High-potential SMEs

EGM under the microscope: here are Officina Stellare’s strategies

The group has grown considerably in size following the business combination with Global Aerospace Technologies

by Valeria Novellini

13 July 2026

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5' min read

Translated by AI

Versione italiana

Key points

The figures
New contracts for the parent company and ThinkQuantum Srl
Committee appointed to oversee future M&A operations

5' min read

Translated by AI

Versione italiana

To infinity… and beyond! Buzz Lightyear’s iconic line from the “Toy Story” saga is particularly apt for Officina Stellare’s latest developments following the business combination with Global Aerospace Technologies Group, which was finalised in early June 2026. The new group’s significant expansion is evident from the pro forma figures for the 2025 financial year: production value stands at 98.8 million (+11.6% compared with the corresponding figure for 2024), whilst EBITDA, EBIT and net profit (all on an adjusted basis) stand at 17.8 (+50.8%), 8.1 (+72.3%) and 4.4 (+100%) million respectively.

The figures

These figures are compared with Officina Stellare’s ‘stand-alone’ 2025 figures, showing a production value of 26.6 million and EBITDA, EBIT and net profit (reported) of 8.1, 3 and 1.8 million respectively. But that is not all. As at 31 December 2025, the new group reported net liquidity of 30 million (compared with net financial debt of 8.9 million for Officina Stellare on a ‘stand-alone’ basis) and a backlog of 163.1 million (which, as at 31 May 2026, had reached 191.9 million, driven by ‘core’ activities in the Space, Aviation and Defence sectors).

The new group has seven plants in Italia, with 540 employees and a total floor area of 7,700 square metres, as well as two sales offices in the US (in Arlington, Virginia) and in Australia (in Perth). For the time being, no financial guidance has been provided for the current financial year; however, even before the completion of the business combination (which had, however, already been announced), Officina Stellare had indicated a structural acceleration in revenue and margins for the future, which will now benefit from the integration with Gatg and the resulting cost synergies (engineering optimisation, integration of test laboratories, cleanrooms and environmental qualification lines, and unification of the commercial strategy).

The activities of the “new” Officina Stellare will focus on the sectors of space and optical communications (the “former” Officina Stellare and Blu Electronic Srl, formerly Gatg), aviation and avionics equipment (through Logic, formerly Gatg), the naval sector and navigation systems (through Sitep Italia Srl, which had been acquired by Gatg at the end of 2025) and cybersecurity, cryptography and electronic defence (through ThinkQuantum Srl, a subsidiary of the “former” Officina Stellare, and Gelco, which was a subsidiary of Gatg).

New contracts for the parent company and ThinkQuantum

Meanwhile, by the end of 2025, ThinkQuantum Srl had secured a contract worth 5.3 million (of which 500,000 euros was attributable to the parent company) from Thales Alenia Space for the development of transmission and reception systems for satellite quantum communications as part of the European Space Agency’s Secure And criptoGrAphic Mission project. Of this 5.3 million, 55 per cent will be paid by 2026 and 45 per cent by 2027 (2.9 and 2.4 million respectively). Officina Stellare has also signed a three-year contract with the industrial giant Leonardo, worth 9.2 million, for the supply of high-resolution optical systems for high-resolution telescopes intended for Earth observation applications from low Earth orbit, as well as for Leonardo’s proprietary satellite constellation.

And in March 2026, Officina Stellare was awarded a contract with the Institute of Photonic Sciences in Castelldefels (near Barcelona), lasting 12 months and worth 1.84 million, for the construction of a transportable optical ground station (OGS) intended for applications in laser communication and quantum key distribution (a technology that secures communications by utilising the principles of quantum mechanics to protect the distribution of the encryption keys used for secure data communication).

But that’s not all: the new group intends to continue growing through external expansion by launching a targeted campaign of acquisitions (as well as industrial alliances) with the aim of integrating complementary technologies upstream or downstream of the aerospace and space security supply chain, as well as expanding its offering in the Space Domain Awareness segments (i.e. the ability to understand and monitor what is happening in space in order to protect satellites, avoid collisions, detect anomalous behaviour and assess potential threats, as well as to maintain the operational capability of assets in orbit) and advanced orbital logistics. As the “new” Officina Stellare has significant cash reserves, further expansion through acquisitions is certainly possible, as indeed Gatg had already highlighted prior to the business combination.

Committee appointed to oversee future M&A operations

With a view to external expansion, a dedicated M&A committee has also been appointed, tasked with supporting the Board of Directors in assessing promising opportunities; its members include the Chairman, Alessandro Franzoni, and directors Giovanni Dal Lago, Pasquale Terracciano (who has had a distinguished diplomatic career), Martino Gobbi and Carlotta Pedrelli, as well as external experts Enzo Vecciarelli (former Chief of the Defence Staff) and Enrico Credendino (former Chief of the Naval Staff).

Following the merger with Gatg, Officina Stellare’s main shareholder is Global Aerospace Technologies Investments Sàrl, which holds 59.38 per cent of the share capital and is part of the private equity group Investindustrial. In a sense, this move stands in contrast to what Fincantieri recently announced with its acquisition of NextGeoSolutions Europe (and three other unlisted companies), followed by a takeover bid at €16.25 per share and delisting. In fact, Investindustrial not only considers it positive to maintain Officina Stellare’s listing but also hopes for a translisting to Euronext Milan (which NextGeo had already planned for by 2026). So much so that on 12 June, a ‘bell-ringing’ ceremony was held at Palazzo Mezzanotte for Officina Stellare – an event normally reserved for new listings (of shares and bonds).

At present, the free float is too low (17 per cent of the share capital), but this is not a major problem, given that NextGeo had also increased its free float relatively quickly from 12.1 per cent to 27.7 per cent of the share capital in the run-up to its planned listing on Euronext Milan.

The evolving legislative framework and funding opportunities

It goes without saying that space is of strategic importance on a global scale, and this will be even more so with the implementation of the future European Space Act (from 2030) and the European Space Shield programme (from 2027). Meanwhile, following the business combination, Officina Stellare has moved from an ‘almost regional’ scale (it is a partner in the Veneto Regional Innovation Network for Aerospace Innovation and Research) to a supranational one.

This strategic importance has been highlighted by the recent two-year agreement signed between Intesa Sanpaolo, the EIB and the European Space Agency to support SMEs in the Italian aerospace sector: The EIB has made 150 million available which, through credit risk sharing with Intesa Sanpaolo, will enable the provision of medium- to long-term loans totalling 300 million.

Furthermore, Intesa Sanpaolo will offer advisory services focused on innovation and internationalisation processes, scaling up, equity transactions, bespoke financing solutions, innovative value chain management and the development of a connected industrial ecosystem. Officina Stellare is already a client of Intesa Sanpaolo; at present, it does not require any new funding, but may make use of such funding should significant M&A opportunities arise.