Reported Earnings • May 28
First quarter 2026 earnings released: EPS: RON0.39 (vs RON0.07 loss in 1Q 2025) First quarter 2026 results: EPS: RON0.39 (up from RON0.07 loss in 1Q 2025). Revenue: RON4.77m (up 17% from 1Q 2025). Net income: RON1.45m (up RON1.71m from 1Q 2025). Profit margin: 31% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. お知らせ • Apr 25
MF Capital S.A., Annual General Meeting, May 28, 2026 MF Capital S.A., Annual General Meeting, May 28, 2026, at 10:00 E. Europe Standard Time. Location: the company s registered office in bucharest, sector 2, 5-25 popa lazar street, Romania New Risk • Mar 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 385% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (RON73.0m market cap, or US$16.9m). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: RON4.02 (vs RON0.14 loss in FY 2024) Full year 2025 results: EPS: RON4.02 (up from RON0.14 loss in FY 2024). Revenue: RON26.6m (up 31% from FY 2024). Net income: RON14.9m (up RON15.4m from FY 2024). Profit margin: 56% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Board Change • Feb 11
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. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). President of the Board, CEO & GM Sergio Mollo was the last director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: RON1.31 (vs RON1.64 loss in 3Q 2024) Third quarter 2025 results: EPS: RON1.31 (up from RON1.64 loss in 3Q 2024). Revenue: RON11.4m (up 56% from 3Q 2024). Net income: RON4.86m (up RON10.9m from 3Q 2024). Profit margin: 43% (up from net loss in 3Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Board Change • Oct 09
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. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). President of the Board, CEO & GM Sergio Mollo was the last director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: RON1.07 (vs RON0.78 in 2Q 2024) Second quarter 2025 results: EPS: RON1.07 (up from RON0.78 in 2Q 2024). Net income: RON3.95m (up 37% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • May 19
New major risk - Revenue and earnings growth Earnings have declined by 4.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.0% per year over the past 5 years. Minor Risks Revenue is less than US$5m (RON21m revenue, or US$4.6m). Market cap is less than US$100m (RON60.4m market cap, or US$13.2m). Reported Earnings • May 02
Full year 2024 earnings released: RON0.14 loss per share (vs RON0.29 profit in FY 2023) Full year 2024 results: RON0.14 loss per share (down from RON0.29 profit in FY 2023). Net loss: RON507.8k (down 148% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 1.3% per year over the past 5 years. Minor Risks Revenue is less than US$5m (RON22m revenue, or US$4.8m). Market cap is less than US$100m (RON73.0m market cap, or US$15.8m). Reported Earnings • Nov 17
Third quarter 2024 earnings released: RON1.64 loss per share (vs RON0.18 profit in 3Q 2023) Third quarter 2024 results: RON1.64 loss per share (down from RON0.18 profit in 3Q 2023). Net loss: RON6.09m (down RON6.77m from profit in 3Q 2023). 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 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: RON0.77 (vs RON0 in 2Q 2023) Second quarter 2024 results: EPS: RON0.77 (up from RON0 in 2Q 2023). Net income: RON2.88m (up RON2.88m from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Apr 16
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: RON23m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.3% net profit margin). Revenue is less than US$5m (RON23m revenue, or US$5.0m). Market cap is less than US$100m (RON100.1m market cap, or US$21.4m). Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: RON0.40 (vs RON3.27 in FY 2022) Full year 2023 results: EPS: RON0.40 (down from RON3.27 in FY 2022). Revenue: RON26.8m (up 31% from FY 2022). Net income: RON1.61m (down 87% from FY 2022). Profit margin: 6.0% (down from 59% in FY 2022). Over the last 3 years on average, earnings per share has increased by 55% per year and the company’s share price has also increased by 55% per year. Reported Earnings • Nov 21
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON14.2m (up RON13.4m from 3Q 2022). Net income: RON675.0k (up RON842.0k from 3Q 2022). Profit margin: 4.8% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 70% per year whereas the company’s share price has increased by 66% per year. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RON35.60, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 14x in the Real Estate industry in Europe. Total returns to shareholders of 488% over the past three years. New Risk • Nov 06
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 Romanian stocks, typically moving 6.0% 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: Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (RON21m revenue, or US$4.6m). Market cap is less than US$100m (RON127.5m market cap, or US$27.6m). Reported Earnings • Sep 02
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: RON640 (loss narrowed 100% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: RON4.93m (up 154% from 1Q 2022). Net income: RON816.4k (up RON1.07m from 1Q 2022). Profit margin: 17% (up from net loss in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 17% share price gain to RON36.80, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 12x in the Real Estate industry in Europe. Total returns to shareholders of 349% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to RON31.40, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 14x in the Real Estate industry in Europe. Total returns to shareholders of 339% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to RON23.20, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 14x in the Real Estate industry in Europe. Total returns to shareholders of 209% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 16% share price gain to RON10.80, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 14x in the Real Estate industry in Europe. Total returns to shareholders of 37% over the past three years.