olivLaw · European equity research
Zest S.p.A. ZEST.MI
Italy · Euronext Milan · ISIN IT0005013013 · Vertical: Listed companies from Italy
Zest S.p.A. is an Italian venture capital and open innovation platform that invests in startups through acceleration programmes and manages a portfolio of stakes. For fiscal 2025 the company reports revenues of 9.7 million EUR and expects performance to improve in 2026, supported by cost reductions and the planned launch of the Z_One fund.
At the close of 05 Nov 2026, Zest S.p.A. (ZEST.MI) stock was 0.12 EUR (−1.67% on the day), with market capitalisation 15.8 bn EUR, beta 0.15, 52-week range 0.11–0.15 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)
- 39.9
- weak (30–45)
- Bollinger (20, 2)
- 0.12 – 0.13
- in the lower half of the band · %B 0.08 · band width 12.4%
- SMA 50 / 200
- 0.13 / 0.13
- 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 | −7.8% | −0.6% | −7.2 pp | — |
| 3 months | −7.1% | −4.2% | −2.9 pp | — |
| 6 months | −3.3% | +4.3% | −7.6 pp | — |
| Year to date | −13.9% | +7.5% | −21.4 pp | — |
| 1 year | −11.0% | +9.9% | −20.9 pp | −6.1% |
| 3 years | −58.2% | +49.8% | −108.0 pp | +7.7% |
| 5 years | −74.2% | +42.8% | −117.0 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 | 7.0 bn | 8.3 bn | 11.2 bn |
| Revenue YoY | unavailable | +18.5% | +34.6% |
| Net income | -2.2 bn | 7.6 bn | -1.2 bn |
| Net income YoY | unavailable | unavailable | −115.2% |
| Diluted EPS | -0.21 | 0.06 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | −110.5% |
| net % | -30.8% | 91.2% | -10.3% |
| Free cash flow | 491.5 m | -4.6 bn | -1.7 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 bn EUR
- Financial debt
- 7.1 bn EUR
- Net debt
- 4.7 bn EUR
- Equity
- 46.3 bn EUR
- Total assets
- 59.5 bn EUR
- Debt / equity
- 0.15x
- Current ratio
- 0.65x
- ROE
- -2.4%
- ROA
- -1.9%
- FCF margin
- -14.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.0 bn | 8.3 bn | 11.2 bn | esef· 09 Apr 2026verified |
| Gross profit | -556.9 m | 9.7 bn | 519.2 m | esef· 09 Apr 2026verified |
| Operating income | -2.7 bn | 8.1 bn | -410.0 m | esef· 09 Apr 2026verified |
| Depreciation & amortisation | 153.3 m | 673.9 m | 368.7 m | esef· 09 Apr 2026verified |
| EBITDA | -2.5 bn ≈ | 8.8 bn ≈ | -41.3 m ≈ | esef· 09 Apr 2026derived |
| Interest expense | 265.1 m | 386.8 m | 515.4 m | esef· 09 Apr 2026verified |
| Pre-tax income | -2.5 bn | 7.8 bn | -903.7 m | esef· 09 Apr 2026verified |
| Income tax | 28.5 m | 74.6 m | 62.4 m | esef· 09 Apr 2026verified |
| Net income | -2.2 bn | 7.6 bn | -1.2 bn | esef· 09 Apr 2026verified |
| Diluted EPS | -0.21 | 0.06 | -0.01 | esef· 09 Apr 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 | 4.9 bn | 1.7 bn | 2.4 bn | esef· 09 Apr 2026verified |
| Receivables | 3.8 bn | 4.2 bn | 2.2 bn | esef· 09 Apr 2026verified |
| Inventories | 323.6 m | 0 | — | esef· 15 Apr 2025verified |
| Current assets | 9.6 bn | 7.5 bn | 6.5 bn | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 143.6 m | 413.8 m | 319.2 m | esef· 09 Apr 2026verified |
| Total assets | 42.8 bn | 65.6 bn | 59.5 bn | esef· 09 Apr 2026verified |
| Short-term debt | 1.3 bn | 4.2 bn | 4.9 bn | esef· 09 Apr 2026verified |
| Long-term debt | 3.5 bn | 3.6 bn | 2.2 bn | esef· 09 Apr 2026verified |
| Current liabilities | 4.5 bn | 10.7 bn | 10.0 bn | esef· 09 Apr 2026verified |
| Equity | 33.4 bn | 49.9 bn | 46.3 bn | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 9.3 bn | 133.5 bn | — | esef· 09 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 565.8 m | -4.5 bn | -1.6 bn | esef· 09 Apr 2026verified |
| Capex | 74.2 m | 120.2 m | 84.8 m | esef· 09 Apr 2026verified |
| Free cash flow | 491.5 m ≈ | -4.6 bn ≈ | -1.7 bn ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -2.9 bn | 3.1 bn | -2.1 bn | esef· 09 Apr 2026verified |
| Financing cash flow | 296.8 m | -1.9 bn | 4.4 bn | esef· 09 Apr 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: 5 of at least 6
- score weight coverage: 35.4% 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: 15.8 bn EUR
Key indicators
Coverage and freshness
Score by group
35% · 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 · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.6% | 0 (vs peers) | 29% |
| Net margin · Quality | -10.3% | 5 (vs peers) | 18% |
| 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 | -0.8x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.6% | 0 (on a fixed band) | 24% |
| 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
- Quality2/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
ZEST SOCIETA' PER AZIONI (ZEST.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.2 bn EUR in 2025; YoY growth 34.6%; net margin -10.3%; ROE -2.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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
- ROIC: -0.6%
- Net margin: -10.3%
- Interest coverage: -0.8x
- Current ratio: 0.7x
- FCF yield: -10.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), 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 | |
|---|---|---|---|---|---|---|
| ZEST.MIZest Societa' Per Azioni | 15.8 bn | — | -2.4% | -10.3% | +34.6% | −3% / −56% |
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| 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 ZEST.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Zest S.p.A. is an Italian venture capital and open innovation platform that invests in startups through acceleration programmes and manages a portfolio of stakes. For fiscal 2025 the company reports revenues of 9.7 million EUR and expects performance to improve in 2026, supported by cost reductions and the planned launch of the Z_One fund.
SWOT
Strengths
- A diversified portfolio of stakes and experience in acceleration programmes, supporting both revenues and investment opportunities.
- Leaner cost structure after the merger, with synergies that significantly improved service and personnel costs.
- The 2025 capital increase strengthened the group's equity and financial structure, creating the conditions for the 2026-2027 investment cycle.
Weaknesses
- Operating results were still negative in 2025, with recurring operating EBITDA below zero, indicating a fragile operating margin.
- Dependence on stake valuations, where changes in value can significantly affect net results.
- Lower revenues from acceleration programmes, which were largely concluded in 2025.
Opportunities
- The launch of the Z_One fund could expand investment activity and strengthen the position as an integrated venture capital platform.
- Growth in consulting and open innovation contracts could generate more stable recurring revenues.
- Partnerships with financial and industrial operators could open access to deals and external investors.
Threats
- Geopolitical developments may have a significant impact on projects and portfolio values, as management acknowledges.
- The risk that startup stakes fail to reach expected values, which could reduce investment results.
- Competition for deals with other accelerators and funds could reduce returns and access to promising startups.
Risks
- Stake valuation riskhigh
Declines in value of certain stakes, such as Talent Garden, weighed on investment results and could do so again in future years.
- Liquidity riskmedium
Short-term financial debt is significant, and the company depends on cash generation and access to funding to repay it.
- Interest rate riskmedium
Some variable-rate loans are partly hedged through interest rate swap contracts, but part of the exposure remains uncovered.
- Currency risklow
Subscriptions of capital or instruments in US dollars expose the company to exchange rate movements, which can affect investment values.
- Strategic plan execution riskmedium
Reaching EBITDA break-even in 2026 depends on maintaining efficiency measures and completing the Z_One fund launch, which remains uncertain.
Investment thesis
What would need to be true (bull case)
- If efficiency measures are maintained, lower costs could improve the operating margin, in line with the 2026 plan.
- The launch of the Z_One fund could increase investment capacity and attract external capital, widening the group's revenue base.
- Growth in consulting and open innovation revenues could reduce dependence on stake valuations.
What would break the thesis
- Operating results could remain negative if revenues from acceleration programmes are not offset by new sources.
- Fair value losses in the portfolio, such as those on Talent Garden, could continue to weigh on net results.
- Financial debt and funding needs could limit the group's capacity to invest in new startups.
What to watch
- Achievement of the EBITDA break-even foreseen in the budget2026
- Launch of the Z_One fund and capital raisedJuly 2026
- Evolution of portfolio stake valuations, especially Talent Gardennext annual report
- Evolution of net financial debt and short-term debt obligationsnext annual report
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 Zest group combines investment in startups, through acceleration programmes and direct stakes, with consulting and open innovation services for corporations and institutions, plus spaces and events run under the name The HUB. According to the annual report for the year ended 31 December 2025, revenues and proceeds remained broadly stable compared with the prior year, at 9.7 million EUR. The company merged with LVenture Group in April 2024, and results for 2024 are affected by that transaction. For 2026 the budget foresees reaching EBITDA break-even, thanks to operating efficiency measures.
Segments
Investments
Comparto Investments recorded lower revenues in 2025, due to fewer revenues from acceleration programmes, most of which ended in May 2025. The company completed 73 investment transactions in 2025, covering new startups, follow-on rounds and direct portfolio stakes.
Innovation
Comparto Innovation grew compared with the prior year, thanks to new contracts with major counterparties. The segment includes consulting and open innovation activities, which the company intends to strengthen in order to grow recurring revenues.
Spazi ed Eventi (The HUB)
The Spazi ed Eventi business lines improved compared with 2024, mainly thanks to a larger number of events organised and a revision of applied rates. Costs related to the via Marsala property, where The HUB is located, increased in fiscal 2025.
Trends
- Lower operating coststailwind
Synergies from the merger and measures to contain structural costs reduced service and personnel costs compared with 2024. This effect could support the EBITDA break-even targeted for 2026, if the reduction is maintained.
- Dependence on stake valuationsheadwind
The result from investment management was negative for 2025, with significant fair value losses on stakes such as Talent Garden, showing that results are sensitive to external valuations of startups.
- Interest in artificial intelligencemixed
Artificial intelligence represents an important part of the portfolio, and the company considers that technology sectors with high growth potential could facilitate disinvestments and value creation over the medium term.
- Venture capital fundraisingtailwind
The planned launch of the Z_One fund, scheduled for July 2026, could expand the group's investment capacity and attract external capital, if the plan proceeds as expected.
Competitive position
Zest competes with other accelerators, incubators and venture capital funds that invest in startups in Italy and Europe, for deals and corporate partners. The available sources do not indicate Zest's relative position against competitors, but show that its strategy rests on acceleration programmes, partnerships and a diversified portfolio.
- Italian venture capital funds and accelerators
Direct competitors for deals and co-investors in Italian startups, with no comparative data in the source reviewed.
- European venture capital funds
Investors active at the same early stage that may compete for the same startups and funding rounds.
- Incubators and university innovation programmes
Networks offering similar acceleration programmes and attracting the same young founders.
- Open innovation consulting providers
Companies offering comparable services to corporations and institutions interested in structured innovation.
News & filings
In the press
- Fairfax’s $6 Billion Bank Deal Signals Zest for Indian AssetsBloomberg Markets · 15 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Zest 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.