Directa Plus Reports FY25 Trading Update with Revenue Growth and Ford Contract Win

Directa Plus FY25: modest revenue growth, sharper losses improvement, and a useful Ford win

Directa Plus has posted a steady update for the year to 31 December 2025, with revenue edging up and losses narrowing meaningfully. The tone is one of operational tightening and selective wins, with 2026 set to hinge on funding and monetising the graphene IP portfolio.

Here are the key numbers and headlines you need to know, and what they might mean for the share price.

Headline numbers from the trading update

Metric	FY25 (unaudited)	FY24
Revenue	€7.0m	€6.66m
Adjusted LBITDA	~€2.5m (broadly in line with expectations)	€3.64m
Gross cash at year end	€1.5m	€4.98m
Setcar annualised cost savings	At least €0.7m	Not disclosed
Setcar Ford contract	€1.5m over 15 months (tender won; contract being finalised)	Not applicable
Potential land sale (Setcar)	At least €0.5m estimated value	Not applicable

LBITDA is loss before interest, tax, depreciation and amortisation – a proxy for operating performance before non-cash items and financing effects.

Financial performance: small top-line rise, much better cost control

Revenue increased to €7.0m from €6.66m – modest, but heading in the right direction. The standout is adjusted LBITDA improving to approximately €2.5m loss from €3.64m loss, a c.30% improvement driven by cost control and efficiencies. That is “broadly in line with market expectations”, which should help sentiment.

The obvious counterpoint is cash. Gross cash fell to €1.5m from €4.98m. Management is explicit that funding will be needed in FY26 to support growth. Investors should therefore factor in funding risk – the method and price of any raise (equity, debt, licensing upfronts or JV cash) will matter for valuation and dilution.

Tech and production: broader graphene toolkit for regulated, high-value markets

Directa Plus highlights progress in technology and manufacturing capability. The company has enhanced production of “interlocked and blended” graphene materials, widening its range and aiming at applications in PFAS-related fields, defence and other highly regulated industrial sectors.

The takeaway: the addressable market is moving beyond niche uses. If Directa can consistently deliver low-cost, high-quality graphene nanoplatelets at scale – which is the claim here – it strengthens their pitch to large customers building graphene into product roadmaps.

Setcar: restructuring bites, Ford contract lands, and a possible land sale

The Romanian subsidiary Setcar remains a focus area. Management’s restructuring drive has delivered at least €0.7m of annualised cost savings in FY25, alongside operational and margin improvements. That should help profitability in 2026 if volumes are stable.

On the commercial side, Setcar won a competitive tender with Ford for a Total Waste Management contract worth €1.5m over 15 months. The contract is being finalised. Separately, the company has started a process to sell non-strategic land with an estimated value of at least €0.5m. Taken together, that’s useful cash generation potential and revenue visibility, albeit modest in the context of Group needs.

Management also signals it will “continue to evaluate the best options” for Setcar to improve capital allocation and maximise shareholder value. That leaves the door open to further restructuring or portfolio tidying if it sharpens the Group’s focus on graphene-led growth.

2026 outlook: monetising IP and funding the next leg

The Board’s 2026 plan is clear: capture high-growth opportunities and monetise the core IP portfolio, which it describes as substantial and protected by patents. Routes include partnerships, joint ventures and licensing. These paths can be less dilutive than straight equity raises, though timing and counterparties are critical.

The company enters FY26 with what it calls a growing pipeline, backed by advanced customer discussions and increasing recognition of product performance. That’s encouraging, but conversion and contract scale will be the proof points. With just €1.5m of gross cash at year end and funding needed in FY26, execution speed matters.

Board changes: Chairman steps down; interim chair named; CEO succession ongoing

Non-Executive Chairman Richard Hickinbotham will step down on 31 January 2026 to take up a full-time executive role, nearing the nine-year mark. CEO Giulio Cesareo will become Interim plc Chairman from that date. The CEO succession process is ongoing and an update will follow.

On governance, interim chair arrangements can work for a period, but investors will want timely clarity on permanent leadership, particularly in a year when funding and strategic deals are on the agenda.

Why this update matters for shareholders

• Improving losses: The c.30% better adjusted LBITDA shows costs are under control. That improves operating leverage if revenues accelerate.
• Cash and funding: The drop to €1.5m gross cash and explicit FY26 funding need put financing firmly in focus. The structure of any deal will influence shareholder outcomes.
• Commercial validation: The Ford win at Setcar adds credibility and near-term revenue. It is not transformative, but it supports the turnaround and cash generation.
• Strategic optionality: Partnerships, JVs and licensing could unlock value from the patent portfolio without heavy capex, if the company can land attractive terms.
• Execution risk: Production advances and a “growing pipeline” must translate into signed, scaled contracts, especially in regulated markets like defence and PFAS-related applications.

My take: cautiously constructive, with funding as the swing factor

This is a tidy update. Revenue is up, losses are down, and the operational narrative is cleaner. Setcar looks tighter and the Ford contract helps. The technology story is evolving in the right direction, aiming at better-margin, regulated niches where performance matters and price sensitivity is lower.

The two watch-outs are straightforward. First, the cash position and FY26 funding need – that is the near-term valuation anchor. Second, leadership clarity – interim chair and ongoing CEO succession will warrant close attention until a permanent structure is in place.

If Directa converts its pipeline into larger contracts or lands a meaningful licensing/JV deal, the operating improvements could start to flow through more visibly. Until then, expect the share price to be sensitive to funding headlines and contract wins.

What to watch next

• Funding announcement: timing, size and structure of any FY26 financing.
• Setcar contract finalisation: confirmation of the Ford agreement and any additional wins.
• Land sale proceeds: progress on the non-strategic land sale (at least €0.5m targeted).
• Partnerships/licensing: concrete deals to monetise the graphene IP portfolio.
• Leadership updates: permanent chair arrangements and CEO succession outcome.
• Order flow: evidence of the “growing pipeline” converting into signed, scaled revenues.