{"success":true,"data":{"pressRelease":{"id":"157141","rtpr_id":"nBw86vHXca-20260930","ticker":"ALKLN","exchange":"Euronext Paris","all_tickers":["ALKLN"],"title":"Kaleon S.p.A.: Board of Directors Approves the Consolidated Half-Year Financial Report as at 30 June 2026","author":"Business Wire","published_at":"2026-09-30T16:45:00.181Z","article_body":"Kaleon S.p.A.: Board of Directors Approves the Consolidated Half-Year\nFinancial Report as at 30 June 2026\n\nGrowth trajectory and Group’s ability to maximise value of the assets and\ndestinations under management further confirmed\n\n\n * Consolidated revenue of 2026 totaled €12.3 million (+14.0% compared to\n€10.8 million as of June 30, 2025);\n\n * EBITDA of €2.6 million (-9.2% compared to €2.9 million as of June 30,\n2025), with an EBITDA margin of 21.0% (26.3% in the first half of 2025)\nreflecting the extraordinary costs and strategic investments made over the\nperiod in connection with the launch on the new activities;\n\n * Net income of €0.4 million, down from €1.3 million in the first half of\n2025;\n\n * A positive net financial position (net cash) of €2.2 million as of June 30,\n2026, compared to €3.2 million (net cash) as of December 31, 2025;\n\n * The first half further confirms the Group’s solid growth trajectory and its\ngrowing ability to maximise value of the assets and destinations under\nmanagement, also supported by the investments made and the continued\nstrengthening of the organisational structure to support the launch and\nramp-up of the new activities.\n\nRegulatory News:\n\nThe Board of Directors of Kaleon S.p.A. (“Kaleon” or the “Company”)\n(Paris:ALKLN) (MIL:KLN), a company linked to the Borromeo family and\nspecializing in the management and enhancement of significant artistic,\nnatural, and museum heritage for tourism purposes, listed on Euronext Growth\nMilan (Ticker: KLN) and on Euronext Growth Paris (Ticker: ALKLN), has approved\nthe consolidated half-year financial report as of June 30, 2026, prepared in\naccordance with the provisions of the Italian Civil Code and Italian\nLegislative Decree No. 127 of April 9, 1991, as interpreted and supplemented\nby the accounting standards issued by the OIC.\n\nVitaliano Borromeo Arese Borromeo, Chairman of the Board of Directors of\nKaleon, said: “The first half of 2026 confirms the strength of Kaleon’s\ngrowth trajectory, with consolidated revenue up 14% compared to the same\nperiod last year. This performance reflects growth in our core business\nsegments and, more broadly, the Group’s ability to enhance the value of the\nassets and destinations we manage ever more effectively.\n\nDuring the period, we also accelerated the Group’s development and\ndiversification, with the launch of new activities in Food & Beverage and\nHospitality segments, and, above all, the award of the concession to manage\nthe Castello di Vogogna. This is a particularly significant milestone for\nKaleon, as it represents the first concrete application, since our listing, of\nour business model to the management of a major cultural heritage asset owned\nby a third party.\n\nThis growth requires investment and a strengthening of our organizational,\ncommercial, and operational structure, which are essential to support new\nactivities and guide the Group through its next stage of development. Against\nthis backdrop, the change in EBITDA during the period should also be viewed in\nlight of higher marketing expenses and costs associated with the ramp-up of\nnew activities, while the most seasonal months of our business have yet to\ndeliver their full impact.\n\nWe are therefore approaching the coming months with confidence, mindful that\nthe path we have embarked on requires continued investment and the ability to\nseize new opportunities. Our objective remains to consolidate Kaleon’s\nposition as a leading platform for the management and enhancement of\nexceptional cultural and tourism heritage sites, through a model capable of\ncombining heritage preservation, economic sustainability, and the quality of\nthe visitor experience.”\n\nBUSINESS PERFORMANCE\n\nKey Financial Results\n\nKaleon Group’s consolidated revenue as of June 30, 2026, amounted to €12.3\nmillion, up 14.0% from the €10.8 million reported for the first half of\n2025. A detailed breakdown of revenue by service category and by site had\nalready been disclosed to the market in the press release dated July 30, 2026.\nAs a reminder, the main growth segments were “Ticketing” (+11%), “Food\n& Beverage” (+39%), and “Retail” (+36%), while all sites recorded\ngrowth.\n\nEBITDA for the first half of 2026 totaled €2.6 million (-9.2%) compared to\n€2.9 million in the first half of 2025, with an EBITDA margin of 21.0%\n(26.3% in the first half of 2025). This decrease is mainly attributable to a\nsignificant increase in advertising expenses and initiatives aimed at\nattracting customers to tourist sites, for approximately €0.2 million, as\nwell as higher costs related to seasonal employment, mainly due to the ramp-up\nof operations at the Castelli di Cannero site and the new Lago Alto bar/café\non Isola Bella.\n\nPersonnel expenses also increased due to the early recruitment required for\nthe launch of new activities, the strengthening of the operational and\nmanagement structure, and the introduction of the new employee welfare and\nbenefits scheme. The increase in service costs also reflects advisory fees and\nexpenses related to the Company’s new status as a listed company, for\napproximately €0.3 million, which were not incurred in the comparative\nperiod.\n\nEBITDA is partly affected by the increase in occupancy levels, which resulted\nin greater operating pressure. Given the seasonality of the Group’s\nbusiness, these costs generally weigh more heavily on first-half earnings than\non the second half, which historically benefits from higher business volumes\nand revenue.\n\nOperating income (EBIT) after non-recurring items amounted to €0.7 million,\ncompared with €1.9 million in the first half of 2025. In addition to the\nfactors described above, the decrease mainly reflects higher depreciation and\namortization expenses (+31.5% compared with H1 2025, or €1.9 million),\nrelated to new investments and the full-period impact of amortization of costs\nincurred in 2025 in connection with the IPO.\n\nNet income amounted to €0.4 million, compared to €1.3 million in the first\nhalf of 2025 (-71.4%).\n\nKey Balance Sheet and Financial Indicators\n\nThe main financial development to note is the change in the net financial\nposition, which remained positive (net cash) at €2.2 million as of June 30,\n2026, compared to €3.2 million (net cash) as of December 31, 2025. This\nchange of approximately €1.0 million is primarily attributable to the\nacquisition of the stake in Lago Alto S.r.l., which took place on February 18,\n2026 for approximately €1.2 million.\n\nCash and cash equivalents as of June 30, 2026 amounted to €6.3 million,\ncompared to €8.0 million as of December 31, 2025. Shareholders’ equity\nincreased slightly to €26.7 million, compared to €26.3 million in 2025.\n\nCash flow from operating activities was positive at €2.5 million (€2.9\nmillion in the first half of 2025), once again confirming the Group’s\nability to generate cash on a sustainable basis. Investments in intangible\nassets mainly relate to goodwill arising from the consolidation of the new\nsubsidiary, Lago Alto S.r.l.\n\nKey Economic and Financial Indicators\n Key Indicators (€m) H1 2026 H1 2025 Change \n Consolidated revenue 12.3 10.8 +14.0% \n EBITDA 2.6 2.9 -9.2% \n EBITDA Margin 21.0% 26.3% -5.3 pts \n EBIT after non-recurring items 0.7 1.9 -61.5% \n Net income 0.4 1.3 -71.4% \n\n Key Indicators (€m) 30.06.2026 31.12.2025 Change \n Cash and cash equivalents 6.3 8.0 -21.4% \n Net financial position +2.2 +3.2 -31.6% \n Equity 26.7 26.3 +1.4% \n\n\nIt should be noted that the EBITDA as of June 30, 2025, presented above, has\nbeen normalized to exclude €0.5 million of non-recurring income,\ncorresponding to the capital gain related to a business unit contribution\ncompleted in 2025.\n\nSIGNIFICANT EVENTS DURING THE FIRST HALF OF 2026\n\nDuring the first half of 2026, the Group completed several transactions of\nstrategic interest:\n\n\n * In February 2026, parent company Kaleon acquired 100% of the share capital of\nLago Alto S.r.l. and took over management, under a business lease agreement,\nof the business owned by the subsidiary and relating to the bar currently\noperating as “Caffè Lago”. It also took over the lease of another\nproperty used for restaurant activities, which it will operate directly;\n\n * Effective February 24, 2026, parent company Kaleon took over the lease of a\nproperty located in Stresa (VB), on Isola Bella, intended for restaurant use.\nFollowing renovation work, the restaurant named “Osteria del Teatro”\nopened its doors in mid-July 2026;\n\n * On June 1, 2026, to expand the “Hospitality” business segment, two\nadditional properties were leased for holiday rental activities;\n\n * On June 30, 2026, following a decision by the municipal council, parent\ncompany Kaleon was awarded a 9-year concession to manage the Castello di\nVogogna, a tourist site located in the medieval village of Vogogna, in the\nprovince of Verbano-Cusio-Ossola, a few kilometers from Lake Maggiore and home\nto the headquarters of the Parco Nazionale della Val Grande, within a\nremarkable historical, cultural, and scenic setting. This asset is the first\nthird-party-owned property taken under management by Kaleon since its listing\non Euronext Growth Milan and Euronext Growth Paris, marking an important\nmilestone in the Company’s development and in the implementation of its\nbusiness model, which is based on the separation of ownership and management\nof cultural assets.\n\nSIGNIFICANT EVENTS AFTER THE REPORTING PERIOD\n\nSince the end of the first half of 2026, the following events have occurred:\n\n\n * At the Shareholders’ Meeting held on July 10, 2026, subsidiary Italian\nHeritage S.r.l. changed its corporate name to “Kaleon Travel S.r.l.”. In\nthis regard, we note that all necessary and preparatory steps for the launch\nof the travel agency business are underway, with operations scheduled to begin\nin the second half of 2026;\n\n * On July 31, 2026, a lease was signed for a property located in Stresa (VB),\nintended for the operation of a miniature golf course, beach equipment\nrentals, Food & Beverage, and related activities, including the adjacent\nparking area. To date, the site is used exclusively as a bar/café under the\nname “Pallavicino Bar,” forming an integral part of Terre Borromeo’s\n“Food & Beverage” offering on Lake Maggiore and serving as a gathering\nplace, rest spot, and, above all, a landmark for visitors to Parco di Villa\nPallavicino. The miniature golf and beach equipment rental activities are\nunder development and could be launched as early as the 2027 season;\n\n * Also on July 31, 2026, the “Villa Cenzina” property complex in Stresa\n(VB), comprising five residential units intended for seasonal rental, was\nincorporated into the “Hospitality” offering; it was leased with effect\nfrom August 1, 2026;\n\n * In September 2026, Kaleon signed a five-year partnership agreement with the\nItalian Tennis and Padel Federation and the Nitto ATP Finals, thereby\nstrengthening the international visibility of its cultural heritage. Following\nthis agreement, the closure of Isola Bella to the public for the 2026 season\nwas postponed to November 22.\n\nOUTLOOK\n\nThe Kaleon Group continues to actively invest, innovate, and develop both its\ncore business and the business segments it manages, with a view to further\nimplementing its clearly defined growth strategy. This strategy is based on\nexpanding the Group’s activities both by enhancing the sites already in its\nportfolio and by managing new third-party-owned properties in Italy and\nabroad, while seeking on the one hand to preserve the historical and artistic\nheritage of the sites and, on the other, to promote efficient, sustainable\nmanagement focused on the visitor experience. At the same time, the Group aims\nto complement the management of tourist sites with a comprehensive range of\nrelated services, particularly in Hospitality and Food & Beverage,\nbusiness areas that continue to expand, as demonstrated by the transactions\ncompleted in 2026.\n\nThe Group closed the first half of 2026 with revenue growth compared to the\nsame period of the previous fiscal year and anticipates positive results for\nthe full 2026 fiscal year, both in terms of tourist visitation and from an\neconomic and financial standpoint, taking into account the contribution of\nJuly, August and September, which constitute the Company’s “high\nseason”, as well as the opening of the new Castello di Vogogna tourist site\nand the new restaurant and holiday rental activities.\n\nBuilding on the activities carried out by management during the first half of\n2026, the Group continues to actively seek new sites to manage in order to\nroll out its innovative business model, based on the separation of ownership\nand management of real estate assets, and to further consolidate and\nstrengthen the Group’s position in the tourism sector, particularly with\nregard to sites of artistic and cultural interest, as well as its economic and\nfinancial performance. The Group naturally continues to monitor developments\nin international conflicts and the potential risks arising from them,\nparticularly with regard to possible restrictions on the international\nmovement of people, which do not currently give rise to any particular\nconcerns at this time.\n\n***\n\nCONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026\n CONSOLIDATED INCOME STATEMENT (in euros) H1 2026 H1 2025 \n A) VALUE OF PRODUCTION \n Revenue 12,347,671 10,833,369 \n Other income 33,670 560,672 \n TOTAL VALUE OF PRODUCTION 12,419,974 11,436,700 \n B) OPERATING EXPENSES \n Purchases of raw materials and goods 1,123,343 857,136 \n External operating costs 3,132,236 2,079,047 \n Cost for use of third-party assets 973,615 1,114,468 \n Personnel expenses 4,534,517 3,843,900 \n Depreciation, amortization, and impairment 1,857,877 1,412,990 \n Change in inventories and other expenses 65,696 224,865 \n TOTAL OPERATING EXPENSES 11,687,284 9,532,406 \n OPERATING PROFIT (A–B) 732,690 1,904,294 \n C) FINANCIAL INCOME AND EXPENSES \n Financial Income 31,420 2 \n Financial Expenses (63,785) (127,307) \n NET FINANCIAL RESULT (32,365) (127,305) \n INCOME BEFORE TAXES 700,325 1,776,989 \n Income Taxes (332,300) (489,138) \n NET INCOME 368,025 1,287,851 \n\n\nCONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2026\n CONSOLIDATED BALANCE SHEET (in euros) June 30, 2026 12/31/2025 \n ASSETS \n Intangible assets 18,608,612 16,941,083 \n Property, plant, and equipment 9,944,954 9,949,452 \n Financial assets 80,000 80,000 \n TOTAL FIXED ASSETS (B) 28,633,566 26,970,535 \n Inventories 627,382 432,103 \n Receivables (due within one year) 1,295,176 1,091,062 \n Cash and cash equivalents 6,309,484 8,032,416 \n TOTAL CURRENT ASSETS (C) 8,232,042 9,555,581 \n Accrued income and prepaid expenses (D) 599,640 697,271 \n TOTAL ASSETS 37,465,248 37,223,387 \n EQUITY AND LIABILITIES \n Share Capital 2,118,750 2,118,750 \n Share premium 17,381,250 17,381,250 \n Other reserves and retained earnings 6,794,373 5,238,974 \n Net income for the period 368,025 1,555,396 \n EQUITY (A) 26,662,398 26,294,370 \n Employee severance indemnity - TFR (C) 1,326,462 1,310,872 \n Shareholder loans 0 0 \n Bank borrowings (current and non-current) 4,128,639 4,845,252 \n Accounts payable and other liabilities 5,252,121 4,641,999 \n TOTAL LIABILITIES (D) 9,380,760 9,487,251 \n Accrued expenses and deferred income (E) 95,628 130,894 \n TOTAL EQUITY AND LIABILITIES 37,465,248 37,223,387 \n NET FINANCIAL POSITION +2,180,845 +3,187,164 \n of which medium- and long-term (1,632,393) (2,676,611) \n of which short-term +3,813,238 +5,863,775 \n\n\nCONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026\n CONSOLIDATED CASH FLOW STATEMENT H1 2026 H1 2025 \n \n \n \n(in euros) \n A) OPERATING ACTIVITIES \n Net income for the period 368,025 1,287,851 \n Depreciation, amortization, and impairment 1,855,573 1,579,766 \n Other non-cash adjustments 232,222 (428,361) \n Changes in working capital (82,930) 159,424 \n Other monetary adjustments (interest, taxes, TFR) 139,395 300,539 \n CASH FLOWS FROM OPERATING ACTIVITIES (A) 2,512,285 2,927,580 \n B) INVESTING ACTIVITIES \n Investments in property, plant, and equipment (867,194) 739,341 \n Investments in intangible assets (2,651,410) (3,908,027) \n Change in financial assets 0 (230,000) \n CASH FLOWS FROM INVESTING ACTIVITIES (B) (3,518,604) (3,398,686) \n C) FINANCING ACTIVITIES \n Change in short-term bank debt (716,613) 709,468 \n Repayment of shareholder loans 0 0 \n Cash capital increase 0 0 \n CASH FLOWS FROM FINANCING ACTIVITIES (C) (716,613) 709,468 \n INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) (1,722,932) 238,362 \n Cash and cash equivalents at the beginning of the period 8,032,416 85,922 \n CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 6,309,484 324,284 \n\n\n***\n\nAbout Kaleon\n\nKaleon is the new name of SAG S.r.l., a company founded in 1983 by the\nBorromeo family, specialising in the management, protection and enhancement of\nsignificant artistic, natural and museum heritage. Its innovative business\nmodel separates the management of assets from their ownership, fostering a\nprofessional approach to business management. At the heart of the company’s\nbusiness is Terre Borromeo, the brand identifying the prestigious cultural and\nnatural sites on Lake Maggiore associated with the Borromeo family: Isola\nBella and Isola Madre in the Borromean Gulf, within the Borromean Islands\narchipelago; Parco Pallavicino in Stresa; Parco del Mottarone, with 500\nhectares of woodland extending between Lake Maggiore and Lake Orta; Rocca di\nAngera, on the Lombardy shore in the province of Varese; the Castelli di\nCannero, in the upper Lake Maggiore area, opened to the public on 28 June 2025\nfollowing a ten-year restoration project; and Castello di Vogogna, a new asset\nmanaged by the Company. With more than 200 employees and over 40 years of\nexperience in tourism, Kaleon is a pioneer in high-quality cultural tourism.\nFollowing sustained growth (2015–2024 CAGR: +10%) and over 1 million\nvisitors recorded for the first time in 2023, the company now aims to expand\nits activities in Italy and abroad, offering authentic and sustainable\ncultural experiences for future generations.\n\nFor more information: https://kaleon.com/\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fkaleon.com%2F&esheet=54613625&newsitemid=20260930222225&lan=en-US&anchor=https%3A%2F%2Fkaleon.com%2F&index=1&md5=18b92969c91af2573a51c80c0110f592)\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260930222225/en/\n(https://www.businesswire.com/news/home/20260930222225/en/)\n\nKaleon S.p.A. \n\nGiorgia Meretti\n\nCommunication Manager\n\ng.meretti@kaleon.it \n(mailto:g.meretti@kaleon.it) \nTel.: +39 338 672 7571\n\nKaleon S.p.A. \n\nMr. Alessandro Pedrazzini\n\nInvestor Relations Manager\n\ninvestorrelations@kaleon.com \n(mailto:investorrelations@kaleon.com) \nTel.: +39 338 937 7354\n\nNewCap \n\nLouis-Victor Delouvrier / Théo Martin\n\nInvestor Relations\n\nkaleon@newcap.eu \n(mailto:kaleon@newcap.eu) \nTel.: +33 01 44 71 94 96\n\nNewCap \n\nNicolas Merigeau/Gaëlle Fromaigeat\n\nMedia Relations\n\nkaleon@newcap.eu \n(mailto:kaleon@newcap.eu) \nTel.: +33 01 44 71 94 98\n\nBarabino & Partners \n\nStefania Bassi\n\ns.bassi@barabino.it \n(mailto:s.bassi@barabino.it) \nTel.: +39 335 628 2667\n\nCarlotta Bernardi\n\nc.bernardi@barabino.it \n(mailto:c.bernardi@barabino.it) \nTel.: +39 333 947 7814\n\nVirginia Bertè\n\nv.berte@barabino.it \n(mailto:v.berte@barabino.it) \nTel.: +39 342 978 7585\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw86vHXca-20260930","title":"Kaleon S.p.A.: Board of Directors Approves the Consolidated Half-Year Financial Report as at 30 June 2026","author":"Business Wire","ticker":"ALKLN","created":"2026-09-30T16:45:00.181Z","tickers":["ALKLN"],"exchange":"Euronext Paris","article_body":"Kaleon S.p.A.: Board of Directors Approves the Consolidated Half-Year\nFinancial Report as at 30 June 2026\n\nGrowth trajectory and Group’s ability to maximise value of the assets and\ndestinations under management further confirmed\n\n\n * Consolidated revenue of 2026 totaled €12.3 million (+14.0% compared to\n€10.8 million as of June 30, 2025);\n\n * EBITDA of €2.6 million (-9.2% compared to €2.9 million as of June 30,\n2025), with an EBITDA margin of 21.0% (26.3% in the first half of 2025)\nreflecting the extraordinary costs and strategic investments made over the\nperiod in connection with the launch on the new activities;\n\n * Net income of €0.4 million, down from €1.3 million in the first half of\n2025;\n\n * A positive net financial position (net cash) of €2.2 million as of June 30,\n2026, compared to €3.2 million (net cash) as of December 31, 2025;\n\n * The first half further confirms the Group’s solid growth trajectory and its\ngrowing ability to maximise value of the assets and destinations under\nmanagement, also supported by the investments made and the continued\nstrengthening of the organisational structure to support the launch and\nramp-up of the new activities.\n\nRegulatory News:\n\nThe Board of Directors of Kaleon S.p.A. (“Kaleon” or the “Company”)\n(Paris:ALKLN) (MIL:KLN), a company linked to the Borromeo family and\nspecializing in the management and enhancement of significant artistic,\nnatural, and museum heritage for tourism purposes, listed on Euronext Growth\nMilan (Ticker: KLN) and on Euronext Growth Paris (Ticker: ALKLN), has approved\nthe consolidated half-year financial report as of June 30, 2026, prepared in\naccordance with the provisions of the Italian Civil Code and Italian\nLegislative Decree No. 127 of April 9, 1991, as interpreted and supplemented\nby the accounting standards issued by the OIC.\n\nVitaliano Borromeo Arese Borromeo, Chairman of the Board of Directors of\nKaleon, said: “The first half of 2026 confirms the strength of Kaleon’s\ngrowth trajectory, with consolidated revenue up 14% compared to the same\nperiod last year. This performance reflects growth in our core business\nsegments and, more broadly, the Group’s ability to enhance the value of the\nassets and destinations we manage ever more effectively.\n\nDuring the period, we also accelerated the Group’s development and\ndiversification, with the launch of new activities in Food & Beverage and\nHospitality segments, and, above all, the award of the concession to manage\nthe Castello di Vogogna. This is a particularly significant milestone for\nKaleon, as it represents the first concrete application, since our listing, of\nour business model to the management of a major cultural heritage asset owned\nby a third party.\n\nThis growth requires investment and a strengthening of our organizational,\ncommercial, and operational structure, which are essential to support new\nactivities and guide the Group through its next stage of development. Against\nthis backdrop, the change in EBITDA during the period should also be viewed in\nlight of higher marketing expenses and costs associated with the ramp-up of\nnew activities, while the most seasonal months of our business have yet to\ndeliver their full impact.\n\nWe are therefore approaching the coming months with confidence, mindful that\nthe path we have embarked on requires continued investment and the ability to\nseize new opportunities. Our objective remains to consolidate Kaleon’s\nposition as a leading platform for the management and enhancement of\nexceptional cultural and tourism heritage sites, through a model capable of\ncombining heritage preservation, economic sustainability, and the quality of\nthe visitor experience.”\n\nBUSINESS PERFORMANCE\n\nKey Financial Results\n\nKaleon Group’s consolidated revenue as of June 30, 2026, amounted to €12.3\nmillion, up 14.0% from the €10.8 million reported for the first half of\n2025. A detailed breakdown of revenue by service category and by site had\nalready been disclosed to the market in the press release dated July 30, 2026.\nAs a reminder, the main growth segments were “Ticketing” (+11%), “Food\n& Beverage” (+39%), and “Retail” (+36%), while all sites recorded\ngrowth.\n\nEBITDA for the first half of 2026 totaled €2.6 million (-9.2%) compared to\n€2.9 million in the first half of 2025, with an EBITDA margin of 21.0%\n(26.3% in the first half of 2025). This decrease is mainly attributable to a\nsignificant increase in advertising expenses and initiatives aimed at\nattracting customers to tourist sites, for approximately €0.2 million, as\nwell as higher costs related to seasonal employment, mainly due to the ramp-up\nof operations at the Castelli di Cannero site and the new Lago Alto bar/café\non Isola Bella.\n\nPersonnel expenses also increased due to the early recruitment required for\nthe launch of new activities, the strengthening of the operational and\nmanagement structure, and the introduction of the new employee welfare and\nbenefits scheme. The increase in service costs also reflects advisory fees and\nexpenses related to the Company’s new status as a listed company, for\napproximately €0.3 million, which were not incurred in the comparative\nperiod.\n\nEBITDA is partly affected by the increase in occupancy levels, which resulted\nin greater operating pressure. Given the seasonality of the Group’s\nbusiness, these costs generally weigh more heavily on first-half earnings than\non the second half, which historically benefits from higher business volumes\nand revenue.\n\nOperating income (EBIT) after non-recurring items amounted to €0.7 million,\ncompared with €1.9 million in the first half of 2025. In addition to the\nfactors described above, the decrease mainly reflects higher depreciation and\namortization expenses (+31.5% compared with H1 2025, or €1.9 million),\nrelated to new investments and the full-period impact of amortization of costs\nincurred in 2025 in connection with the IPO.\n\nNet income amounted to €0.4 million, compared to €1.3 million in the first\nhalf of 2025 (-71.4%).\n\nKey Balance Sheet and Financial Indicators\n\nThe main financial development to note is the change in the net financial\nposition, which remained positive (net cash) at €2.2 million as of June 30,\n2026, compared to €3.2 million (net cash) as of December 31, 2025. This\nchange of approximately €1.0 million is primarily attributable to the\nacquisition of the stake in Lago Alto S.r.l., which took place on February 18,\n2026 for approximately €1.2 million.\n\nCash and cash equivalents as of June 30, 2026 amounted to €6.3 million,\ncompared to €8.0 million as of December 31, 2025. Shareholders’ equity\nincreased slightly to €26.7 million, compared to €26.3 million in 2025.\n\nCash flow from operating activities was positive at €2.5 million (€2.9\nmillion in the first half of 2025), once again confirming the Group’s\nability to generate cash on a sustainable basis. Investments in intangible\nassets mainly relate to goodwill arising from the consolidation of the new\nsubsidiary, Lago Alto S.r.l.\n\nKey Economic and Financial Indicators\n Key Indicators (€m) H1 2026 H1 2025 Change \n Consolidated revenue 12.3 10.8 +14.0% \n EBITDA 2.6 2.9 -9.2% \n EBITDA Margin 21.0% 26.3% -5.3 pts \n EBIT after non-recurring items 0.7 1.9 -61.5% \n Net income 0.4 1.3 -71.4% \n\n Key Indicators (€m) 30.06.2026 31.12.2025 Change \n Cash and cash equivalents 6.3 8.0 -21.4% \n Net financial position +2.2 +3.2 -31.6% \n Equity 26.7 26.3 +1.4% \n\n\nIt should be noted that the EBITDA as of June 30, 2025, presented above, has\nbeen normalized to exclude €0.5 million of non-recurring income,\ncorresponding to the capital gain related to a business unit contribution\ncompleted in 2025.\n\nSIGNIFICANT EVENTS DURING THE FIRST HALF OF 2026\n\nDuring the first half of 2026, the Group completed several transactions of\nstrategic interest:\n\n\n * In February 2026, parent company Kaleon acquired 100% of the share capital of\nLago Alto S.r.l. and took over management, under a business lease agreement,\nof the business owned by the subsidiary and relating to the bar currently\noperating as “Caffè Lago”. It also took over the lease of another\nproperty used for restaurant activities, which it will operate directly;\n\n * Effective February 24, 2026, parent company Kaleon took over the lease of a\nproperty located in Stresa (VB), on Isola Bella, intended for restaurant use.\nFollowing renovation work, the restaurant named “Osteria del Teatro”\nopened its doors in mid-July 2026;\n\n * On June 1, 2026, to expand the “Hospitality” business segment, two\nadditional properties were leased for holiday rental activities;\n\n * On June 30, 2026, following a decision by the municipal council, parent\ncompany Kaleon was awarded a 9-year concession to manage the Castello di\nVogogna, a tourist site located in the medieval village of Vogogna, in the\nprovince of Verbano-Cusio-Ossola, a few kilometers from Lake Maggiore and home\nto the headquarters of the Parco Nazionale della Val Grande, within a\nremarkable historical, cultural, and scenic setting. This asset is the first\nthird-party-owned property taken under management by Kaleon since its listing\non Euronext Growth Milan and Euronext Growth Paris, marking an important\nmilestone in the Company’s development and in the implementation of its\nbusiness model, which is based on the separation of ownership and management\nof cultural assets.\n\nSIGNIFICANT EVENTS AFTER THE REPORTING PERIOD\n\nSince the end of the first half of 2026, the following events have occurred:\n\n\n * At the Shareholders’ Meeting held on July 10, 2026, subsidiary Italian\nHeritage S.r.l. changed its corporate name to “Kaleon Travel S.r.l.”. In\nthis regard, we note that all necessary and preparatory steps for the launch\nof the travel agency business are underway, with operations scheduled to begin\nin the second half of 2026;\n\n * On July 31, 2026, a lease was signed for a property located in Stresa (VB),\nintended for the operation of a miniature golf course, beach equipment\nrentals, Food & Beverage, and related activities, including the adjacent\nparking area. To date, the site is used exclusively as a bar/café under the\nname “Pallavicino Bar,” forming an integral part of Terre Borromeo’s\n“Food & Beverage” offering on Lake Maggiore and serving as a gathering\nplace, rest spot, and, above all, a landmark for visitors to Parco di Villa\nPallavicino. The miniature golf and beach equipment rental activities are\nunder development and could be launched as early as the 2027 season;\n\n * Also on July 31, 2026, the “Villa Cenzina” property complex in Stresa\n(VB), comprising five residential units intended for seasonal rental, was\nincorporated into the “Hospitality” offering; it was leased with effect\nfrom August 1, 2026;\n\n * In September 2026, Kaleon signed a five-year partnership agreement with the\nItalian Tennis and Padel Federation and the Nitto ATP Finals, thereby\nstrengthening the international visibility of its cultural heritage. Following\nthis agreement, the closure of Isola Bella to the public for the 2026 season\nwas postponed to November 22.\n\nOUTLOOK\n\nThe Kaleon Group continues to actively invest, innovate, and develop both its\ncore business and the business segments it manages, with a view to further\nimplementing its clearly defined growth strategy. This strategy is based on\nexpanding the Group’s activities both by enhancing the sites already in its\nportfolio and by managing new third-party-owned properties in Italy and\nabroad, while seeking on the one hand to preserve the historical and artistic\nheritage of the sites and, on the other, to promote efficient, sustainable\nmanagement focused on the visitor experience. At the same time, the Group aims\nto complement the management of tourist sites with a comprehensive range of\nrelated services, particularly in Hospitality and Food & Beverage,\nbusiness areas that continue to expand, as demonstrated by the transactions\ncompleted in 2026.\n\nThe Group closed the first half of 2026 with revenue growth compared to the\nsame period of the previous fiscal year and anticipates positive results for\nthe full 2026 fiscal year, both in terms of tourist visitation and from an\neconomic and financial standpoint, taking into account the contribution of\nJuly, August and September, which constitute the Company’s “high\nseason”, as well as the opening of the new Castello di Vogogna tourist site\nand the new restaurant and holiday rental activities.\n\nBuilding on the activities carried out by management during the first half of\n2026, the Group continues to actively seek new sites to manage in order to\nroll out its innovative business model, based on the separation of ownership\nand management of real estate assets, and to further consolidate and\nstrengthen the Group’s position in the tourism sector, particularly with\nregard to sites of artistic and cultural interest, as well as its economic and\nfinancial performance. The Group naturally continues to monitor developments\nin international conflicts and the potential risks arising from them,\nparticularly with regard to possible restrictions on the international\nmovement of people, which do not currently give rise to any particular\nconcerns at this time.\n\n***\n\nCONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026\n CONSOLIDATED INCOME STATEMENT (in euros) H1 2026 H1 2025 \n A) VALUE OF PRODUCTION \n Revenue 12,347,671 10,833,369 \n Other income 33,670 560,672 \n TOTAL VALUE OF PRODUCTION 12,419,974 11,436,700 \n B) OPERATING EXPENSES \n Purchases of raw materials and goods 1,123,343 857,136 \n External operating costs 3,132,236 2,079,047 \n Cost for use of third-party assets 973,615 1,114,468 \n Personnel expenses 4,534,517 3,843,900 \n Depreciation, amortization, and impairment 1,857,877 1,412,990 \n Change in inventories and other expenses 65,696 224,865 \n TOTAL OPERATING EXPENSES 11,687,284 9,532,406 \n OPERATING PROFIT (A–B) 732,690 1,904,294 \n C) FINANCIAL INCOME AND EXPENSES \n Financial Income 31,420 2 \n Financial Expenses (63,785) (127,307) \n NET FINANCIAL RESULT (32,365) (127,305) \n INCOME BEFORE TAXES 700,325 1,776,989 \n Income Taxes (332,300) (489,138) \n NET INCOME 368,025 1,287,851 \n\n\nCONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2026\n CONSOLIDATED BALANCE SHEET (in euros) June 30, 2026 12/31/2025 \n ASSETS \n Intangible assets 18,608,612 16,941,083 \n Property, plant, and equipment 9,944,954 9,949,452 \n Financial assets 80,000 80,000 \n TOTAL FIXED ASSETS (B) 28,633,566 26,970,535 \n Inventories 627,382 432,103 \n Receivables (due within one year) 1,295,176 1,091,062 \n Cash and cash equivalents 6,309,484 8,032,416 \n TOTAL CURRENT ASSETS (C) 8,232,042 9,555,581 \n Accrued income and prepaid expenses (D) 599,640 697,271 \n TOTAL ASSETS 37,465,248 37,223,387 \n EQUITY AND LIABILITIES \n Share Capital 2,118,750 2,118,750 \n Share premium 17,381,250 17,381,250 \n Other reserves and retained earnings 6,794,373 5,238,974 \n Net income for the period 368,025 1,555,396 \n EQUITY (A) 26,662,398 26,294,370 \n Employee severance indemnity - TFR (C) 1,326,462 1,310,872 \n Shareholder loans 0 0 \n Bank borrowings (current and non-current) 4,128,639 4,845,252 \n Accounts payable and other liabilities 5,252,121 4,641,999 \n TOTAL LIABILITIES (D) 9,380,760 9,487,251 \n Accrued expenses and deferred income (E) 95,628 130,894 \n TOTAL EQUITY AND LIABILITIES 37,465,248 37,223,387 \n NET FINANCIAL POSITION +2,180,845 +3,187,164 \n of which medium- and long-term (1,632,393) (2,676,611) \n of which short-term +3,813,238 +5,863,775 \n\n\nCONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026\n CONSOLIDATED CASH FLOW STATEMENT H1 2026 H1 2025 \n \n \n \n(in euros) \n A) OPERATING ACTIVITIES \n Net income for the period 368,025 1,287,851 \n Depreciation, amortization, and impairment 1,855,573 1,579,766 \n Other non-cash adjustments 232,222 (428,361) \n Changes in working capital (82,930) 159,424 \n Other monetary adjustments (interest, taxes, TFR) 139,395 300,539 \n CASH FLOWS FROM OPERATING ACTIVITIES (A) 2,512,285 2,927,580 \n B) INVESTING ACTIVITIES \n Investments in property, plant, and equipment (867,194) 739,341 \n Investments in intangible assets (2,651,410) (3,908,027) \n Change in financial assets 0 (230,000) \n CASH FLOWS FROM INVESTING ACTIVITIES (B) (3,518,604) (3,398,686) \n C) FINANCING ACTIVITIES \n Change in short-term bank debt (716,613) 709,468 \n Repayment of shareholder loans 0 0 \n Cash capital increase 0 0 \n CASH FLOWS FROM FINANCING ACTIVITIES (C) (716,613) 709,468 \n INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) (1,722,932) 238,362 \n Cash and cash equivalents at the beginning of the period 8,032,416 85,922 \n CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 6,309,484 324,284 \n\n\n***\n\nAbout Kaleon\n\nKaleon is the new name of SAG S.r.l., a company founded in 1983 by the\nBorromeo family, specialising in the management, protection and enhancement of\nsignificant artistic, natural and museum heritage. Its innovative business\nmodel separates the management of assets from their ownership, fostering a\nprofessional approach to business management. At the heart of the company’s\nbusiness is Terre Borromeo, the brand identifying the prestigious cultural and\nnatural sites on Lake Maggiore associated with the Borromeo family: Isola\nBella and Isola Madre in the Borromean Gulf, within the Borromean Islands\narchipelago; Parco Pallavicino in Stresa; Parco del Mottarone, with 500\nhectares of woodland extending between Lake Maggiore and Lake Orta; Rocca di\nAngera, on the Lombardy shore in the province of Varese; the Castelli di\nCannero, in the upper Lake Maggiore area, opened to the public on 28 June 2025\nfollowing a ten-year restoration project; and Castello di Vogogna, a new asset\nmanaged by the Company. With more than 200 employees and over 40 years of\nexperience in tourism, Kaleon is a pioneer in high-quality cultural tourism.\nFollowing sustained growth (2015–2024 CAGR: +10%) and over 1 million\nvisitors recorded for the first time in 2023, the company now aims to expand\nits activities in Italy and abroad, offering authentic and sustainable\ncultural experiences for future generations.\n\nFor more information: https://kaleon.com/\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fkaleon.com%2F&esheet=54613625&newsitemid=20260930222225&lan=en-US&anchor=https%3A%2F%2Fkaleon.com%2F&index=1&md5=18b92969c91af2573a51c80c0110f592)\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260930222225/en/\n(https://www.businesswire.com/news/home/20260930222225/en/)\n\nKaleon S.p.A. \n\nGiorgia Meretti\n\nCommunication Manager\n\ng.meretti@kaleon.it \n(mailto:g.meretti@kaleon.it) \nTel.: +39 338 672 7571\n\nKaleon S.p.A. \n\nMr. Alessandro Pedrazzini\n\nInvestor Relations Manager\n\ninvestorrelations@kaleon.com \n(mailto:investorrelations@kaleon.com) \nTel.: +39 338 937 7354\n\nNewCap \n\nLouis-Victor Delouvrier / Théo Martin\n\nInvestor Relations\n\nkaleon@newcap.eu \n(mailto:kaleon@newcap.eu) \nTel.: +33 01 44 71 94 96\n\nNewCap \n\nNicolas Merigeau/Gaëlle Fromaigeat\n\nMedia Relations\n\nkaleon@newcap.eu \n(mailto:kaleon@newcap.eu) \nTel.: +33 01 44 71 94 98\n\nBarabino & Partners \n\nStefania Bassi\n\ns.bassi@barabino.it \n(mailto:s.bassi@barabino.it) \nTel.: +39 335 628 2667\n\nCarlotta Bernardi\n\nc.bernardi@barabino.it \n(mailto:c.bernardi@barabino.it) \nTel.: +39 333 947 7814\n\nVirginia Bertè\n\nv.berte@barabino.it \n(mailto:v.berte@barabino.it) \nTel.: +39 342 978 7585\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-30T16:45:00.243901889Z","server_sent_at_ms":1790786700243},"received_at":"2026-09-30T16:45:00.375Z","source_url":"https://www.businesswire.com/news/home/20260930222225/en/"},"analysis":{"id":"145815","press_release_id":"157141","analysis_json":{"industry":{"label":"Hotels, Restaurants & Leisure","sector":"Consumer Discretionary"},"redFlags":["net income down 71.4% and EBITDA down 9.2% with margin compression of 5.3 points","net cash declined from €3.2M to €2.2M on acquisitions and expansion spending","management attributes H2 expectations to seasonality — execution risk if high season underdelivers"],"eventType":"earnings","narrative":"Kaleon's board approved the H1 2026 half-year report, with consolidated revenue of €12.3 million, up 14.0% year-over-year, led by Ticketing (+11%), Food & Beverage (+39%) and Retail (+36%).\n\nProfitability compressed: EBITDA fell 9.2% to €2.6 million (margin 21.0% vs 26.3%), and net income dropped 71.4% to €0.4 million, driven by marketing spend, ramp-up costs for new activities, listing-related fees, and higher D&A (+31.5%).\n\nThe balance sheet remains solid with €2.2 million net cash and €6.3 million in cash, though net cash declined ~€1.0 million on the €1.2 million Lago Alto S.r.l. acquisition.\n\nManagement expects positive full-year results given the July-September high season, the new 9-year Castello di Vogogna concession (first third-party asset managed since listing), and a September partnership with the Italian Tennis and Padel Federation and Nitto ATP Finals.","sentiment":"mixed","agentHooks":{"shouldPost":false,"suggestedAngle":"Revenue up 14% but profit down 71% as Kaleon invests through expansion — watch high-season delivery and Castello di Vogogna ramp-up."},"keyFigures":{"eps":0,"revenue":12347671,"guidance":"Group anticipates positive full-year 2026 results in visitation and financial terms, citing high season (July-September), Castello di Vogogna opening, and new restaurant/holiday rental activities","revenueYoy":"+14.0%","customDimensions":{"ebit":700325,"ebitda":2600000,"equity":26662398,"ebit_yoy":"-61.5%","net_cash":2180845,"ebitda_yoy":"-9.2%","net_income":368025,"d_and_a_yoy":"+31.5%","ebitda_margin":"21.0%","net_income_yoy":"-71.4%","ebitda_margin_prior":"26.3%","operating_cash_flow":2512285,"cash_and_equivalents":6309484}},"quotedText":"This is a particularly significant milestone for Kaleon, as it represents the first concrete application, since our listing, of our business model to the management of a major cultural heritage asset owned by a third party.","namedEntities":{"people":[{"name":"Vitaliano Borromeo Arese Borromeo","role":"Chairman of the Board of Directors"},{"name":"Giorgia Meretti","role":"Communication Manager"},{"name":"Alessandro Pedrazzini","role":"Investor Relations Manager"}],"products":["Castello di Vogogna","Isola Bella","Isola Madre","Parco Pallavicino","Parco del Mottarone","Rocca di Angera","Castelli di Cannero","Osteria del Teatro","Pallavicino Bar","Villa Cenzina","Terre Borromeo"],"companies":[{"name":"Kaleon S.p.A.","ticker":"ALKLN","relationship":"filer"},{"name":"Lago Alto S.r.l.","relationship":"subsidiary acquired February 2026"},{"name":"Kaleon Travel S.r.l.","relationship":"subsidiary (renamed from Italian Heritage S.r.l.)"},{"name":"Italian Tennis and Padel Federation","relationship":"partner"},{"name":"Nitto ATP Finals","relationship":"partner"},{"name":"NewCap","relationship":"investor relations agency"},{"name":"Barabino & Partners","relationship":"PR agency"}],"dollarAmounts":[{"amount":"€12.3 million","context":"H1 2026 consolidated revenue (+14.0% vs €10.8M)"},{"amount":"€2.6 million","context":"H1 2026 EBITDA (-9.2% YoY)"},{"amount":"€0.4 million","context":"H1 2026 net income (vs €1.3M in H1 2025)"},{"amount":"€2.2 million","context":"net cash position as of June 30, 2026"},{"amount":"€1.2 million","context":"acquisition of stake in Lago Alto S.r.l."},{"amount":"€6.3 million","context":"cash and cash equivalents at June 30, 2026"},{"amount":"€26.7 million","context":"shareholders' equity at June 30, 2026"},{"amount":"€2.5 million","context":"H1 2026 cash flow from operating activities"},{"amount":"€0.3 million","context":"incremental listing-related advisory and service costs"},{"amount":"€0.2 million","context":"increase in advertising/marketing expenses"}]},"materialImpact":{"score":2,"reasoning":"Routine half-year report for a small-cap: revenue grew 14% YoY to €12.3M, but EBITDA fell 9.2%, EBIT fell 61.5%, and net income dropped 71.4% on expansion costs. Growth story intact with net cash €2.2M, but profitability compression is material to track."},"tickerRelevance":{"others":[{"ticker":"KLN","relevance":"secondary listing on Euronext Growth Milan (same issuer)"}],"primary":"ALKLN"},"globalImportance":18,"audienceRelevance":12,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap (Euronext Growth Milan/Paris)","eventGravity":"routine semi-earnings with margin compression","sectorWeight":"niche cultural tourism, limited retail following","householdBrandBoost":0}},"event_type":"earnings","event_type_secondary":null,"sentiment":"mixed","material_impact_score":2,"narrative":"Kaleon's board approved the H1 2026 half-year report, with consolidated revenue of €12.3 million, up 14.0% year-over-year, led by Ticketing (+11%), Food & Beverage (+39%) and Retail (+36%).\n\nProfitability compressed: EBITDA fell 9.2% to €2.6 million (margin 21.0% vs 26.3%), and net income dropped 71.4% to €0.4 million, driven by marketing spend, ramp-up costs for new activities, listing-related fees, and higher D&A (+31.5%).\n\nThe balance sheet remains solid with €2.2 million net cash and €6.3 million in cash, though net cash declined ~€1.0 million on the €1.2 million Lago Alto S.r.l. acquisition.\n\nManagement expects positive full-year results given the July-September high season, the new 9-year Castello di Vogogna concession (first third-party asset managed since listing), and a September partnership with the Italian Tennis and Padel Federation and Nitto ATP Finals.","key_figures":{"eps":0,"revenue":12347671,"guidance":"Group anticipates positive full-year 2026 results in visitation and financial terms, citing high season (July-September), Castello di Vogogna opening, and new restaurant/holiday rental activities","revenueYoy":"+14.0%","customDimensions":{"ebit":700325,"ebitda":2600000,"equity":26662398,"ebit_yoy":"-61.5%","net_cash":2180845,"ebitda_yoy":"-9.2%","net_income":368025,"d_and_a_yoy":"+31.5%","ebitda_margin":"21.0%","net_income_yoy":"-71.4%","ebitda_margin_prior":"26.3%","operating_cash_flow":2512285,"cash_and_equivalents":6309484}},"named_entities":{"people":[{"name":"Vitaliano Borromeo Arese Borromeo","role":"Chairman of the Board of Directors"},{"name":"Giorgia Meretti","role":"Communication Manager"},{"name":"Alessandro Pedrazzini","role":"Investor Relations Manager"}],"products":["Castello di Vogogna","Isola Bella","Isola Madre","Parco Pallavicino","Parco del Mottarone","Rocca di Angera","Castelli di Cannero","Osteria del Teatro","Pallavicino Bar","Villa Cenzina","Terre Borromeo"],"companies":[{"name":"Kaleon S.p.A.","ticker":"ALKLN","relationship":"filer"},{"name":"Lago Alto S.r.l.","relationship":"subsidiary acquired February 2026"},{"name":"Kaleon Travel S.r.l.","relationship":"subsidiary (renamed from Italian Heritage S.r.l.)"},{"name":"Italian Tennis and Padel Federation","relationship":"partner"},{"name":"Nitto ATP Finals","relationship":"partner"},{"name":"NewCap","relationship":"investor relations agency"},{"name":"Barabino & Partners","relationship":"PR agency"}],"dollarAmounts":[{"amount":"€12.3 million","context":"H1 2026 consolidated revenue (+14.0% vs €10.8M)"},{"amount":"€2.6 million","context":"H1 2026 EBITDA (-9.2% YoY)"},{"amount":"€0.4 million","context":"H1 2026 net income (vs €1.3M in H1 2025)"},{"amount":"€2.2 million","context":"net cash position as of June 30, 2026"},{"amount":"€1.2 million","context":"acquisition of stake in Lago Alto S.r.l."},{"amount":"€6.3 million","context":"cash and cash equivalents at June 30, 2026"},{"amount":"€26.7 million","context":"shareholders' equity at June 30, 2026"},{"amount":"€2.5 million","context":"H1 2026 cash flow from operating activities"},{"amount":"€0.3 million","context":"incremental listing-related advisory and service costs"},{"amount":"€0.2 million","context":"increase in advertising/marketing expenses"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-30T16:45:11.089Z","global_importance":18,"audience_relevance":12,"importance_components":{"tickerTier":"small-cap (Euronext Growth Milan/Paris)","eventGravity":"routine semi-earnings with margin compression","sectorWeight":"niche cultural tourism, limited retail following","householdBrandBoost":0}},"durationMs":10689,"modelName":"glm-5.3-flashx"}}