Board Change • May 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Co-Founder & Vice President of Board of Directors Massimo Laccisaglia was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Jan 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). Revenue is less than US$1m (€255k revenue, or US$299k). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (€19.6m market cap, or US$23.0m). Board Change • Jan 02
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Co-Founder & Vice President of Board of Directors Massimo Laccisaglia was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.92, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 17x in the Capital Markets industry in France. Total returns to shareholders of 20% over the past three years. New Risk • Nov 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (€255k revenue, or US$295k). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€19.4m market cap, or US$22.4m). Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.90, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 15x in the Capital Markets industry in France. Total returns to shareholders of 31% over the past three years. Board Change • Nov 10
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Co-Founder & Vice President of Board of Directors Massimo Laccisaglia was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Oct 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (€255k revenue, or US$297k). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (€18.4m market cap, or US$21.4m). Board Change • Oct 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Co-Founder & Vice President of Board of Directors Massimo Laccisaglia was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 05
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Co-Founder & Vice President of Board of Directors Massimo Laccisaglia was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Anuncio • Jul 12
Redfish Listing Partners Spa (DUSE:6G3) acquired 12.21% stake in Websolute S.p.A. (BIT:WBS) from Innovative-RFK S.p.A. (ENXTPA:MLIRF). Redfish Listing Partners Spa (DUSE:6G3) acquired 12.21% stake in Websolute S.p.A. (BIT:WBS) from Innovative-RFK S.p.A. (ENXTPA:MLIRF) on July 10, 2025.
Redfish Listing Partners Spa (DUSE:6G3) completed the acquisition of 12.21% stake in Websolute S.p.A. (BIT:WBS) from Innovative-RFK S.p.A. (ENXTPA:MLIRF) on July 10, 2025. Board Change • Jun 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Founder, Chairman of the Board & President Paolo Pescetto was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.59, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 22x in the Capital Markets industry in France. Total loss to shareholders of 9.1% over the past three years. Buy Or Sell Opportunity • May 29
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to €1.45. The fair value is estimated to be €1.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Board Change • May 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Founder, Chairman of the Board & President Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Founder, Chairman of the Board & President Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 13
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). Revenue is less than US$1m (€131k revenue, or US$148k). Minor Risk Market cap is less than US$100m (€16.0m market cap, or US$18.1m). Board Change • Apr 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Founder, Chairman of the Board & President Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 18
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Founder, Chairman of the Board & President Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Founder, Chairman of the Board & President Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 13
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Founder, Chairman of the Board & President Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Founder, Chairman of the Board & President Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (€131k revenue, or US$141k). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (€13.0m market cap, or US$14.0m). New Risk • Aug 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (€131k revenue, or US$145k). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (€12.9m market cap, or US$14.3m). Buy Or Sell Opportunity • Aug 20
Now 32% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to €0.99. The fair value is estimated to be €1.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making. New Risk • Apr 14
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). High level of non-cash earnings (26% accrual ratio). Revenue is less than US$1m (€118k revenue, or US$125k). Minor Risk Market cap is less than US$100m (€20.5m market cap, or US$21.8m). New Risk • Oct 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (26% accrual ratio). Revenue is less than US$1m (€118k revenue, or US$125k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (€20.3m market cap, or US$21.6m). Anuncio • Oct 14
Innovative-RFK S.p.A. (ENXTPA:MLIRF) acquired Abbrevia S.p.A. from Cosimo Cordaro and Stefano Mion. Innovative-RFK S.p.A. (ENXTPA:MLIRF) acquired Abbrevia S.p.A. from Cosimo Cordaro and Stefano Mion on October 12, 2023. Cosimo Cordaro and Stefano Mion are the co-founders of Abbrevia and will continue to be led by Cosimo Cordaro and Stefano Mion the company.Innovative-RFK S.p.A. (ENXTPA:MLIRF) acquired Abbrevia S.p.A. from Cosimo Cordaro and Stefano Mion on October 12, 2023. Board Change • Jun 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Founder, CEO, President & Director Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 22
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Founder, CEO, President & Director Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 13
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Founder, CEO, President & Director Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Founder, CEO, President & Director Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 13
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Founder, CEO, President & Director Paolo Pescetto was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 30
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Paolo Benfenati was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 06
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Paolo Benfenati was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 28
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Paolo Benfenati was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Feb 15
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Paolo Benfenati was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Anuncio • Jan 20
Innovative-RFK S.p.A. (ENXTPA:MLIRF) acquired 10% stake in Zuclem S.R.L. from Nicolò Zuanon and Christopher Clementi, founders and Chief Executive Officer of Zuclem. Innovative-RFK S.p.A. (ENXTPA:MLIRF) acquired 10% stake in Zuclem S.R.L. from Nicolò Zuanon and Christopher Clementi, founders and Chief Executive Officer of Zuclem on January 14, 2022. The stake was sold by Nicolò Zuanon and Christopher Clementi, founders and CEO of Zuclem srl. Innovative-RFK has also obtained the option with which it will be able to increase the company to 18% by 2023. Lega Colucci Morri & Associati served as a legal advisor to Innovative-RFK S.p.A. and AKRAN Intellectual Property S.r.l. served as a legal advisor to Innovative-RFK S.p.A.
Innovative-RFK S.p.A. (ENXTPA:MLIRF) completed the acquisition of 10% stake in Zuclem S.R.L. from Nicolò Zuanon and Christopher Clementi, founders and Chief Executive Officer of Zuclem on January 14, 2022. Board Change • Dec 21
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Paolo Benfenati was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 04
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Paolo Benfenati was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 28
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Paolo Benfenati was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 
