Zest closed the first half of 2026 with revenue and other income of €4.075 million and a net loss of €1.824 million. Lower operating costs improved EBITDA, while net financial debt fell to €5.235 million.
Key figures
- Revenue and other income: €4.075 million
- Operating costs: €4.955 million, down €751,000
- Recurring operating EBITDA: -€880,000, improving by €486,000
- Net result: -€1.824 million
- Net financial debt: €5.235 million
- Portfolio fair value: €48 million
Operating efficiency and results
Zest’s board approved the consolidated half-year financial report at 30 June 2026. Revenue and other income came to €4.075 million, compared with €4.339 million in the first half of 2025.
The company offset part of the revenue decline by cutting operating costs by €751,000 to €4.955 million. Recurring operating EBITDA improved by €486,000 to -€880,000, while operating EBITDA was -€863,000. The net loss was €1.824 million and also reflected investment-management dynamics.
Portfolio, exits and financial structure
The portfolio includes more than 229 active startups, with a fair value of €48 million and an average multiple of 1.8 times invested capital. Portfolio companies raised €15.6 million during the period, while exits from Yakkyo, Mare Group, Olivia and Bikeroom generated total proceeds of €1.4 million.
Net financial debt declined to €5.235 million from €6.271 million at the end of 2025, while group equity stood at €42.443 million.
Strategy
Zest continues to implement its VC-Led model and targets EBITDA break-even. Initiatives include Z_One, an artificial-intelligence and UrbanTech fund developed with Eureka! Venture SGR. Zest is participating as anchor investor with a €5 million commitment and as Key Advisor.
The company
Zest, created through the merger of LVenture Group and Digital Magics, operates in venture capital, startup acceleration and Open Innovation. The company is listed on Euronext Milan.
Primary source: Zest – first-half 2026 financial results release.