This article first appeared on GuruFocus .
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Consolidated Revenue:EUR2.7 billion, up 11.2% year-on-year.
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EBITDA:EUR191 million, up 11.5% year-on-year, with an EBITDA margin of 7.1%.
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Group EAT Adjusted:EUR82.1 million, up 12% year-on-year.
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Third Quarter Revenue:EUR1.1 billion, up 10.5% year-on-year.
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Third Quarter EBITDA:EUR77 million, up around 12% year-on-year.
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ICT VAS Revenue:EUR1.7 billion, up 7.2% year-on-year.
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Green VAS Revenue:EUR307 million, up 21% year-on-year.
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System Integration Revenue:EUR663 million, up 2.5% year-on-year.
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Business Services Revenue:EUR120 million, up 9% year-on-year.
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Consolidated Adjusted EBIT:EUR145 million, up 9% year-on-year.
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Net Financial Position:EUR58 million, improved by EUR33.7 million from January '25.
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Investments:EUR150 million in the last 12 months, with EUR90 million in M&A.
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Headcount:6,749, up 3.3% year-on-year.
Release Date: March 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Sesa SpA ( SESPF ) reported a consolidated revenue of EUR2.7 billion for the first 9 months of fiscal year 2026, marking an 11.2% increase compared to the previous year.
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The company achieved an EBITDA of EUR191 million, up 11.5% year-on-year, with an improved EBITDA margin of 7.1%.
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Sesa SpA ( SESPF ) experienced strong growth in its Green VAS sector, with revenues up 21% year-on-year, driven by rising energy demand linked to digitalization and AI adoption.
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The Business Services sector saw a 9% year-on-year revenue increase, supported by new multiyear contracts with major Italian banks.
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The company improved its net financial position significantly, with a net cash increase of EUR40 million compared to the previous year, reflecting strong cash flow generation and efficient working capital management.
Negative Points
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The System Integration sector showed only a slight growth of 2.5% year-on-year, indicating slower demand in some areas.
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Despite overall positive results, the EBITDA margin for System Integration and Software slightly decreased from 11.1% to 10.8% year-on-year.
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The company is undergoing an organizational reengineering process, which may pose challenges and uncertainties in the short term.
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Sesa SpA ( SESPF ) has a high level of investments, with EUR150 million spent in the last 12 months, which could impact short-term liquidity.
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The company is focusing on organic growth and simplifying its structure, which may limit immediate expansion opportunities through M&A activities.
Q & A Highlights
Q: Can you detail the main ongoing trends you are observing business by business, and are there any market worries regarding technology disruptions? A: Alessandro Fabbroni, CEO, noted a strong backlog in the fourth quarter, with double-digit growth in VAS for both ICT and Green sectors, driven by digital integration and energy transition. The Software System Integration sector is improving with a focus on cloud and cybersecurity, while Business Services is benefiting from multiyear contracts with major banks. Overall, the outlook for Q4 and FY 2027 is positive.
Q: How relevant are AI-related revenues today, and how do you see their weight changing in the next few years? A: Fabbroni explained that AI is a crucial growth driver, currently representing a small portion of the market but expected to stimulate broader IT demand. AI-related revenues are projected to grow significantly, with cybersecurity and data management also seeing increased demand. The company aims to leverage its position as a leading digital integrator to capitalize on these trends.
Q: How is AI changing customer spending patterns? Are you seeing incremental budgets or reallocations from traditional IT spending? A: Fabbroni indicated that AI is driving incremental budgets, particularly in data management and protection, compliant with national security rules. The integration of AI is expected to stimulate overall IT demand, aligning with Sesa's strategy to serve as a digital integrator in Italy.
Q: What is the outlook for the Green sector, and how does it relate to energy transition trends? A: The Green sector is experiencing positive trends due to stable market prices and the growing energy transition. This environment is conducive to building renewable energy plants, which aligns with Sesa's strategic focus on digital and energy integration.
Q: Can you comment on the Software System Integration sector's performance and future expectations? A: The Software System Integration sector is showing improvement, with a focus on cloud, cybersecurity, and digital integration. The sector reported a 3.5% increase in EBITDA in Q3, with expectations to maintain this positive trend in Q4.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
