The Board of Directors of Zest SpA approved the results as of 30 September 2025, which confirm the path of strengthening margins and greater management efficiency undertaken by the Group.
These are the most important data:
Major reduction in operational costs
Operating costs decreased by 2.67 million
Operational EBITDA is clearly recovering
Operational EBITDA rose from -3.78 million to -1.02 million with an increase of 2.76 million
Increased investment in the portfolio
Investments made amounted to 2.27 million compared to 1.44 million on September 30, 2024
Significant cash outflow
Cash-in from exit 1.69 million as of September 30, 2025
In the first nine months of the year, revenue and other income reached 6.63 million euros (7.81 million as of 30 September 2024), while management fees fell significantly to 8.31 million compared to 10.98 million euros recorded in the same period of the previous financial year. Operational EBITDA increased by 2.76 million euros, from -3.78 million to -1.02 million, demonstrating the impact of management’s rationalization measures. The overall gross operating margin, which includes 0.98 million euros of investment management results recorded in the income statement, was only negative 42 thousand euros, close to breakeven.
Compared to the 2025–2029 Business Plan, overall EBITDA for the period was slightly better than expected (-0.558 million versus -0.648 million euro), thanks in particular to investment management contributions and capital gains realized on recent exit transactions, including Vikey and STIP.
On the equity-financial side, as of September 30, 2025, the Group’s Net Financial Debt amounted to 6.77 million euros, a slight increase compared to 6.92 million euros at the end of 2024. As of the date of preparation of the press release, the Company had no covenants, negative covenants or other clauses limiting the use of its financial resources, which confirms a flexible financial structure to support development.
The portfolio includes more than 240 active startups with an aggregate fair value of 49.30 million euros, an increase compared to the figure at 30 June 2025. During the period, the Group also generated cash inflows of 1.69 million euros outflow, confirming its ability to convert equity investments into liquidity to support new investments.
After the close of the quarter, Zest’s industrial growth path recorded further progress: on October 24, 2025 the Company acquired 20% of Eureka! SGR SpA Business
an independent operator specializing in the management of alternative funds in private markets, while on 28 October 2025 an extraordinary meeting approved an increase in capital based on options and, on 5 November, the Board of Directors set firm terms. This operation strengthens the Group’s investment platform and provides new resources to support portfolio evolution and implementation of the Industrial Plan.
