equity story
Investment Case
Alia Mentis is a deep-tech company active in the field of innovative materials,
specialized in the development and industrialization of proprietary technologies for the production of advanced composite materials and the implementation of innovative manufacturing processes. It has introduced the first active core for the self-forming of Carbon Fiber Reinforced Polymer into its final shape (Koridion).
Established in 2012 as a deep-tech company focused on materials science and physics, with a problem-solving-oriented approach and a strong inclination towards experimentation and industrial validation, Alia Mentis has progressively developed its business model, also through the internalisation of key design, prototyping and production activities. In this context, Alia Mentis is positioned upstream in the value chain of OEMs and Tier-1 suppliers as their technology partner, integrating its solutions into customers’ manufacturing processes.
More specifically, the Company’s operating model spans the entire technological and industrial development value chain: from research and development activities aimed at defining innovative and patentable solutions, to the industrial validation of technologies through proof-of-concept cycles, prototyping and co-design with OEMs and Tier-1s, up to the design and industrialisation of manufacturing processes, including the definition of moulds, equipment and process parameters suitable to ensure industrial scalability and repeatability. The Issuer also has an in-house production platform dedicated to the manufacturing of advanced materials, components, semi-finished products and pre-series batches, and enhances its intellectual property portfolio through the licensing of proprietary technologies, the application of royalties, the sale of in-house production and the provision of technical and industrial support services to customers.
The Company develops proprietary technologies through a structured, continuous and industrialisation-oriented research and development activity, focused on advanced composite materials, innovative manufacturing processes, and the integration of technological development, engineering and production.
In the course of its development, the Company has made significant investments in machinery, amounting to Euro 14.9 million in 2025 (for a total of over Euro 23 million since 2018).
Over the years, Alia Mentis has developed a proprietary intellectual property portfolio and distinctive technical expertise: the Company holds an intellectual property portfolio consisting of no. 3 trademarks and over no. 20 patents protecting its technologies, including, in particular, “Koridion”, a product technology enabling a new transformation process for advanced composite materials, overcoming the limitations of traditional processes; “Equalizer”, a machine system alternative to presses and autoclaves, which, when applied to Koridion, enables industrial scalability; and “Xelion”, a functional composite material for controlled energy absorption and dissipation, applicable in protection and safety devices.
The Issuer’s customer base consists of leading Italian and international OEMs, system integrators and Tier-1 suppliers operating in sectors characterised by high technological barriers and long adoption cycles, such as industrial & advanced manufacturing (high-tech industrial applications), sport, protection & safety, automotive and motorsport, and aerospace & defence. In particular, in the aerospace sector the Issuer operates directly with OEMs, while in the automotive sector it operates mainly with Tier-1 suppliers, also following validation and nomination by OEMs.
The Issuer’s suppliers of raw materials and services are primarily geographically concentrated in Italy and, secondly, in the Netherlands.
The equity story is based on five key drivers:
- deep-tech company specialised in the development and industrialisation of advanced composite materials, process technologies and proprietary solutions for highly complex industrial applications
- ability to monetise intellectual property through multiple revenue models
- transformational solutions for the production of complex composite components
- exposure to growing end markets
- revenue visibility and margin profile supported by an integrated business model
In 2025, Alia Mentis reported revenues of approximately EUR 14.7 million (+85.8% vs 2024) and EBITDA of approximately EUR 8.5 million, with an EBITDA margin of 57.9%, confirming the strong operating leverage of its industrial model. Net financial indebtedness amounted to approximately EUR 17 million.
Strategy & Objectives
The strategy of Alia Mentis is aimed at transforming the technological advantage developed in recent years into a scalable industrial platform, leveraging its intellectual property portfolio, its ability to integrate materials, processes and industrialisation solutions, as well as its upstream positioning in the value chain of OEMs, Tier-1 suppliers and industrial partners.
The growth strategy is structured along six main strategic pillars:
Increase in production capacity
Alia Mentis aims to strengthen its production capacity through new investments in machinery, plants and equipment. The objective is to move from selective, high value-added production to larger volumes, progressively increasing the share of revenues generated from product sales, alongside licensing activities, industrialisation services and co-design.
Development of proprietary technologies
The Company will continue to invest in the development of its proprietary technologies and in the evolution of its existing platforms. In particular, Xelion 2.0 represents the next phase of development of the platform dedicated to energy absorption and dissipation.
This evolution aims to make the technology more modular, standardised and applicable across multiple sectors, reducing development time and facilitating its use on more complex materials, geometries and applications.
More automated industrial processes
The Issuer also intends to strengthen its process solutions, with particular focus on Equalizer 2.0, a platform designed to support the production of carbon fibre components through Koridion.
Equalizer 2.0 aims to increase automation, improve control over production parameters, reduce processing times and limit waste. The objective is to make the process more replicable, scalable and stable.
The Company is also developing proprietary solutions for:
• industrial tomography, used for non-destructive testing of composite material components;
• additive manufacturing, to rapidly produce moulds, prototypes and components from digital models.
Entry into new markets
In addition to the sectors already served, such as high-performance automotive, aerospace & defence and protection & safety, the Company is evaluating the application of its technologies in new areas, including IT infrastructure and data centres.
In these markets, lightness, component protection, energy management and sustainability of production processes may represent key differentiating factors.
International expansion
The Company intends to assess growth opportunities abroad, with particular focus on the North American market.
A potential production presence in the United States could support commercial expansion in the region, reduce logistical distance from local customers and facilitate qualification processes with U.S. OEMs and industrial partners.
Industrial partnerships and joint ventures
The strategy also includes the potential establishment of industrial partnerships and joint ventures with core materials manufacturers, system integrators and other industry players.
These agreements could accelerate industrial growth, expand available production capacity and support the standardisation of proprietary technologies, also through licensing, technology transfer and integration into OEM technical specifications.
Market and Positioning
Alia Mentis operates in the global market for lightweight materials and advanced composites, driven by the growing demand for high-performance materials in automotive, aerospace, defence and industrial manufacturing. According to the Company’s estimates based on industry sources, the global lightweight materials market is valued at approximately Euro 204 billion in 2025 and is expected to grow at a CAGR of 7.2%, reaching Euro 288 billion by 2030.
The increasing penetration of composite materials in high-end vehicles and aerospace systems represents one of the key structural trends in the sector. In the automotive sector, the use of composites has grown from marginal levels in the 1980s to shares exceeding 40% in next-generation hypercar and luxury models. In the UAV and advanced aerospace sector, composites have become critical materials for performance, weight reduction and sustainability.
Alia Mentis positions itself as an innovative player
in the “active core technologies” segment, differentiating itself from traditional passive core materials thanks to:
- internal pressure generation during the thermal cycle
- greater geometric freedom
- reduced production waste
- improved industrial repeatability
- simplified manufacturing flow
- lower dependence on autoclaves and energy-intensive processes
The Company collaborates with leading OEMs and system integrators across the automotive, sport & safety, industrial, and aerospace & defence segments. The industrial validation process typically requires several years and represents a significant barrier to competitive entry. OEMs account for 36% of the customer base, and for 10 of them the nomination took place prior to 2023.
Leveraging its combination of intellectual property, industrial know-how and integration into OEM technical specifications, Alia Mentis aims to strengthen its role as a reference technology platform in the global advanced composites market.
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