New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 26% per year over the past 5 years. Market cap is less than US$10m (€2.98m market cap, or US$3.50m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Announcement • Apr 16
Estrima S.p.A., Annual General Meeting, Apr 30, 2026 Estrima S.p.A., Annual General Meeting, Apr 30, 2026, at 16:00 W. Europe Standard Time. New Risk • Jan 15
New major risk - Revenue and earnings growth Earnings have declined by 26% 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 (12% average weekly change). Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (491% increase in shares outstanding). Market cap is less than US$10m (€4.21m market cap, or US$4.89m). New Risk • Dec 09
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 Italian stocks, typically moving 7.4% 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 (7.4% average weekly change). Shareholders have been substantially diluted in the past year (491% increase in shares outstanding). Market cap is less than US$10m (€3.99m market cap, or US$4.64m). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€723k net loss in 3 years). New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings have declined by 26% 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 Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (491% increase in shares outstanding). Market cap is less than US$10m (€7.17m market cap, or US$8.26m). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). New Risk • Jul 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.45m (US$9.94m) This is considered a major 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 Shareholders have been substantially diluted in the past year (491% increase in shares outstanding). Market cap is less than US$10m (€8.45m market cap, or US$9.94m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (€1.1m net loss in 3 years). Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • Apr 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 491% 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 Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (491% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€1.0m net loss in 2 years). Market cap is less than US$100m (€12.0m market cap, or US$13.6m). New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (€2.05m market cap, or US$2.32m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€899k net loss in 2 years). Announcement • Mar 13
Estrima S.p.A. announced that it expects to receive €3 million in funding Estrima S.p.A. announced private placement transaction for gross proceeds € 3,000,000 on March 11, 2025. Buy Or Sell Opportunity • Feb 19
Now 25% undervalued Over the last 90 days, the stock has risen 95% to €0.43. The fair value is estimated to be €0.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last year. Earnings per share has declined by 130%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 68% per annum over the same time period. Major Estimate Revision • Oct 15
Consensus EPS estimates upgraded to €0.10 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €39.0m to €37.7m. 2024 losses expected to reduce from -€0.13 to -€0.10 per share. Auto industry in Italy expected to see average net income growth of 0.6% next year. Consensus price target down from €0.50 to €0.40. Share price fell 7.0% to €0.40 over the past week. Buy Or Sell Opportunity • Oct 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €0.40. The fair value is estimated to be €0.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last year. Earnings per share has declined by 130%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 70% per annum over the same time period. Reported Earnings • Jul 01
Full year 2023 earnings released: €2.37 loss per share (vs €0.61 loss in FY 2022) Full year 2023 results: €2.37 loss per share (further deteriorated from €0.61 loss in FY 2022). Revenue: €44.2m (up 15% from FY 2022). Net loss: €11.9m (loss widened 285% from FY 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Auto industry in Europe. Announcement • Jun 16
Estrima S.p.A., Annual General Meeting, Jun 27, 2024 Estrima S.p.A., Annual General Meeting, Jun 27, 2024, at 17:00 W. Europe Standard Time. Location: via pordenone n 1, portogruaro Italy New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 53% 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 (12% average weekly change). Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (€2.77m market cap, or US$3.01m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Apr 21
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 Share price has been highly volatile over the past 3 months (14% average weekly change). Market cap is less than US$10m (€2.57m market cap, or US$2.74m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€1.5m net loss in 2 years). New Risk • Jan 22
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 Italian stocks, typically moving 6.4% 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 Market cap is less than US$10m (€4.38m market cap, or US$4.77m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€306k net loss in 3 years). Share price has been volatile over the past 3 months (6.4% average weekly change). Major Estimate Revision • Oct 10
Consensus EPS estimates upgraded to €0.23 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €48.0m to €45.3m. 2023 losses expected to reduce from -€0.30 to -€0.23 per share. Auto industry in Italy expected to see average net income growth of 12% next year. Consensus price target down from €2.75 to €1.60. Share price was steady at €0.93 over the past week. Reported Earnings • Oct 06
First half 2023 earnings released: €0.51 loss per share (vs €0.24 loss in 1H 2022) First half 2023 results: €0.51 loss per share (further deteriorated from €0.24 loss in 1H 2022). Revenue: €23.4m (up 20% from 1H 2022). Net loss: €2.58m (loss widened 117% from 1H 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Auto industry in Europe. Reported Earnings • Oct 06
First half 2023 earnings released: €0.51 loss per share (vs €0.24 loss in 1H 2022) First half 2023 results: €0.51 loss per share (further deteriorated from €0.24 loss in 1H 2022). Revenue: €23.4m (up 20% from 1H 2022). Net loss: €2.58m (loss widened 117% from 1H 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Auto industry in Europe. New Risk • Sep 29
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €4.5m Forecast net loss in 2 years: €16k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€4.54m market cap, or US$4.81m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€16k net loss in 2 years). Share price has been volatile over the past 3 months (5.7% average weekly change). Board Change • Nov 16
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. 4 non-independent directors. Vice President of the Board Ermes Fornasier was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
Estrima S.p.A., Inaugurates First Birò Point Estrima S.p.A., inaugurated its first Birò Point, anew sales format that will make it possible to make Birò known and purchase even inside multi-product and non-competing shops. Inside Movegreen, one of the best known shops dedicated to sustainable mobility, the first Birò Point enjoys an exclusive area and is managed by a dedicated business partner with in-depth knowledge of the local market. the new format, it will be possible to significantly increase the visibility of Birò, showing its advantages in terms of safety, mobility and environmental friendliness. 
