Italmatch: Slow burn

Research evidence excerpt

Italmatch: Slow burn

J P M O R G A N Europe Credit Research

30 July 2026

Neutral

Italmatch FIREBC

Slow burn

Europe Corporate Credit - Basic

Italmatch (FIREBC, B/B2) reported Q2 2026 results that were marginally softer than Materials and Industrials

our expectations, with adjusted EBITDA of €38m broadly flat YoY (-1%) but up

Guillaume Jouandin AC+36% QoQ as trading momentum recovered from a soft start to the year. Net leverage

(44-20) 7134-1538

remained elevated at ~5.1x based on our calculation at quarter-end, while FCF turned guillaume.jouandin@jpmorgan.com

negative due to an increase in net working capital. Management guided for FY AC Benjamin Defay

EBITDA to be at least flat versus 2025 and reiterated its outlook for mid-single-digit (33-1) 4015 5047

organic revenue growth, with July trading in line with Q2. We reiterate our Neutral ben.defay@jpmorgan.com

recommendation on the €31s, which trade at ~101.8 / 5.8% YTW. Samuel Gosling

• In-line Q2 2026 results. FIREBC reported Q2 2026 adjusted EBITDA of (44-20)samuel.gosling@jpmorgan.com7134-0456

€38m, down -1% YoY as positive contributions from the April pricing pass- J.P. Morgan Securities plc

through, cost discipline and continued strength in LIS and FPP were offset by

softer AWS trading, the temporary Qualiano production pause and FX

headwinds. Q2 2026 FCF was negative at -€11m, driven mainly by higher net Table 1: Italmatch - Earnings Summary (€m)

working capital.

• Leverage remains elevated. Net financial debt increased to €611m in June Q2'26 Q2'25 change Q1'26 change

2026 from €602m in March 2026 and €585m in December 2025. This Net sales 183 171 7% 155 18%

translates into JPM net leverage of ~5.1x on an LTM adjusted EBITDA basis

(management-reported net senior secured leverage was 4.5x due to additional Adj.