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Press Release No. 1


      Carpenedolo (BS), January 31, 2024 – Palingeo S.p.A. (the “Company” or “Palingeo“) – a leading company in the fields of geotechnics and geognostics for the construction of civil and infrastructural works, as well as soil consolidation for foundation support or excavation sources – announces the submission of the Pre-Admission Communication to Borsa Italiana, aimed at the admission to trading of its ordinary shares (“Ordinary Shares”) and warrants on the Euronext Growth Milan market, managed by Borsa Italiana S.p.A. (“EGM“), dedicated to small and medium enterprises with high growth potential, and the commencement of the bookbuilding process.

      The offering includes newly issued ordinary shares and warrants, allocated free of charge, in a ratio of 1 warrant for every 1 Ordinary Share held, (i) to subscribers of shares within the scope of the offering or the exercise of the over-allotment option on the date of the start of trading of Palingeo S.p.A.’s ordinary shares on Euronext Growth Milan; (ii) to all holders of the Company’s ordinary shares on a date jointly defined with Borsa Italiana, following the trading calendar of Borsa Italiana, identified within 30 (thirty) days after the approval date of Palingeo’s December 31, 2023, financial statements by the Company’s assembly. The warrant conversion ratio is defined at 1 new share for every 4 warrants held.

      The indicative price range within which the final price will be determined is Euro 5.00 – Euro 7.00 per ordinary share.

      It is also noted that the share capital includes Multiple Voting Shares (3 votes per each ordinary share) not subject to trading, owned by F.L.S. Holding S.r.l. (a company linked to Leonardo Spada, Paolo Franzoni, and Gianbattista Lippi, respectively Chairman and CEO, CEO, and CEO of the Company, the “Existing Shareholders“).

      The Existing Shareholders will undertake an irrevocable commitment to the Euronext Growth Advisor, starting from the beginning of trading and for the subsequent 36 months, not to sell or otherwise dispose of 100% of the shares held as of the Lock-up Agreement date. The Lock-up is also extended for the same duration to Sergio Lippi and the founding partners Leonardo Spada, Paolo Franzoni, and Gianbattista Lippi.

      Leonardo Spada, Chairman, and CEO of Palingeo: “Palingeo has been operating for over twenty years in a market – specialized construction with a focus on public works – that is experiencing strong growth. In the coming years, acceleration is expected due to the driving force of interventions outlined in the National Recovery and Resilience Plan (PNRR) and the so-called ‘Sbloccacantieri’ Decree, as well as projects related to the 2025 Jubilee, the 2026 Winter Olympics in Cortina, and the 2026 Mediterranean Games in Taranto. The proven capacity in the projects undertaken over the years, the quality of the services offered, and the customer retention rate in terms of relationship continuity factually demonstrate the quality and accuracy of the work provided.”

      Palingeo, headquartered in Carpenedolo (BS), is a leading company in Special Works and Specialized Construction. Founded in 1999 by a group of professionals with extensive experience in major industry companies, it has solidified its position over twenty years, emerging as one of the main players in Italy, offering cutting-edge services with a highly professional approach. The company specializes in key activities, including waterproofing and soil consolidation, foundation engineering, structural restoration, and land reorganization. Palingeo’s clientele includes private clients and public entities, acquired through direct participation in tender offers, both as a subcontractor and in collaboration with other industry operators, including Temporary Business Associations (ATI). With a widespread presence across the national territory, Palingeo manages its operations not only from its legal headquarters in Carpenedolo but also through four local units (warehouses) located in the provinces of Brescia, Mantova, and Messina. The Company achieved a production value of €53.5 million as of December 31, 2022, representing a 63.8% annual growth with an EBITDA of €8.0 million, a 108.2% increase from the previous year, with an incidence on production value of 14.9%. In the first half of 2023, the Company achieved a production value of €27.3 million and an EBITDA of €4.2 million with an incidence on turnover of 15.3%. The Backlog as of June 30, 2023, amounts to €82.2 million.

      In the context of the admission procedure for trading on Euronext Growth Milan, Palingeo is assisted by Integrae SIM S.p.A. as Euronext Growth Advisor and Global Coordinator, by the law firm LCA as Legal Advisor, by WPartners S.r.l. as Audit Firm, as well as by LDP Tax & Law as Financial Advisor, by PMI Revisioni S.r.l. as Fiscal Advisor, and by Avv. Davide Epicoco and Dott. Alessio Minelli as Strategic Advisorsz

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      About Palingeo

      Palingeo is an Italian company based in Carpenedolo, founded in 1999, specializing in the fields of geotechnics and geognostics for the construction of civil and infrastructural works and soil consolidation. Born from the experience of industry professionals, it has emerged as an Italian leader, offering services such as waterproofing and soil consolidation, foundation engineering, structural restoration, and land reorganization. The company works on commission for private and public entities, acquiring projects through subcontracting or direct participation in tender offers, often in collaboration with other operators. Its presence extends across the national territory, with four local units distributed among the provinces of Brescia, Mantova, and Messina. Palingeo holds key industry quality certifications and focuses on specialized construction in the foundations sector, offering geological and infrastructural services. The Company is active in the public construction sector, basing its business model on research, project acquisition, and implementation through direct or indirect channels. To improve production efficiency, Palingeo has adopted Industry 4.0 technologies on construction sites, enabling remote connection with the Technical Office through dedicated applications and specific portals. The Company is oriented towards technological development to optimize production processes and ensure a high level of professionalism in the services offered.

      Investor Relations:
      Paolo Franzoni
      Investor Relations Manager
      Tel: +39 03 09966560

      Media Relations:
      Integrae Sim S.p.A.
      Piazza Castello 24, 20121 Milano
      Tel. +39 02 96846864