Original-Research: Somec S.p.A. - from GBC AG 24.07.2025 / 10:30 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: Somec S.p.A. - from GBC AG

24.07.2025 / 10:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of GBC AG to Somec S.p.A.

     Company Name:               Somec S.p.A.
     ISIN:                       IT0005329815

     Reason for the research:    Research study (Comment)
     Recommendation:             BUY
     Target price:               22.50 EUR
     Last rating change:
     Analyst:                    Marcel Goldmann, Cosmin Filker

Strong order intake in the marine business confirms Somec's leading market
position and ensure visibility until 2033

On 17 July 2025, Somec S.p.A. (Somec) announced new strong order intake in
their marine business totalling over EUR 57 million, which was received by the
core segment 'Horizons' (ship glazing division). The contracts expand the
agreements already signed with a leading Finnish shipyard, which were
announced on 20 December 2024 and 31 January 2025. Specifically, one of the
previously agreed options has been converted into a firm order, a new ship
has been added and another option has been confirmed. The agreements now
cover a total of three cruise ships.

The contracts cover the turnkey delivery of the balcony systems for the new
motorised vertical opening system developed for so-called Infinity Cabins,
as well as windows and glazing for the upper decks in the bow area. Delivery
is scheduled for the period from 2028 to 2030. The economic impact of this
is expected between 2026 and 2030.

The Somec Group had previously announced large-volume orders received on 14
July 2025 for its 'Horizons' and 'Talenta' business units with a total value
of over EUR 110 million. The first contract was signed with Fincantieri
(Europe's largest shipbuilding group) for three ships in the ACE series for
Carnival Cruise Line (one of which is under option), each capable of
carrying up to 8,000 passengers. Somec will supply the complete
prefabricated balcony module system and high-performance sliding window
frames for all cabins. Delivery of the cruise ships is scheduled for the
period 2027 to 2028, with the economic effects expected in the same period.

The second contract, signed with the French company Chantiers de
l'Atlantique, covers one ship in the Oasis series of the Royal Caribbean
Group fleet. Somec will supply the entire 'Ocean View Balcony' package,
including glazing, windshields and balustrades for the public areas as well
as the suites, family suites and royal suites. Delivery of the ship is
scheduled for the first half of 2028, with the economic impact of this order
spread over the period from 2026 to 2028.

Oxin, one of the most important companies in Somec's Talenta division
(professional kitchen segment), will supply a turnkey solution for the new
cruise ship of Japan's Ryobi Holdings at the West Sea shipyard in Viana do
Castelo (Portugal). The order includes the construction and complete
furnishing of the laundry and catering areas (kitchens, bars, storage rooms
and cold rooms).

At the same time, Somec will be responsible for installing all
high-performance sliding windows and balcony cabin partitions, vertical
motorised sliding windows ('Ocean View Balcony') and continuous glazing in
the public areas and the Skydome. Delivery is scheduled for the first
quarter of 2027. The economic impact is expected to be felt between 2025 and
2026.

In addition, Oxin will also be involved in the construction of six ships for
Viking at the Fincantieri shipyard, four of which are under option.
Specifically, the company will be responsible for the construction of the
kitchens, catering areas and bars on board the newly built cruise ships. The
company will deliver a turnkey package covering all phases of the project
under the 'Made in Italy' banner, including design, production, installation
and after-sales service for the equipped areas. The ships will be delivered
between 2030 and 2033, and the economic effects will be felt during the same
period.

The strong order intake from the marine business, from major (cruise)
shipyards across almost all divisions of the Group, underscores the Somec
Group's leading market position in this booming sector. At the same time,
the large-volume orders received ensure a growing order backlog and economic
visibility through to 2033. The significant order intake recorded in the
traditionally high-margin core maritime business is an important factor in
enabling the Somec Group to continue its growth course in the medium and
long term.

The positive order reports reinforce our generally positive assessment of
the Somec Group and the Group's continued promising prospects. We will
update and review our previous estimates and valuation when the company
publishes its half-year figures. Until then, we confirm our current
forecasts, with strong margin growth expected as the company continues on
its growth path, and our price target of EUR 22.50.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=bbf216de6ad1b9461a0ab79893b565cd

Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de

++++++++++++++++

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR.
Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a, 6a, 11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung

+++++++++++++++
Date (time) of completion: 24/07/2025 (8:52)
Date (time) of first distribution: 24/07/2025 (10:30)

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

---------------------------------------------------------------------------

2174146 24.07.2025 CET/CEST