First Capital has closed the first half of 2025 with solid results and announced great news for its investors: a proposal for an extraordinary dividend of €1.75 per share, equal to a yield of over 9%.
Strong financial performance
The Milan-based investment holding, focused on small and mid-sized companies, reported:
- Consolidated equity of €87.7 million (up from year-end 2024).
- Net profit of €7.25 million, a sharp turnaround from the €5.5 million loss recorded in the same period last year.
- Portfolio performance up 19% since the start of the year, driven by the strong market performance of holdings such as Generalfinance, ALA, and Orsero.
Strategic moves
During the first half of the year, First Capital reshaped its portfolio by reducing stakes in Industrie Chimiche Forestali and Orsero, while acquiring a new stake in Magis, a company active in adhesive tapes for the hygiene sector.
Meanwhile, its subsidiary Value Track SIM successfully completed its first stock market placement on Euronext Growth Milan.
In the following months, the company also finalized two key operations: the sale of its stake in ALA with a triple return on the initial investment, and the launch of a €25 million bond issue with a fixed annual coupon of 5.75%.
Extraordinary dividend in two tranches
The dividend, subject to the conversion of part of the outstanding bonds, will be distributed in two stages:
- €1.00 per share in December 2025
- €0.75 per share in May 2026
A tangible sign of the company’s solid financial structure and its willingness to reward shareholders for their trust.
Looking ahead
According to General Manager Stefano Di Meo, First Capital will continue to focus on long-term investments in promising Italian SMEs, maintaining a disciplined yet opportunity-driven approach. The goal remains clear: to generate sustainable value for shareholders while supporting the growth and industrial development of portfolio companies.
