(Alliance News) - Nusco Spa reported on Monday that it closed 2025 with declining results, weighed down by the slowdown in the Italian construction market, while strategic investments pushed debt levels higher.

Net revenues* came in at EUR48.7 million, down 5.1% from EUR51.3 million in 2024, reflecting the reduction of tax incentives in the residential sector.

Adjusted EBITDA fell to EUR4.0 million from EUR6.9 million, with the margin contracting to 8.0% from 13.4% in 2024, impacted by the absence of one-off positive items and higher operating costs. EBIT declined to EUR2.1 million from EUR3.4 million, while net profit narrowed to EUR700,000 from EUR1.1 million.

The value of production amounted to EUR49.8 million.

At the operational level, the Doors segment grew by 7%, while Windows fell by 22%, as the latter was more exposed to the weakness of the domestic market. The foreign subsidiary Pinum contributed to geographical diversification.

Regarding industrial profitability, material profit rose to EUR23.3 million, up 7.2%, and the contribution margin reached EUR15.5 million, up 8%, thanks to production efficiencies and an improved sales mix.

Net invested capital increased to EUR47.7 million from EUR37.0 million in 2024. Net financial debt rose to EUR18.2 million from EUR10.3 million, driven by investments and higher working capital requirements. Shareholders' equity grew to EUR27.9 million.

The company indicated that 2025 represents a consolidation phase following years of strong expansion, within a context of normalizing demand.

Nusco shares closed Monday down 0.9% at EUR0.53 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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