Announcement • Jan 26
I Grandi Viaggi S.p.A., Annual General Meeting, Feb 27, 2026 I Grandi Viaggi S.p.A., Annual General Meeting, Feb 27, 2026, at 10:00 W. Europe Standard Time. Location: via della moscova n 36, milano Italy Reported Earnings • Jan 21
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €0.07 (up from €0.065 in FY 2024). Revenue: €71.1m (up 11% from FY 2024). Net income: €3.36m (up 9.0% from FY 2024). Profit margin: 4.7% (down from 4.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 24%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Hospitality industry in Italy. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. 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 Italian stocks, typically moving 6.9% 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 Risk Share price has been highly volatile over the past 3 months (6.9% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (2.4% net profit margin). New Risk • Dec 01
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 Risk Share price has been highly volatile over the past 3 months (7.4% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (2.4% net profit margin). New Risk • Oct 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.4% Last year net profit margin: 4.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (2.4% net profit margin). New Risk • Oct 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.3% Last year net profit margin: 4.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). New Risk • Sep 14
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended July 2024. 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 July 2024 fiscal period end). Share price has been highly volatile over the past 3 months (9.0% average weekly change). Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.03, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 15x in the Hospitality industry in Europe. Total returns to shareholders of 236% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €2.09, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 14x in the Hospitality industry in Europe. Total returns to shareholders of 113% over the past three years. New Risk • Jun 09
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 6.5% 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: Minor Risks Latest financial reports are more than 6 months old (reported July 2024 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 (€81.9m market cap, or US$93.3m). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.78, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 19x in the Hospitality industry in Europe. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.66, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 16x in the Hospitality industry in Europe. Total returns to shareholders of 68% over the past three years. New Risk • Mar 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended July 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: Minor Risks Latest financial reports are more than 6 months old (reported July 2024 fiscal period end). Market cap is less than US$100m (€68.5m market cap, or US$74.1m). Price Target Changed • Oct 11
Price target increased by 9.5% to €1.15 Up from €1.05, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €1.10. Stock is up 45% over the past year. The company is forecast to post earnings per share of €0.057 for next year compared to €0.057 last year. Reported Earnings • Jul 02
Second quarter 2024 earnings released: €0.056 loss per share (vs €0.051 loss in 2Q 2023) Second quarter 2024 results: €0.056 loss per share (further deteriorated from €0.051 loss in 2Q 2023). Revenue: €6.98m (up 25% from 2Q 2023). Net loss: €2.55m (loss widened 5.2% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
First quarter 2024 earnings released: €0.02 loss per share (vs €0.024 loss in 1Q 2023) First quarter 2024 results: €0.02 loss per share. Revenue: €7.52m (up 6.2% from 1Q 2023). Net loss: €1.18m (loss widened 1.9% from 1Q 2023). Reported Earnings • Feb 08
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: €0.06 (up from €0.004 loss in FY 2022). Revenue: €61.3m (up 24% from FY 2022). Net income: €2.72m (up €2.90m from FY 2022). Profit margin: 4.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 91%. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 17
Third quarter 2023 earnings released: EPS: €0.034 (vs €0.007 in 3Q 2022) Third quarter 2023 results: EPS: €0.034 (up from €0.007 in 3Q 2022). Revenue: €21.7m (up 26% from 3Q 2022). Net income: €1.66m (up 423% from 3Q 2022). Profit margin: 7.7% (up from 1.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Hospitality industry in Italy. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 13
Second quarter 2023 earnings released: €0.058 loss per share (vs €0.073 loss in 2Q 2022) Second quarter 2023 results: €0.058 loss per share (improved from €0.073 loss in 2Q 2022). Revenue: €7.13m (up 126% from 2Q 2022). Net loss: €2.42m (loss narrowed 30% from 2Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 23
Full year 2022 earnings released Full year 2022 results: Revenue: €53.0m (up 81% from FY 2021). Net loss: €177.0k (loss narrowed 88% from FY 2021). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Nov 16
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. 10 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Tina Amata was the last director to join the board, commencing their role in 2015. 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 • Sep 17
Third quarter 2022 earnings released: EPS: €0.006 (vs €0.031 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.006 (up from €0.031 loss in 3Q 2021). Revenue: €18.7m (up 75% from 3Q 2021). Net income: €318.0k (up €1.80m from 3Q 2021). Profit margin: 1.7% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Hospitality industry in Italy. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jul 02
Second quarter 2022 earnings released: €0.073 loss per share (vs €0.059 loss in 2Q 2021) Second quarter 2022 results: €0.073 loss per share (down from €0.059 loss in 2Q 2021). Revenue: €3.24m (up 153% from 2Q 2021). Net loss: €3.48m (loss widened 24% from 2Q 2021). Over the next year, revenue is forecast to grow 39%, compared to a 31% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 35% 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. Price Target Changed • Apr 27
Price target decreased to €1.10 Down from €1.30, the current price target is provided by 1 analyst. New target price is 16% above last closing price of €0.95. Stock is down 20% over the past year. The company is forecast to post a net loss per share of €0.038 next year compared to a net loss per share of €0.031 last year. Board Change • Apr 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. 10 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Tina Amata was the last director to join the board, commencing their role in 2015. 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 • Mar 18
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: €0.04 loss per share (up from €0.046 loss in 1Q 2021). Revenue: €5.05m (up 215% from 1Q 2021). Net loss: €1.76m (loss narrowed 20% from 1Q 2021). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 28%, compared to a 45% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 25
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: €0.03 loss per share (up from €0.12 loss in FY 2020). Revenue: €33.3m (up 8.3% from FY 2020). Net loss: €1.47m (loss narrowed 75% from FY 2020). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 24%. Earnings per share (EPS) missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 20%, compared to a 45% growth forecast for the restaurants industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 16
Third quarter 2021 earnings released: €0.034 loss per share (vs €0.07 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: €11.0m (up 165% from 3Q 2020). Net loss: €1.48m (loss narrowed 55% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 01
Price target increased to €1.50 Up from €1.02, the current price target is provided by 1 analyst. New target price is 22% above last closing price of €1.23. Stock is up 18% over the past year. Reported Earnings • Mar 13
First quarter 2021 earnings released: €0.05 loss per share (vs €0.023 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: €1.60m (down 86% from 1Q 2020). Net loss: €2.20m (loss widened 103% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 10
New 90-day high: €1.04 The company is up 25% from its price of €0.83 on 11 November 2020. The Italian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: €1.01 The company is up 38% from its price of €0.73 on 09 October 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 31% over the same period. Reported Earnings • Dec 25
Full year 2020 earnings released: €0.12 loss per share The company reported a poor full year result with increased losses and weaker revenues and control over expenses. Full year 2020 results: Revenue: €30.8m (down 52% from FY 2019). Net loss: €5.78m (loss widened €4.91m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 110% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 19
New 90-day high: €0.92 The company is up 2.0% from its price of €0.91 on 20 August 2020. The Italian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 20% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: €0.62 The company is down 33% from its price of €0.92 on 30 July 2020. The Italian market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 26% over the same period. Is New 90 Day High Low • Oct 09
New 90-day low: €0.73 The company is down 26% from its price of €0.98 on 10 July 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 15% over the same period.