Announcement • May 15
Duro Felguera, S.A., Annual General Meeting, Jun 18, 2026 Duro Felguera, S.A., Annual General Meeting, Jun 18, 2026. Location: calle ada byron 90, parque cientifico y tecnologico, gijon., Spain New Risk • Apr 05
New major risk - Revenue and earnings growth Earnings have declined by 7.7% 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 (6.6% average weekly change). Negative equity (-€288m). Earnings have declined by 7.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€38.2m market cap, or US$44.0m). Announcement • Jul 31
Indra Sistemas, S.A. (BME:IDR) acquired Duro Felguera Production Plant in Gijón from Duro Felguera, S.A. (BME:MDF). Indra Sistemas, S.A. (BME:IDR) acquired Duro Felguera Production Plant in Gijón from Duro Felguera, S.A. (BME:MDF) on July 30, 2025. Following the completion, Indra welcomed the factory's 156 professionals to the group. The acquisition strengthens Spain's and Europe's defense industrial base and contributes to ensuring European sovereignty and autonomy.
Indra Sistemas, S.A. (BME:IDR) completed the acquisition of Duro Felguera Production Plant in Gijón from Duro Felguera, S.A. (BME:MDF) on July 30, 2025. Announcement • May 26
Duro Felguera, S.A., Annual General Meeting, Jun 27, 2025 Duro Felguera, S.A., Annual General Meeting, Jun 27, 2025. Location: calle ada byron 90, parque cientifico y tecnologico., gijon Spain Reported Earnings • Apr 07
Full year 2024 earnings released: €0.46 loss per share (vs €0.23 loss in FY 2023) Full year 2024 results: €0.46 loss per share (further deteriorated from €0.23 loss in FY 2023). Revenue: €286.9m (up 2.0% from FY 2023). Net loss: €98.4m (loss widened 349% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. New Risk • Dec 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €108.5m (US$113.8m) This is considered a minor risk. Companies with a small market capitalization 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: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-€95m). Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€108.5m market cap, or US$113.8m). Board Change • Dec 13
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Director Cesar Blanco is the most experienced director on the board, commencing their role in 2021. Independent Director María Zueco Peña was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €90.7m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization 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: Major Risks Negative equity (-€95m). Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (€90.7m market cap, or US$99.2m). New Risk • Jul 30
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 Spanish stocks, typically moving 5.9% 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 (5.9% average weekly change). Negative equity (-€156m). Earnings have declined by 12% per year over the past 5 years. Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Announcement • Jun 01
Duro Felguera, S.A., Annual General Meeting, Jun 28, 2024 Duro Felguera, S.A., Annual General Meeting, Jun 28, 2024. Location: calle ada byron 90, parque cientifico y tecnologico., gijon Spain New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 12% 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 Negative equity (-€156m). Earnings have declined by 12% per year over the past 5 years. Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (4.9% average weekly change). New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risks Interest payments are not well covered by earnings (1.2x net interest cover). Negative equity (-€133m). Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). New Risk • Mar 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 124% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Negative equity (-€133m). Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). New Risk • Feb 16
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€133m 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 Interest payments are not well covered by earnings (1.2x net interest cover). Negative equity (-€133m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (€61.8m market cap, or US$66.6m). Board Change • Feb 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. 7 experienced directors. No highly experienced directors. Director Cesar Blanco was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 01
Duro Felguera, S.A. announced that it expects to receive €39.8372 million in funding Duro Felguera, S.A announces private placement of preferential subscription rights for gross proceeds of €39,837,200 on January 31, 2024. Announcement • Sep 23
Indra Sistemas, S.A. (BME:IDR) and OESÍA NETWORKS, S.L. acquired a 60% stake in Epicom, S.A. from Duro Felguera, S.A. (BME:MDF) for €5.3 million. Indra Sistemas, S.A. (BME:IDR) and OESÍA NETWORKS, S.L. acquired a 60% stake in Epicom, S.A. from Duro Felguera, S.A. (BME:MDF) for €5.3 million on September 21, 2023. Indra and Grupo Oesía have each taken a 30% stake in Epicom and SEPI, which holds 40%, has assigned its purchase option in 30% to each company.
Indra Sistemas, S.A. (BME:IDR) and OESÍA NETWORKS, S.L. completed the acquisition of a 60% stake in Epicom, S.A. from Duro Felguera, S.A. (BME:MDF) on September 21, 2023. New Risk • Aug 14
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 Spanish stocks, typically moving 4.1% 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 (-€142m). Share price has been volatile over the past 3 months (4.1% average weekly change). Profit margins are more than 30% lower than last year (4.3% net profit margin). Market cap is less than US$100m (€65.3m market cap, or US$71.5m). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: €0.06 (vs €0.20 in FY 2021) Full year 2022 results: EPS: €0.06 (down from €0.20 in FY 2021). Revenue: €123.1m (up 46% from FY 2021). Net income: €5.39m (down 72% from FY 2021). Profit margin: 4.4% (down from 23% in FY 2021). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Cesar Blanco was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 03
First half 2022 earnings released: EPS: €0.01 (vs €0.16 loss in 1H 2021) First half 2022 results: EPS: €0.01 (up from €0.16 loss in 1H 2021). Revenue: €54.8m (up 37% from 1H 2021). Net income: €1.37m (up €16.0m from 1H 2021). Profit margin: 2.5% (up from net loss in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Jose Julian Massa del Alamo is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 04
Full year 2020 earnings released: €1.79 loss per share (vs €0.028 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: €144.0m (down 63% from FY 2019). Net loss: €171.6m (down €173.0m from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 18
New 90-day high: €1.18 The company is up 149% from its price of €0.47 on 20 November 2020. The Spanish market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 5.0% over the same period. Is New 90 Day High Low • Jan 30
New 90-day high: €0.82 The company is up 78% from its price of €0.46 on 30 October 2020. The Spanish market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: €0.77 The company is up 65% from its price of €0.47 on 17 September 2020. The Spanish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: €0.58 The company is up 52% from its price of €0.39 on 28 August 2020. The Spanish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 10.0% over the same period. Reported Earnings • Oct 30
First half earnings released Over the last 12 months the company has reported total losses of €113.3m, with earnings decreasing by €266.2m from the prior year. Total revenue was €286.2m over the last 12 months, down 24% from the prior year. 
