Investor Relations
March 29th 2016 | by Andrea Serventi

MailUp has approved the financial year 2015: strong increase in pro-forma production value (+135%), in pro-forma EBITDA (+255%) and pro-forma income (+1714%)

Milan, March 29, 2016 – the Board of Directors of MailUp S.p.A. listed on the AIM Italia market, operating in the marketing technology field (Reuters: MAIL.MI) (Bloomberg: MAIL.IM) (ISIN IT 0005040354) met today and examined the final figures for the financial year 2015.

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The consolidated income statement does not include the effects of having acquired MailUp Nordics (then AdPepper Denmark) and the subsidiary Globase International ApS and Agile Telecom S.p.A. as these acquisitions were completed towards the end of the year. To provide a clearer picture and more complete information, MailUp S.p.A. has voluntarily prepared a pro-forma income statement retroactively reflecting (as of 1 January 2015) the effects of the acquisitions carried out during the financial year 2015.

Pro forma consolidated income statement 2015

  • 18.9M Euro in production value in 2015 compared to 8M Euro in 2014 (+135%) > 8.5M Euro of revenues from email sales in 2015 compared with 6M Euro in 2014 (+41%); > 10M Euro in revenues from SMS sales in 2015 compared to 1.8M Euro in 2014 (+455%); > 350 thousand Euro of other revenues and income in 2015 compared to 150 thousand Euro in 2014 (+133%).
  • 2.9M Euro of EBITDA in 2015 compared to 0.8M Euro in 2014 (+255%)
  • 1.8M Euro of EBT in 2015 compared to 0.2M Euro in 2014 (+817%)
  • 1.2M Euro of net profit in 2015 compared to 68 thousand Euro in 2014 (+1714%)
  • The value of pro-forma international production in 2015 is 30% of the total production value, compared with 10% of the corresponding amount in 2014 (+233%)


  • Consolidated income statement 2015 (without the effects of having acquired Globase International ApS and Agile Telecom S.p.A.)

  • 9.5M Euro of production value in 2015 compared to 8M Euro in 2014 (+18%) > 6.9M Euro of revenues from email sales in 2015 compared with 6M Euro in 2014 (+14%); > 2.2M Euro in revenues from SMS sales in 2015 compared to 1.8M Euro in 2014 (+24%); > 350 thousand Euro of other revenues and income in 2015 compared to 150 thousand Euro in 2014 (+133%).
  • 1M Euro of EBITDA in 2015 compared to 0.8M Euro in 2014 (+29%)
  • 51 thousand Euro EBT in 2015 compared to 0.2M Euro in 2014 (-74%)
  • 2 thousand Euro of net profit in 2015 compared to 68 thousand Euro in 2014 (-97%)
  • Net Financial Position (NFP) amounted to 1,024 thousand Euro in 2015
  • Liquid assets amounted to 3.2m Euro in 2015, compared to 3.3M Euro in 2014
  • Equity amounted to 7.3M Euro in 2015 compared to 3.3M Euro in 2014


  • Matteo Monfredini, the Chairman of MailUp S.p.A., commented: “2015 was a year of changes for our company, in which we made a dimensional shift from a production value of 8 million Euro in 2014, the year we became listed, to almost 19 million Euro in 2015 (pro forma consolidated data relating to the Group’s current perimeter of reference). We began to expand through acquisitions, carrying out three in under half a year, of which two were international and one was a reverse takeover. We began along the pathway of international partnerships, opening up in Japan, South America and Indonesia, where we have actually become the country’s biggest email service provider. Indonesia is one of the “fastest growing digital economies” in the world with over 250 million inhabitants – of whom 70 million are online – and with one of the highest internet penetration growth rates in Asia. Finally, towards the end of the year, we released two new products, BEE Plugin and BEE Pro which achieved great results from the experts in Silicon Valley. In the first quarter of 2016, these have started to bear fruit, with an average month-on-month growth of 17% between January 2016 and March 2016. During this period of strong growth, however, we have still kept our focus on organic growth, which was 16% in 2015”.

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