Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Juan Alcaraz Garcia was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jun 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€8.7m free cash flow). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€51.7m market cap, or US$59.6m). Annuncio • May 28
Grupo Ezentis, S.A., Annual General Meeting, Jun 28, 2026 Grupo Ezentis, S.A., Annual General Meeting, Jun 28, 2026. Reported Earnings • Feb 22
Full year 2025 earnings released Full year 2025 results: Revenue: €34.4m (up 148% from FY 2024). Net loss: €3.20m (loss widened 4.5% from FY 2024). New Risk • Jan 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (€50.0m market cap, or US$58.6m). Reported Earnings • Sep 16
First half 2025 earnings released First half 2025 results: Revenue: €14.1m (up 97% from 1H 2024). Net loss: €1.29m (loss widened 129% from 1H 2024). New Risk • Jul 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Negative equity (-€3.6m). Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (€64.7m market cap, or US$76.1m). Annuncio • Apr 14
Grupo Ezentis, S.A., Annual General Meeting, May 13, 2025 Grupo Ezentis, S.A., Annual General Meeting, May 13, 2025. Location: hotel elba madrid alcala, calle alcala 476., madrid Spain New Risk • Feb 28
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 British stocks, typically moving 10% 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 (10% average weekly change). Negative equity (-€4.0m). Minor Risk Market cap is less than US$100m (€58.7m market cap, or US$61.0m). Reported Earnings • Sep 25
First half 2024 earnings released: €0.001 loss per share (vs €0.19 profit in 1H 2023) First half 2024 results: €0.001 loss per share (down from €0.19 profit in 1H 2023). Revenue: €7.18m (down 35% from 1H 2023). Net loss: €565.0k (down 101% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. New Risk • Sep 20
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€4.0m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risk Negative equity (-€4.0m). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€59.8m market cap, or US$66.8m). New Risk • Sep 17
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 British stocks, typically moving 6.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Negative equity (-€5.1m). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (€66.3m market cap, or US$73.8m). New Risk • Sep 15
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Negative equity (-€5.1m). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (€65.8m market cap, or US$72.9m). Annuncio • Aug 06
Grupo Ezentis, S.A. announced that it expects to receive €13.2 million in funding Grupo Ezentis, S.A. announced a private agreement for the issuance of 2,640 convertible bonds nominal value of €5,000 at issue price of up to €5,000with new investor, Global Tech Opportunities 30, managed by Alpha Blue Ocean for gross proceeds €13,200,000 on August 5, 2024. The issuance will be made in 7 tranches. Interest rate of bonds is 0% and mature on 12 months from subscription. Annuncio • May 25
Grupo Ezentis, S.A., Annual General Meeting, Jun 25, 2024 Grupo Ezentis, S.A., Annual General Meeting, Jun 25, 2024. Location: hotel elba madrid alcala, calle alcala 476., madrid Spain New Risk • Feb 09
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€206m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-€206m). Revenue has declined by 25% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (€74.8m market cap, or US$80.7m). New Risk • Jan 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. Minor Risks Negative equity (-€71m). Market cap is less than US$100m (€71.3m market cap, or US$77.2m). Board Change • Jan 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Pedro Azcárate Palacios was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 05
Full year 2022 earnings released: €0.27 loss per share (vs €0.34 loss in FY 2021) Full year 2022 results: €0.27 loss per share (improved from €0.34 loss in FY 2021). Revenue: €165.1m (down 55% from FY 2021). Net loss: €64.3m (loss narrowed 55% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Annuncio • Feb 01
Grupo Ezentis, S.A. announced that it has received €16 million in funding Grupo Ezentis, S.A. announced a private placement for gross proceeds of €16 million on January 31, 2023. The transaction included participation from main shareholder, José Elías and supplier of Telefónica, S.A. Board Change • Jan 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Pedro María Azcárate Palacios was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Pedro María Azcárate Palacios was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 03
First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021) First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €152.7m (up 62% from 1H 2021). Net loss: €81.0m (down €81.2m from profit in 1H 2021). Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Communications industry in the United Kingdom. Board Change • Oct 03
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Pedro María Azcárate Palacios was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 11
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Pedro María Azcárate Palacios was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
Full year 2021 earnings released: €0.34 loss per share (vs €0.13 loss in FY 2020) Full year 2021 results: €0.34 loss per share (down from €0.13 loss in FY 2020). Revenue: €363.8m (down 1.5% from FY 2020). Net loss: €144.1m (loss widened 235% from FY 2020). Over the next year, revenue is forecast to grow 7.2%, compared to a 14% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 18
Full year 2020 earnings released: €0.11 loss per share (vs €0.012 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €375.9m (down 20% from FY 2019). Net loss: €35.3m (down €39.3m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 01
Revenue misses expectations Revenue missed analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 22% compared to a 1.3% decline forecast for the Communications industry in the United Kingdom. Reported Earnings • Feb 28
Full year 2020 earnings released: €0.10 loss per share (vs €0.022 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €372.6m (down 18% from FY 2019). Net loss: €35.3m (down €42.7m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 05
New 90-day high: €0.40 The company is up 56% from its price of €0.26 on 28 September 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.46 per share. Is New 90 Day High Low • Dec 31
New 90-day high: €0.37 The company is up 43% from its price of €0.26 on 28 September 2020. The British market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.43 per share. Analyst Estimate Surprise Post Earnings • Nov 17
Revenue misses expectations Revenue missed analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 17%, compared to a 2.3% growth forecast for the Communications industry in the United Kingdom. Reported Earnings • Nov 17
Third quarter 2020 earnings released: €0.027 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: €92.6m (down 20% from 3Q 2019). Net loss: €8.81m (down €9.15m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. 
