmes is also waiting to receive tax credits for IPO-related expenses in the amount of EUR 290,000).

Significant order from Ferrovie della Calabria

In the meantime, in February 2026, Telmes was awarded a contract to supply switchboards for the Tara river desalination plant (in the province of Taranto), designed by Acquedotto Pugliese, as well as a tender for the ordinary maintenance service at the Petruzzelli Theatre in Bari, Palazzo San Michele, the stage laboratory, the 'orchestra rehearsal room' and the 'choir rehearsal room'. The agreement also envisages the possibility of extending the maintenance service to include extraordinary maintenance and supervision services for all public events to be held in the theatre.

The amount of these orders has not been disclosed, but in April the company was also awarded a EUR 1.4 million order for a hydrogen production, storage and refuelling plant at the Cosenza Vaglio Lise Railway Depot (Ferrovie della Calabria), which will be booked in 2026 and given the size of the company is of a very significant amount.

As announced at the IPO, Telmes has already introduced production innovations (a new automation system dedicated to the processing lines for copper and aluminium bars and sheets, in order to improve the efficiency of bar and panel production), and has hired 5 new technicians specialised in electrical wiring after an internal training course in collaboration with Umana Forma). The company also participates in the main trade fairs in the sector and in 2026 was present at Mecspe in Bologna (4 - 6 March) and at Hannover Messe (20 - 24 April).

Note activity in the Esg area, very low stock exchange trading

Although not required to do so due to its small size, Telmes has been drawing up a sustainability report since 2025. It has numerous environmental and health and safety certifications (ISO 9001, ISO 14001, ISO 45001) and last year completed a 50 kWp photovoltaic system and a 100 kWh storage system, integrated with a 50 kW DC charging station for the company's electric vehicles. On the social front, it is a sponsor of the Telmes Uni Bari volleyball team.

Telmes (in its own small way) operates in a niche market and does not of course compete directly with the big names in the sector such as Siemens, Schneider Electric, Abb, Hitachi Energy); in Italia, the reference market is considerably fragmented and the direct competitors are Primiceri and Elettronica Ciaurri Srl from Puglia and Cear Costruzioni Elettrotecniche from Milan, all unlisted.

The free float is at the mid-low levels of Euronext Growth Milan (23.26% of the share capital). Trading is unfortunately very low and the quotations, despite the good 2025 results and the orders obtained in 2026, are well below the IPO offer price of EUR 1.75 per share. The absence of institutional investors in the share capital and the scarcity of coverage by financial analysts, both circumstances due to the size of the company, weigh heavily in these cases.