olivLaw · European equity research
Airtificial Intelligence Structures, S.A. AI.MC
Spain · BME Madrid · ISIN ES0152768612 · Vertical: Listed companies from Spain
Airtificial Intelligence Structures, S.A. is an international group with three lines of business: Aerospace & Defense, Intelligent Robots and Infrastructures. It operates in Spain, the Americas and Asia, and in 2025 its exposure to geopolitical tensions, inflation and new regulation increased, which makes margin trends a key topic for investors. The 2025 annual report shows a group whose financial solidity declined compared with the previous year.
At the close of 05 Nov 2026, Airtificial Intelligence Structures, S.A. (AI.MC) stock was 0.08 EUR (+0.00% on the day), with beta 0.61, 52-week range 0.08–0.11 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.4
- weak (30–45)
- Bollinger (20, 2)
- 0.08 – 0.09
- in the lower half of the band · %B 0.16 · band width 12.2%
- SMA 50 / 200
- 0.09 / 0.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.1% | −0.6% | −5.5 pp | — |
| 3 months | −14.0% | −4.2% | −9.8 pp | — |
| 6 months | −8.0% | +4.3% | −12.4 pp | — |
| Year to date | −14.0% | +7.5% | −21.5 pp | — |
| 1 year | −31.3% | +9.9% | −41.2 pp | +6.7% |
| 3 years | −38.0% | +49.8% | −87.8 pp | +31.5% |
| 5 years | −22.4% | +42.8% | −65.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 100.2 m | 110.1 m | 94.0 m |
| Revenue YoY | unavailable | +9.9% | −14.6% |
| Net income | -4.2 m | 664.0 k | -25.0 m |
| Net income YoY | unavailable | unavailable | −3,871.4% |
| Diluted EPS | 0.00 | 0.00 | -0.00 |
| Diluted EPS YoY | unavailable | 0.0% | −300.0% |
| net % | -4.2% | 0.6% | -26.6% |
| Free cash flow | 1.3 m | 4.1 m | -8.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 55.5 m EUR
- Total assets
- 201.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.80x
- ROE
- -36.7%
- ROA
- -11.6%
- FCF margin
- -9.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 100.2 m | 110.1 m | 94.0 m | esef· 20 Oct 2026verified |
| Operating income | 1.5 m | 4.8 m | -15.9 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 6.0 m | 7.5 m | 8.4 m | esef· 20 Oct 2026verified |
| EBITDA | 7.6 m ≈ | 12.4 m ≈ | -7.5 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 5.9 m | 7.7 m | 5.7 m | esef· 20 Oct 2026verified |
| Pre-tax income | -4.1 m | -2.8 m | -24.8 m | esef· 20 Oct 2026verified |
| Income tax | 178.0 k | -3.4 m | 241.0 k | esef· 20 Oct 2026verified |
| Net income | -4.2 m | 664.0 k | -25.0 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.00 | 0.00 | -0.00 | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.5 m | 28.4 m | 13.7 m | esef· 20 Oct 2026verified |
| Receivables | 53.4 m | 54.2 m | 42.7 m | esef· 20 Oct 2026verified |
| Inventories | 10.3 m | 12.4 m | 14.5 m | esef· 20 Oct 2026verified |
| Current assets | 81.0 m | 105.0 m | 82.1 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 24.4 m | 24.3 m | 22.5 m | esef· 20 Oct 2026verified |
| Goodwill | 67.2 m | 67.2 m | 67.2 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 14.9 m | 14.6 m | 13.3 m | esef· 20 Oct 2026verified |
| Total assets | 202.1 m | 230.5 m | 201.4 m | esef· 20 Oct 2026verified |
| Current liabilities | 84.9 m | 88.8 m | 102.8 m | esef· 20 Oct 2026verified |
| Equity | 60.8 m | 81.1 m | 55.5 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.7 m | 4.9 m | -7.5 m | esef· 20 Oct 2026verified |
| Capex | 1.4 m | 874.0 k | 1.3 m | esef· 20 Oct 2026verified |
| Free cash flow | 1.3 m ≈ | 4.1 m ≈ | -8.8 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -3.1 m | -4.3 m | -2.3 m | esef· 20 Oct 2026verified |
| Financing cash flow | -288.0 k | 21.8 m | -2.7 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -26.6% | 3 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.8x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AIRTIFICIAL INTELLIGENCE STRUCTURES SA (AI.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 94.0 m EUR in 2025; YoY growth -14.6%; net margin -26.6%; ROE -36.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -26.6%
- Interest coverage: -2.8x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for AI.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Airtificial Intelligence Structures, S.A. is an international group with three lines of business: Aerospace & Defense, Intelligent Robots and Infrastructures. It operates in Spain, the Americas and Asia, and in 2025 its exposure to geopolitical tensions, inflation and new regulation increased, which makes margin trends a key topic for investors. The 2025 annual report shows a group whose financial solidity declined compared with the previous year.
SWOT
Strengths
- The group has an international presence, with operations in several regions, which gives it geographic diversification.
- Stable contractual relationships with leading aeronautics clients provide a predictable long-term revenue base.
- The Infrastructures unit posted positive results and has no impairment indicators, which strengthens the overall balance.
Weaknesses
- Financial solidity declined compared with the previous year, according to the 2025 report.
- Dependence on key clients and public contracts creates concentration exposure and volatility in award outcomes.
- A significant part of debt is tied to variable rates, which makes financing costs sensitive to monetary policy changes.
Opportunities
- Demand for recyclable, repairable and eco-efficient solutions could open new contracts for the group.
- Reducing dependence on key clients through market and channel diversification could stabilise revenue.
- If industrial automation programmes return to earlier pace, Intelligent Robots could recover commercial visibility.
Threats
- Escalation of geopolitical conflicts could weaken the economies in which the group operates.
- Rising material and energy prices could compress margins if they cannot be passed on to clients.
- Trade sanctions and regulatory changes could limit exports or suspend licences.
Risks
- Geopolitical riskhigh
Conflicts in Ukraine, Iran and the Middle East could worsen the economic situation and affect the group's projects, and the report says their effect is difficult to anticipate.
- Material costs and executionhigh
Pressure on material prices can reduce project profitability, especially when costs cannot be passed on to clients.
- Client concentrationmedium
Financial difficulties at key aeronautics clients could reduce production rates and contracted volumes.
- Political and regulatory riskmedium
Political changes in several countries where the group operates may cause delays and adjustments to projects.
- Sustainability risklow
Decarbonisation requirements and human rights due diligence could increase costs or limit access to tenders if they are not met.
Investment thesis
What would need to be true (bull case)
- If cost pressure eases, group margins could recover to better levels, especially in Aerospace & Defense.
- Geographic diversification and stable relationships with aeronautics clients can support a predictable revenue flow.
- Demand for eco-efficient solutions could generate new commercial opportunities for the group.
What would break the thesis
- If geopolitical tensions widen, the economies where the group operates could slow, affecting demand and project execution.
- A decline in financial solidity and reliance on variable rates could make financing more expensive.
- Weak commercial visibility in automotive could continue to weigh on Intelligent Robots.
What to watch
- Margin trend in Aerospace & Defense and the impact of material costs2026
- Order visibility at Intelligent Robots after the short-cycle period2026
- Results of public tenders in Infrastructuresnext 10-K
- Effects of political changes in Colombia and Peru on projects2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the consolidated annual report for the year ended 31 December 2025, the group is organised into three cash-generating units: Aerospace & Defense, with production centres in Cádiz and Sevilla, Intelligent Robots, with centres in Sant Fruitós, Mexico, Poland and China, and Infrastructures, based in Madrid. The group is an international operator, with 54% of turnover generated in Spain in 2025. Aerospace & Defense and Intelligent Robots were created through the 2018 merger, which generated goodwill allocated to these two lines of business.
The group works as an integrator of long-duration projects, especially in aeronautics and industrial automation, where contracts run for the life of the product. Development costs are capitalised when accounting criteria are met, and amortisation starts once the project is completed.
Production and research infrastructure consists of buildings, technical installations and machinery, and the group leases land and buildings for its factories. The report notes that project profitability depends on the ability to absorb rising material prices and on meeting execution deadlines.
Segments
Aerospace & Defense
The Aerospace & Defense line supplies components and services to aeronautics and defence customers under stable contractual relationships. The report signals that 2025 results reflect a decline in financial solidity compared with the prior year, and the discount rate used in the impairment test is 11.34%.
Intelligent Robots
The Intelligent Robots line provides industrial automation solutions, mainly for the automotive sector. Commercial visibility deteriorated in 2025 because of short order cycles and delays from car manufacturers, and the discount rate applied is 10.80%.
Infrastructures
The Infrastructures line depends heavily on public tenders, which creates uncertainty about award criteria. The report shows that this unit's pre-tax result was positive in 2025 and that no impairment indicators were identified.
Market context
The report describes a moderate but resilient macroeconomic environment in the euro area, with real GDP growth of 1.4% in 2025 and an expected slowdown in 2026. In Spain, the Bank of Spain estimates GDP growth of 2.6% for 2025, with forecasts of a slowdown the following year, which could influence demand for the group's projects.
Inflationary pressures and the costs of raw materials and energy are, according to the report, the main factors that can affect margins. Conflicts in Ukraine, Iran and the Middle East have created raw material shortages, and these tensions could prolong the period of cost pressure.
Trends
- Raw material cost pressureheadwind
Rising material prices and supply disruptions have increased project execution costs, and the report notes delivery delays. If this trend persists, margins could remain under pressure.
- Tariffs and international tradeheadwind
United States tariff policy added costs to components and disrupted automotive supply chains, which reduced order visibility for Intelligent Robots.
- Demand for eco-efficient solutionsmixed
Customers in automotive, aeronautics and defence increasingly demand traceability and emission reductions, and recyclable and repairable products have become a selection criterion in tenders. The group could access new opportunities if it adapts its offer.
- Regulation and political riskheadwind
Political and regulatory changes in the United States, Bolivia, Colombia and Peru have increased uncertainty over project execution and collection. The 2026 electoral calendars could bring administrative adjustments.
Competitive position
The annual report does not explicitly name competitors. However, the group operates in sectors where competition takes place on price, execution capacity and client strength, and in public tenders competition increased in 2025, according to the document.
In aeronautics and industrial automation, competitive position depends on emission reduction, the capacity to meet sustainability requirements and access to critical materials. The report warns that failing to adapt to these requirements could limit the group's position.
- Industrial automation providers
Companies in industrial automation, implicitly referenced through the cost requirements and order cycles of the automotive industry.
- Aerospace component suppliers
Companies competing for long-term aeronautics contracts, where cost and reliability criteria are decisive.
- Construction and public infrastructure firms
Competitors in public tenders, where the report signals more bidders and stricter solvency criteria.
- Global eco-efficient solution providers
Companies that can win contracts through emission reduction and circular-economy models, criteria that are increasingly important to clients.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Airtificial Intelligence Structures, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.