Natuzzi Q2 Loss Widens to €10M as Sales Fall 23%; New CEO Starts Oct 26
Summary
Natuzzi's Q2 2026 sales fell 23% to €60.0M and the operating loss widened to €10.0M, leaving the company reliant on shareholder cash and a restructuring that has barely started. Aldo Uva becomes CEO on October 26, with the NYSE delisting appeal hearing set for December 17.
Key Events · Earnings and Guidance · NTZ
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Q2 Sales Drop 23% to €60.0M
Revenue fell to €60.0M from €78.3M in Q2 2025, with North America down 31.7% to €17.3M and Greater China down 36.8% to €3.8M.
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Operating Loss Widens to €10.0M
Gross margin fell to 29.6% from 34.0% on poor fixed-cost absorption; H1 loss after tax was €19.0M versus €10.0M a year earlier.
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Cash Tight, Shareholder Funding €3.0M
Cash was €18.9M at June 30 with net financial position before leases of -€25.9M; the majority shareholder contributed €3.0M on October 14 and may provide up to €5.0M more.
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NYSE Delisting Hearing December 17
The Committee review of the delisting determination is scheduled for December 17, 2026; ADS trading remains suspended on the NYSE pending the outcome.
Analysis · NTZ · Manufacturing
The second quarter deteriorated sharply: revenue fell 23% to €60.0M and the operating loss widened to €10.0M from €2.7M a year ago, while gross margin dropped 4.4 points to 29.6% as fixed costs were spread over far fewer deliveries. For the first half, the loss after tax reached €19.0M against €10.0M in 2025, and with only €18.9M of cash at June 30 the company is dependent on its controlling shareholder, who put in €3.0M on October 14 and has committed up to €5.0M more within the out-of-court restructuring proceeding. Benefits from the restructuring — Italian plants cut from five to two, North America Natuzzi Editions production moved to Romania, staff reductions — are only expected to show late this year, and the NYSE delisting appeal hearing is set for December 17 with ADS trading already suspended. Aldo Uva takes over as CEO on October 26 with a mandate to deliver a transformation roadmap.
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At the time of this filing, NTZ was trading at $1.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $11M. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.