Original-Research: Reply S.p.A. (von GBC AG): BUY

^

Original-Research: Reply S.p.A. - from GBC AG

09.11.2026 / 13:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to Reply S.p.A.

Company Name: Reply S.p.A.

ISIN: IT0005282865

Reason for the GBC Italian Champions 2026

research:

Recommendation: BUY

Target price: 185.00 EUR

Target price on sight 31.12.2027

of:

Last rating change:

Analyst: Cosmin Filker, Matthias Greiffenberger, Marcel

Goldmann

Dear Investors,

Once again this year, our 'GBC Italian Champions' study focuses on selected

Italian listed companies that, in our view, offer particularly attractive

business models, promising growth prospects and corresponding share price

upside potential. This year's selection comprises twelve companies from a

wide range of industries, covering a broad spectrum of company sizes and

business models. Ten companies were already included in last year's

selection. With Avio S.p.A. and Otofarma S.p.A., we are adding two new

investment opportunities to our 'GBC Italian Champions' selection.

The performance of our selection from last year has also shown that it can

be worthwhile to look beyond national borders. The twelve "GBC Italian

Champions 2025" achieved an average price performance of 21.7% between 6

November 2025 and 30 October 2026. The selection thus outperformed the

Italian market as a whole by a significant margin, as measured by the ITA

STAR, which rose by 3.7% over the same period. Our selection from last year

also significantly outperformed the German share indices. Over the same

period, the DAX rose by 6.0%, the MDAX by 3.1% and the SDAX by 11.3%. In our

view, this performance underscores the opportunities that a fundamental and

selective stock-picking approach can offer, particularly outside the major

European blue chips.

The Italian capital market also continues to offer attractive opportunities.

Although the challenging macroeconomic environment and heightened market

volatility have recently narrowed the window for initial public offerings in

Italy, the Italian primary market continues to demonstrate significantly

higher activity than its German counterpart over the longer term. Between

2021 and 2025, approximately 150 new listings were recorded in Italy,

compared with just 29 IPOs in Germany. Euronext Growth Milan, in particular,

remains an important gateway to the capital markets for small and

medium-sized enterprises.

At the same time, Italy continues to improve the framework conditions for

listed companies and investors. In addition to tax incentives for IPOs and

relatively flexible regulations governing multiple voting rights, the 'Fondo

Nazionale Strategico Indiretto' is gaining increasing importance. The

initiative, which has been expanded to EUR750 million, aims to channel

additional institutional capital into Italian small- and mid-cap companies.

Furthermore, in 2026, Consob approved regulatory simplification measures

designed to reduce administrative burdens and facilitate access to the

capital markets.

Against this backdrop, we present our twelve 'GBC Italian Champions 2026' on

the following pages. Our selection ranges from established market leaders

and highly profitable niche players to high-growth companies that have

positioned themselves in attractive markets with promising long-term

prospects.

The 'GBC Italian Champions Study 2026' contains assessments of the following

companies:

Avio S.p.A. (ISIN: IT0005119810)

Casta Diva Group S.p.A. (ISIN: IT0005003782)

Cembre S.p.A. (ISIN: IT0001128047)

Fine Foods & Pharmaceuticals N.T.M. S.p.A. (ISIN: IT0005215329)

Franchetti S.p.A. (ISIN: IT0005508574)

Lindbergh S.p.A. (ISIN: IT0005469272)

Lottomatica Group S.p.A. (ISIN: IT0005541336)

Otofarma S.p.A. (ISIN: IT0005663361)

Reply S.p.A. (ISIN: IT0005282865)

Sanlorenzo S.p.A. (ISIN: IT0003549422)

Siav S.p.A. (ISIN: IT0005504128)

Somec S.p.A. (ISIN: IT0005329815)

We hope you enjoy reading this study and wish you every success with your

investments.

Cosmin Filker

Deputy Chief Analyst

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=648b73ef3fa42e9d206890b4a5bc26cc

Contact for questions:

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

++++++++++++++++

Disclosure of potential conflicts of interest in accordance with Section 85

WpHG and Art. 20 MAR The following potential conflict of interest exists at

the company analysed above: (see individual studies); a catalogue of

potential conflicts of interest can be found at:

https://www.gbc-ag.de/de/Offenlegung

+++++++++++++++

Editorial deadline: 03/11/2026

Date and time of completion of the study: 09/11/2026 (10:09 a.m.)

Date and time of first dissemination of the study: 09/11/2026 (1:00 p.m.)

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