Milan Stock Exchange

Small-cap companies under the microscope: Somec’s net profits triple thanks to cruises

In the first half of 2026, net profit rose from 1.6 to 6.1 million euros for the company specialising in projects in the maritime and civil engineering sectors

by Valeria Novellini

12 October 2026

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5' min read

Translated by AI

Versione italiana

Key points

The figures
Profits on the rise for the Talenta and Mestieri divisions
The first revenue from major contracts is expected in 2027

5' min read

Translated by AI

Versione italiana

Everyone’s going on a cruise. Italia is the world’s second-largest cruise hub (after the United States) and, by 2026, the number of passengers passing through Italia is expected to exceed 15.3 million (+3.9 per cent compared with 2025); what’s more, cruise holidays have, somewhat surprisingly, become a viral trend amongst young people, and Costa Cruises and MSC are among the most frequently featured brands in stories and videos on Instagram and TikTok. But if this is happening, it is also thanks to Somec. The acronym stands for Sossai Meccanica, but the company has not been owned by the Sossai family for a long time, nor can it be defined simply as a ‘mechanical’ firm.

And so, in the first half of 2026, Somec, , reported revenue that remained largely unchanged (-3.3% to 186.3 million, -1.4% at constant exchange rates), but profit margins that rose significantly: EBITDA rose by 10.8 per cent to 17.5 million, EBIT by 37.5 per cent to 11.2 million, and net profit more than tripled from 1.6 to 6.1 million.

The figures

The credit for these results does not lie solely with glazing (maritime glazing, the group’s long-standing specialism), but cruise ships do play a part nonetheless. In fact, in the first half of 2026, the Horizons division (engineered systems for naval architecture and civil façades) saw its turnover fall by 3.7 per cent to 112.7 million and its EBITDA by 11.2 per cent to 9.1 million, whilst the Mestieri division (design and creation of bespoke interiors, again mainly for the maritime sector) recorded a 25.7 per cent fall in revenue to 37.8 million (though EBITDA fell by only 2.3 per cent to 3.9 million). However, all this was offset by the excellent performance of the Talenta division (professional kitchen systems and products, once again largely for ships), with turnover jumping by 41.3 per cent to 40.3 million and EBITDA almost tripling from 1.6 to 4.5 million.

Rising profit margins for the Talenta and Mestieri divisions

The group’s turnover in Italia jumped by 25.7 per cent to 65.5 million, whilst in Europe it fell by 7.4 per cent to 43.7 million; in North America by as much as 21.6 per cent to 65.7 million, whilst in the rest of the world it rose by 17.5 per cent to 11.4 million. Overall, around 65 per cent of revenue is generated abroad. It should be noted that the Talenta division currently has the highest margin (EBITDA margin up from 5.5% to 11.3%), closely followed by the Mestieri division (EBITDA margin up from 7.8% to 10.3%), whilst the Horizons division saw its EBITDA margin fall only slightly from 8.7% to 8.1% (the first half of 2025 had benefited from a more favourable mix of ship refitting projects for the Somec group).

Meanwhile, Somec has also managed to reduce its net financial debt slightly; as at 30 June 2026, this stood at 36.1 million, compared with 36.5 million at the end of 2025, resulting in a debt-to-equity ratio of 1.24 times; this is not a cause for concern, but it is naturally one of the areas in which the group intends to take further action. Following the end of the half-year, the acquisition of the remaining 14 per cent stake in the subsidiary Fabbrica Works Srl was completed, and, through Fabbrica LLC, a 35 per cent stake was acquired in Milestone D3Sign Srl, a design studio specialising in the development of curtain wall systems for the civil engineering sector. However, these transactions involve a limited financial outlay.

As at 30 June 2026, the order book stood at 956 million, 24 per cent higher than the 771 million recorded at the end of 2025 (a figure that was virtually unchanged from the 769 million recorded in the first half of 2025), and, specifically, for the Horizons division it stood at 580 million (+26.1 per cent), for the Talenta division at 255 million (+15.4 per cent) and for the Mestieri division at 121 million (+34.4 per cent).

The group’s order book has exceeded 1.1 billion

The second half of 2026 got off to a good start for Somec with further orders: its US subsidiary, Fabbrica LLC, has been awarded a contract to install over 83,600 square metres of curtain walls in the new 350 Park Avenue office tower, which is to be built in Midtown Manhattan, New York. The project will be carried out between 2026 and 2032 and, given that this award has taken the group’s order book to over 1.1 billion, its value is expected to be in the region of 140–150 million.

But that’s not all, because on 22 September the Horizons division secured new contracts and renewed existing agreements, totalling over 28 million from a shipyard operator on behalf of a major international group in the ‘luxury cruise’ sector, involving the design, manufacture and installation of complete glazing systems on newly built cruise ships. These contracts will be carried out between 2027 and 2035.

The first revenue from major contracts is expected in 2027

2027 is expected to be a particularly favourable year for Somec, as next year will see the first benefits arising from the 53 million contract secured by the Talenta division for the construction of two catering areas, catering and bar areas on two cruise ships, as well as those relating to the contract worth over 41 million secured by the Mestieri division for the bespoke interiors of three cruise ships currently under construction at a leading Italian shipbuilding group.

Also next year, revenue from contracts secured by the Horizons division will begin to be recognised: one worth 56 million for the installation of glazing systems on four cruise ships and two totalling 54 million for the installation of glazing systems on five new cruise ships and glazing for the public areas of a further two new ships (these contracts were also secured from a leading Italian shipbuilding group), as well as a 60 million contract on behalf of a Finnish shipyard, which will involve the installation of integrated glazing systems on three new cruise ships.

Naturally, the overall financial benefits of these orders will be spread over several financial years (completion of the various contracts is scheduled for between 2030 and 2036). However, Somec’s outlook appears positive and, thanks to the fact that the company has a direct presence in the United States through Fabbrica LLC, it is virtually unaffected by the impact of tariffs. For the current financial year, as is generally the case for companies working on contract projects, no numerical guidance has been provided, but management believes that the second half of 2026 will also end with positive results.

As regards ESG, Somec has been producing consolidated non-financial statements since 2020 and a fully-fledged integrated report since 2024. In the same year, Alessandro Zanchetta was appointed as the new Chief Corporate Officer (Chief Executive Officer), and he is also responsible for stakeholder engagement (investor relations and ESG activities). The greenhouse gas emissions inventory has been in place since 2021.

The still-low free float does not detract from the market’s positive outlook

Unfortunately, the free float is low (22.8 per cent of the share capital), probably still a ‘legacy’ of the transfer from the then Aim Italia to the main stock exchange, which took place in 2020, as was the case with Neodecortech, Pharmanutra (both listed on the STAR segment, with free floats of 38 per cent and 35 per cent respectively), Sicit and Salcef, which, by contrast, were delisted via takeover bids: the former by the private equity group NB Renaissance Partners as early as 5 August 2021, and the latter by the controlling shareholders and funds affiliated with Morgan Stanley on 19 November 2024. However, Somec appears far more inclined to follow the example of Neodecortech and Pharmanutra than that of Sicit and Salcef, and indeed the market is rewarding it with a share price rise of over 60 per cent over the past year.