FRIEM S.P.A.: Board of Directors Approves 2024 Consolidated Results and Welcomes Francesco Venturini as New Board Member.

The Annual Shareholders’ Meeting of FRIEM S.p.A, international leader in the design and manufacture of electric power conversion technologies, has approved the consolidated results for the financial year ended December 31, 2024. The Segrate-based company, controlled by the Pagliai-Carnelli family since 1950, confirms its ability to compete in the global market thanks to growing industrial production, a solid financial position, and a long-term sustainability-focused management approach, despite the global scenario marked by considerable uncertainties and significant geopolitical instability.

The consolidated results show a production value exceeding €54.5 million, confirming the significant growth of the FRIEM Group in recent years, with a further 4.3% increase compared to the previous year. Positive results are also recorded for the EBITDA, which grew by almost 10% over the 2023 fiscal year.

The Shareholders’ Meeting also approved the new composition of the Company’s Board of Directors. The shareholders Orietta Pagliai, President, Lorenzo and Fabrizio Carnelli, along with FITEC fund representative Claudio Catania, and the independent board member Pierre Lahutte, have been confirmed.

The term of Eng. Paolo Ricci, former independent board member for seven years, has come to an end. President Orietta Pagliai described his commitment as “Valuable, experienced, and consistent with the values and growth objectives of our company”. “It has been an honor to collaborate with FRIEM during a period of significant evolution, during which the company has expanded and strengthened its technological offering – stated Paolo Ricci – I express great appreciation for being able to operate in an environment characterized by high professionalism, focus on innovation, and valuable results.”

Joining the new Board of Directors is Francesco Venturini, a highly experienced executive and former CEO of Enel Green Power and CEO of Enel X, as well as Head of Enel X Global Retail. Graduated in Economics from Sapienza University and holding an MBA from MIT, Venturini has successfully led the global expansion of renewable energy. “I am honored to join the board of directors of FRIEM – declared Francesco Venturini – This is a company with an important history behind it and great potential for the future. I offer my experience – which joins that of the other Board Members – for governance and strategic direction policy that can be a guide and stimulus to Management in facing the new challenges that FRIEM has given itself in the context of a demanding global energy transition. I am convinced that, in the energy conversion sector, we will strengthen our position as a leader and key player.”