SeSa S.p.A. Q1 2027 Earnings Recap

SeSa’s shares fell 3.1% after earnings, suggesting investors were disappointed by the combination of 6.5% group revenue growth and a 3% decline in Software and System Integration, despite management’s positive framing. The company maintained its outlook, but the quarter still showed uneven performance across segments and no clear acceleration at the group level.

Key Takeaways

• First-quarter revenue and other income rose 6.5% organically to €900 million, while EBITDA increased 7.6% to €65 million; the EBITDA margin edged up to 7.23%.
• ICT VAS grew 8.1% to €540 million, with EBITDA up 11% and margin improving to 4.6%, supported by demand for data management, sovereignty and cybersecurity.
• Green VAS remained the strongest growth area, with revenue up 14.4% to €127 million and EBITDA up 23% to €7.7 million; margin expanded to 6.0%.
• Software and System Integration revenue declined 3% to approximately €230 million, while EBITDA fell 2.5% to €23 million. Management expects the segment to return to growth from the second quarter.
• Net debt was €23.4 million at July 2026, around €40 million better than a year earlier despite €120 million of investment and €40 million returned through dividends and buybacks.