olivLaw · European equity research
Reply S.p.A. REY.MI
Italy · Euronext Milan · ISIN IT0005282865 · Vertical: Listed companies from Italy
Reply S.p.A. is an Italian group of IT consulting and services, specialized in digital technologies, cloud, artificial intelligence and cybersecurity, through a network of highly specialized companies. In fiscal 2025 it reported consolidated revenue of 2,483.6 million EUR, up 8.0% from 2024, and continued to focus on embedding AI into the architecture of client solutions.
At the close of 05 Nov 2026, Reply S.p.A. (REY.MI) stock was 131.80 EUR (−1.93% on the day), with market capitalisation 5.0 bn EUR, P/E 19.6 on diluted EPS of 6.71 EUR over the last 12 months, dividend yield 38,182,852.81%, beta 0.67, 52-week range 77.15–134.40 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)
- 57.6
- strong (55–70)
- Bollinger (20, 2)
- 125.41 – 134.97
- in the upper half of the band · %B 0.67 · band width 7.3%
- SMA 50 / 200
- 123.65 / 104.33
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.86 / 2.98
- 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 | +4.2% | −0.6% | +4.8 pp | — |
| 3 months | +13.4% | −4.2% | +17.6 pp | — |
| 6 months | +33.7% | +4.3% | +29.3 pp | — |
| Year to date | +14.9% | +7.5% | +7.4 pp | — |
| 1 year | +10.5% | +9.9% | +0.6 pp | −6.1% |
| 3 years | +40.7% | +49.8% | −9.2 pp | +7.7% |
| 5 years | −26.1% | +42.8% | −68.9 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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 17.1, median 18.9, max 23.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 1.9 bn | 2.1 bn | 2.3 bn | 2.4 bn |
| Revenue YoY | unavailable | +12.0% | +8.4% | +6.7% |
| Net income | 191.0 m | 186.7 m | 213.8 m | 252.6 m |
| Net income YoY | unavailable | −2.3% | +14.5% | +18.2% |
| Diluted EPS | 5.65 | 5.01 | unavailable | 6.71 |
| Diluted EPS YoY | unavailable | −11.3% | unavailable | unavailable |
| net % | 10.1% | 8.8% | 9.3% | 10.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 571.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.5 bn EUR
- Total assets
- 2.8 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.76x
- ROE
- 18.1%
- ROA
- 9.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.1 bn | 2.3 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Operating income | 285.5 m | 292.7 m | 330.4 m | 391.7 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 58.6 m | 75.2 m | 84.9 m | 89.4 m | esef· 07 Apr 2026verified |
| EBITDA | 344.1 m ≈ | 368.0 m ≈ | 415.4 m ≈ | 481.0 m ≈ | esef· 07 Apr 2026derived |
| Pre-tax income | 268.7 m | 271.6 m | 313.2 m | 369.7 m | esef· 07 Apr 2026verified |
| Income tax | 76.5 m | 83.1 m | 99.5 m | 117.1 m | esef· 07 Apr 2026verified |
| Net income | 191.0 m | 186.7 m | 213.8 m | 252.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | 5.65 | 5.01 | — | 6.71 | esef· 07 Apr 2026verified |
| Dividend per share | 0.91 | 37,278,000.00 | — | 50,325,000.00 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 283.7 m | 383.7 m | 491.8 m | 571.7 m | esef· 07 Apr 2026verified |
| Receivables | 657.6 m | 739.5 m | 757.6 m | 792.1 m | esef· 07 Apr 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 1.5 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 98.1 m | 108.2 m | 132.3 m | 160.4 m | esef· 07 Apr 2026verified |
| Goodwill | 630.3 m | 626.5 m | 693.2 m | 667.1 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 105.2 m | 81.5 m | 95.8 m | 81.3 m | esef· 07 Apr 2026verified |
| Total assets | 2.2 bn | 2.4 bn | 2.6 bn | 2.8 bn | esef· 07 Apr 2026verified |
| Accounts payable | 168.8 m | 191.0 m | 183.2 m | 179.8 m | esef· 07 Apr 2026verified |
| Current liabilities | 868.3 m | 891.4 m | 971.7 m | 938.1 m | esef· 07 Apr 2026verified |
| Total liabilities | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Equity | 971.9 m | 1.1 bn | 1.3 bn | 1.5 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 33.8 m | 37.3 m | — | 37.6 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 184.6 m | 249.8 m | 353.2 m | 326.0 m | esef· 07 Apr 2026verified |
| Investing cash flow | -234.4 m | -40.7 m | -159.0 m | -136.3 m | esef· 07 Apr 2026verified |
| Financing cash flow | -1.7 m | -88.7 m | -91.7 m | -104.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 30.6 m | 38.4 m | 39.3 m | 45.0 m | esef· 07 Apr 2026verified |
| Share repurchases | 9.9 m | 0 | — | — | esef· 02 Apr 2024verified |
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.0 bn EUR
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 42.21 – 933,300,000.00 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E42.21 – 153.33 (Mid 88.95)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)684,420,000.00 – 933,300,000.00 (Mid 789,715,384.62)
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.3% | 69 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.0% | 75 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | 5.9% | 39 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 80 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 19.6x | 36 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial80/100 · 1/3 factors with a value
- Growth57/100 · 2/2 factors with a value
- Quality· partial69/100 · 1/3 factors with a value
- Returns· partial13/100 · 1/2 factors with a value
- Valuation· partial36/100 · 1/3 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
REPLY S.P.A. (REY.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.4 bn EUR in 2025; YoY growth 6.7%; net margin 10.3%; ROE 18.1%.
The estimated value range is 342,210,021.10–466,650,076.66 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 394,857,736.78 EUR, the price of 131.80 EUR leaves a potential of 299,588,471.2% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.0%
- Current ratio: 1.8x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · 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 | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| REY.MIReply S.p.a. | 5.0 bn | 19.6 | 18.1% | 10.3% | +6.7% | +15% / +23% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for REY.MI 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 81.44 Total return -34% · Per year -34% | 143.68 Total return 15% · Per year 15% | 216.01 Total return 71% · Per year 71% |
| 3 years | 86.37 Total return -22% · Per year -8% | 170.75 Total return 48% · Per year 14% | 280.80 Total return 136% · Per year 33% |
| 5 years | 91.60 Total return -8% · Per year -2% | 202.92 Total return 87% · Per year 13% | 365.02 Total return 221% · Per year 26% |
- Exit P/E± 42.69
- Net margin± 29.88
- Annual revenue growth± 23.51
- Annual dilution± 2.51
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
Reply S.p.A. is an Italian group of IT consulting and services, specialized in digital technologies, cloud, artificial intelligence and cybersecurity, through a network of highly specialized companies. In fiscal 2025 it reported consolidated revenue of 2,483.6 million EUR, up 8.0% from 2024, and continued to focus on embedding AI into the architecture of client solutions.
SWOT
Strengths
- A model based on a network of highly specialized companies that enables delivery of advanced technology solutions to clients of different sizes.
- A solid financial position, with positive net cash and growth in operating results in fiscal 2025.
- Close partnerships with the principal global technology vendors and with major large language model producers.
Weaknesses
- A significant share of revenue is concentrated on a relatively small number of clients, and losing some of them could affect results.
- Dependence on key personnel and executive management could create difficulties if these people left the group without adequate replacement.
- Rapid growth in size creates organizational and internal control challenges that may be hard to manage.
Opportunities
- Adoption of artificial intelligence in client architectures could generate new demand for specialized solutions.
- Expansion into strategic markets, including the United States market, could add new sources of revenue.
- Strategic acquisitions could complement the group's skills and offerings if they are integrated effectively.
Threats
- A slowdown in industrialized economies could reduce clients' IT budgets and delay existing projects.
- Cyberattacks, including those using artificial intelligence, could affect the group's and its clients' systems.
- The constantly changing regulatory framework for artificial intelligence could expose the group to sanctions if it does not adapt in time.
Risks
- Client concentrationmedium
A significant part of revenue comes from a small number of clients. Losing some of them could have negative effects on results.
- Cyber riskshigh
Growing dependence on networks and artificial intelligence increases exposure to attacks. The costs of an incident could be significant, even though so far no attack has had a material impact.
- AI compliancemedium
Regulatory obligations for AI solutions are expanding. A slow pace of adaptation could lead to sanctions and limits on market access.
- Acquisitions and integrationmedium
Investments in new companies may not generate the expected returns and may require additional integration costs, affecting results.
- Relationship with technology partnerslow
Partners may have different priorities and may work with competitors. A drop in demand for their technology could also reduce demand for the group's services.
Investment thesis
What would need to be true (bull case)
- Revenue and profitability growth in fiscal 2025, combined with a positive net financial position, could give the group flexibility to invest in artificial intelligence and acquisitions.
- If AI adoption in companies accelerates, Reply could benefit from its advanced positioning and its partnerships with major large language model producers.
- A model based on specialized companies and diversification across business lines could reduce dependence on a single market segment.
What would break the thesis
- Demand for IT consulting is cyclical, and a slowdown in industrialized economies could quickly reduce the volume of new projects.
- Revenue concentration on a small number of clients could amplify the impact of losing an important client on results.
- Competition is intensifying, and new players with large resources could offer lower prices, which could pressure the group's margins.
What to watch
- Evolution of revenue and EBITDA margin compared with fiscal 20252026
- Pace of AI integration in the service offering and its impact on demand2026
- Trend in revenue concentration on major clientsnext annual report
- Evolution of the AI regulatory framework and related compliance costs2027
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
The Reply group, headquartered in Italy, offers consulting and technology solutions to medium and large companies in sectors such as telecommunications, manufacturing, finance and utilities. The business relies on a network of specialized companies, and revenue is structured across three business lines: Tecnologie, Applicazioni and Processi. According to the annual report, in fiscal 2025 EBITDA was 467.6 million EUR, with a margin of 18.8%, and group net income was 250.9 million EUR.
Geographically, the annual report splits revenue across three regions, with Region 1, which includes Italy, the United States, Brazil, Poland, Romania and China (Nanjing), representing the largest share. The group relies on partnerships with the principal global technology vendors and, in 2025, signed new partnerships with major large language model producers. The report also notes a reclassification of public contributions for funded projects, neutral for EBITDA, from labour costs into operating revenue.
Segments
Applicazioni
The Applicazioni line, with 29.9% of 2025 revenue, covers the development and integration of cloud applications and data platforms, areas where artificial intelligence is becoming the structural component of architectures.
Processi
The Processi line, which represented 9.8% of 2025 revenue, includes automation and process optimization services for client companies, with a smaller weight in the group total.
Market context
The IT consulting market depends on the cycles of industrialized economies, where demand for high-technology products is highest. The annual report notes that the market remains highly selective and competitive, with constant pressure on prices.
Growing adoption of artificial intelligence in company processes opens opportunities but also compliance risks, as the regulatory framework for AI evolves. The report states that the group may be exposed to geopolitical and macroeconomic uncertainties, although these have so far not had a significant impact on operational continuity.
Trends
- Integration of artificial intelligencetailwind
The report describes AI as the structural component of data, cloud and security architectures. If clients adopt these solutions quickly, demand for specialized services could grow.
- Cyclical ICT demandheadwind
Demand for IT consulting depends on the state of industrialized economies. A slowdown in client investment could reduce the volume of new projects.
- AI regulationmixed
The regulatory framework for artificial intelligence is developing and imposes stricter compliance obligations. This may create additional costs but also opportunities for providers with governance expertise.
- Geopolitical and trade tensionsheadwind
The report mentions possible indirect effects of trade policies and tensions between major economic areas, including on exchange rates and client investment decisions.
Competitive position
The annual report stresses that the ICT consulting market is highly competitive and that some competitors could expand their share at the group's expense. The entry of new players with large human and technological resources, able to offer more competitive prices, is a declared risk.
Reply differentiates itself through its network of specialized companies and its partnerships with the principal global technology vendors. The report notes, however, that partners may also work with competitors, which could affect the group's position.
- AccentureACN
Global consulting and IT services company, cited as representative of competition in digital transformation and AI within the market described in the report.
- CognizantCTSH
Global IT services and consulting provider active in the same client sectors, although the report does not name it explicitly.
- Capgemini
European consulting and technology services group present in markets where Reply operates, a direct competitor in digital services.
- New global consulting providers
New entrants with large financial and technological resources, which the report mentions as a possible source of price pressure.
News & filings
In the press
- Iran says US reply to Hormuz plan ‘unconvincing’; Trump confirms strikesAl Jazeera English · 04 Nov 2026 · EN
- Anthropic Releases FlashProve: Cryptographic Proofs That a Reply Came From Committed WeightsMarkTechPost (Asia AI) · 03 Nov 2026 · EN
- Australia reach 90-2 in reply to South Africa's 329CNA (Channel NewsAsia) · 28 Oct 2026 · EN
- N. Korea's Kim vows to deepen ties with Vietnam in reply to its leader LamYonhap News (KR, EN) · 26 Oct 2026 · EN
- Reply to Soley: Testing haplodiploidy, not relatedness in generalPNAS · 23 Oct 2026 · EN
- Reply to Burger et al.: Powerless paradigms and the myth of equal fitnessPNAS · 23 Oct 2026 · EN
- Xi reaffirms commitment to strengthening ties with N. Korea in reply to Kim Jong-un's letterYonhap News (KR, EN) · 22 Oct 2026 · EN
- To get a reply when reaching out to people, make 1 simple change, says LinkedIn career expertCNBC — Top News · 20 Oct 2026 · EN
- John Ternus : Years after telling Meta employees to inflict pain on Apple , Mark Zuckerberg sends thanks note to Apple CEO John Ternus ; gets a reply |Surge — GDELT DOC · 16 Oct 2026 · RO
- Reply to Gillan et al.: What should be the null hypothesis in computational psychiatry?PNAS · 16 Oct 2026 · EN
- Reply to Gorelick and Kunst: Paying reviewers will increase publication costs and could exacerbate inequitiesPNAS · 16 Oct 2026 · EN
- Iran says it will reply to US response on Hormuz proposal once review overThe Straits Times — Asia · 12 Oct 2026 · EN
- Iran war live: Riyadh airport hit again; Tehran says US reply ‘inadequate’Al Jazeera English · 12 Oct 2026 · EN
- Reply to Li & Zhang: Adaptive evolution of stop-loss RNA editing in Fusarium graminearumPNAS · 09 Oct 2026 · EN
- Reply to Roff: Ecological readiness must evolve with AIPNAS · 09 Oct 2026 · EN
- When the machine boots but the reply disappearsHacker News · 07 Oct 2026 · EN
- Show HN: Terse, a Claude Code plugin that halves reply length by cutting fillerHacker News · 07 Oct 2026 · EN
- Reply to Cantwell Chater and Shahsavar: Clarifying PDB deposition records and local model interpretation in GlyT2 structuresPNAS · 05 Oct 2026 · EN
- Reply to Fattorini and Borges: Conditional CIs and sensitivity analysis characterize uncertainty in global insect richness estimatesPNAS · 05 Oct 2026 · EN
- Reply to Zoghbi and Innis: Clarifying the cellular basis of GPR84-PET signal in neuroinflammationPNAS · 28 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202302 Apr 2024
- Annual report 202202 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Reply S.p.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.