Upcoming Dividend • May 18
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 25 May 2026. Payment date: 27 May 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Italian dividend payers (4.5%). Lower than average of industry peers (3.3%). Duyuru • Apr 16
Mare Group S.p.A., Annual General Meeting, Apr 30, 2026 Mare Group S.p.A., Annual General Meeting, Apr 30, 2026, at 11:00 W. Europe Standard Time. Duyuru • Apr 03
Mare Group S.p.A. announces Annual dividend, payable on May 27, 2026 Mare Group S.p.A. announced Annual dividend of EUR 0.0300 per share payable on May 27, 2026, ex-date on May 25, 2026 and record date on May 26, 2026. Duyuru • Dec 12
Mare Engineering Group S.p.A. (BIT:MARE) agreed to acquire remaining 49% stake in Mare Group CZ s.r.o. Mare Engineering Group S.p.A. (BIT:MARE) agreed to acquire remaining 49% stake in Mare Group CZ s.r.o. on December 10, 2025. Upon completion, Mare Engineering Group S.p.A. will own 100% stake in Mare Group CZ s.r.o.
The acquisition is expected to be finalized by the end of 2025. Price Target Changed • Oct 16
Price target increased by 22% to €7.02 Up from €5.77, the current price target is an average from 2 analysts. New target price is 82% above last closing price of €3.85. Stock is up 15% over the past year. The company is forecast to post earnings per share of €0.31 for next year compared to €0.096 last year. New Risk • Sep 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (€66.7m market cap, or US$78.4m). Duyuru • Jun 19
Mare Engineering Group S.p.A. (BIT:MARE) proposed to acquire remaining 29.40% stake in La Sia S.p.A. (BIT:LASIA) for €5.8 million Mare Engineering Group S.p.A. (BIT:MARE) proposed to acquire remaining 29.40% stake in La Sia S.p.A. (BIT:LASIA) for €5.8 million on June 19, 2025. The consideration consists of common equity of Mare Engineering Group S.p.A. at a ratio of 0.64 per common equity of La Sia S.p.A. A cash consideration of €1.05 million will be paid by Mare Engineering Group S.p.A. As part of consideration, €1.05 million is paid towards common equity of La Sia S.p.A. Upon completion, Mare Engineering Group S.p.A. will own 100% stake in La Sia S.p.A. Upcoming Dividend • Jun 16
Upcoming dividend of €0.02 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 25 June 2025. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Italian dividend payers (5.5%). Lower than average of industry peers (2.3%). New Risk • Jun 13
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 8.8% 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 (8.8% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (5.5% net profit margin). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (€69.6m market cap, or US$80.0m). Duyuru • Jun 12
Mare Engineering Group S.p.A. (BIT:MARE) proposed to acquire 29.99% stake in ELES Semiconductor Equipment S.p.A. (BIT:ELES) for €11.9 million. Mare Engineering Group S.p.A. (BIT:MARE) proposed to acquire 29.99% stake in ELES Semiconductor Equipment S.p.A. (BIT:ELES) for €11.9 million on June 10, 2025. A cash consideration of €2.25 per share will be paid by Mare Engineering Group S.p.A. The Offer has not been solicited or previously agreed upon and is to be considered hostile. 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: 50% 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 Risk Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (€71.6m market cap, or US$81.6m). Duyuru • May 27
Mare Engineering Group S.p.A. (BIT:MARE) signed a binding agreement to acquire Rack Peruzzi S.R.L. for €0.34 million. Mare Engineering Group S.p.A. (BIT:MARE) signed a binding agreement to acquire Rack Peruzzi S.R.L. for €0.34 million on May 27, 2025. A cash consideration of €0.34 million will be paid by Mare Engineering Group S.p.A.
The transaction is subject to the completion of the real estate demerger and receipt of golden power authorization. The expected completion of the transaction is December 31, 2025. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Professional Services industry in Europe. Duyuru • May 09
Mare Engineering Group S.p.A., Annual General Meeting, May 23, 2025 Mare Engineering Group S.p.A., Annual General Meeting, May 23, 2025, at 10:00 W. Europe Standard Time. Duyuru • Apr 19
Mare Engineering Group S.p.A. (BIT:MARE) acquired 10.29% stake in DBA Group S.p.A. (BIT:DBA) for €4.5 million. Mare Engineering Group S.p.A. (BIT:MARE) acquired 10.29% stake in DBA Group S.p.A. (BIT:DBA) for €4.5 million on April 17, 2025. A cash consideration of €4.5 million will be paid by Mare Engineering Group S.p.A. As part of consideration, €4.5 million is paid towards common equity of DBA Group S.p.A. As part of acquisition, 1,185,000 shares were acquired.
Mare Engineering Group S.p.A. (BIT:MARE) completed the acquisition of 10.29% stake in DBA Group S.p.A. (BIT:DBA) on April 17, 2025. New Risk • Apr 02
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: 4.1% Last year net profit margin: 8.5% 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 Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (€51.7m market cap, or US$56.1m). Reported Earnings • Apr 01
Full year 2024 earnings released Full year 2024 results: Revenue: €44.6m (up 61% from FY 2023). Net income: €3.89m (up 64% from FY 2023). Profit margin: 8.7% (up from 8.5% in FY 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Professional Services industry in Italy. Duyuru • Mar 30
Mare Engineering Group S.p.A. announces Annual dividend, payable on June 25, 2025 Mare Engineering Group S.p.A. announced Annual dividend of EUR 0.0200 per share payable on June 25, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. Duyuru • Feb 14
Mare Engineering Group S.p.A. (BIT:MARE) agreed to acquire 70.6% stake in La Sia S.p.A. (BIT:LASIA) from Aspasia and GLSR for €13.7 million. Mare Engineering Group S.p.A. (BIT:MARE) agreed to acquire 70.6% stake in La Sia S.p.A. (BIT:LASIA) from Aspasia and GLSR for €13.7 million on February 13, 2025. Once the purchase is finalized , Mare Group will be required to launch a takeover bid for the remaining 29.4% of La Sia, offering a premium of 17% compared to the closing price on February 12. The agreement also includes the appointment of Maurizio Ciardi to the board of directors of Mare Group and the commitment of La Sia shareholders to maintain their shares for a period of between 24 and 36 months. The completion of the transaction is subject to various conditions, including corporate approvals and regulatory authorizations. Recent Insider Transactions • Nov 29
CEO & Director recently sold €151k worth of stock On the 27th of November, Antonio Zinno sold around 31k shares on-market at roughly €4.95 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Antonio has been a net buyer over the last 12 months, purchasing a net total of €59k worth of shares. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €4.43, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Professional Services industry in Italy. Reported Earnings • Oct 01
First half 2024 earnings released: EPS: €0.047 (vs €0.001 in 1H 2023) First half 2024 results: EPS: €0.047 (up from €0.001 in 1H 2023). Revenue: €13.4m (up 5.7% from 1H 2023). Net income: €563.1k (up €561.0k from 1H 2023). Profit margin: 4.2% (up from 0% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy. Recent Insider Transactions • Jul 31
Chairman and R&D Director recently bought €51k worth of stock On the 26th of July, Marco Bellucci bought around 14k shares on-market at roughly €3.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €54k. Marco has been a buyer over the last 12 months, purchasing a net total of €165k worth in shares. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €4.00, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 26x in the Professional Services industry in Italy. Duyuru • Jul 23
Mare Engineering Group S.p.A. (BIT:MARE) signed a binding agreement to acquire Powerflex S.R.L. from Pietro Di Lorenzo, Immolbilgi Srl, Riccardo De Lucia, Michele Antonio Di Lorenzo, and Mauro Fontana for €1.1 million. Mare Engineering Group S.p.A. (BIT:MARE) signed a binding agreement to acquire Powerflex S.R.L. from Pietro Di Lorenzo, Immolbilgi Srl, Riccardo De Lucia, Michele Antonio Di Lorenzo, and Mauro Fontana for €1.1 million on July 23, 2024. A cash consideration of €0.12 million will be paid by Mare Engineering Group S.p.A. The consideration consists of common equity of Mare Engineering Group S.p.A. having a value of €1.03 million to be issued for common equity of Powerflex S.R.L. As part of consideration, €1.15 million is paid towards common equity of Powerflex S.R.L. For the period ending December 31, 2023, Powerflex S.R.L. reported total revenue of €4 million and EBITDA of €0.36 million. The expected completion of the transaction is by December 31, 2024. Recent Insider Transactions • Jul 16
CEO & Director recently bought €54k worth of stock On the 11th of July, Antonio Zinno bought around 16k shares on-market at roughly €3.46 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Antonio has been a buyer over the last 12 months, purchasing a net total of €138k worth in shares. New Risk • Jun 21
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: 8.5% Last year net profit margin: 14% 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: Major Risks Debt is not well covered by operating cash flow (2.7% operating cash flow to total debt). Shares are highly illiquid. Minor Risks Profit margins are more than 30% lower than last year (8.5% net profit margin). Market cap is less than US$100m (€42.8m market cap, or US$45.7m). Duyuru • Jun 16
Mare Engineering Group S.p.A., Annual General Meeting, Jun 28, 2024 Mare Engineering Group S.p.A., Annual General Meeting, Jun 28, 2024, at 10:00 W. Europe Standard Time. Location: via ex aeroporto snc, consorzio il sole lotto xi 80038, pomigliano d arc, napoli Italy