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SubscriptionNarrow moat

Bending Spoons (BSP) — moat facet

Eighty-five percent of Bending Spoons' revenue is a renewal, and its share is falling because advertising and ticketing are growing faster.

1. ReportedThe line earned $1,213.194 million in 2025, 93% of revenue, and $1,739.614 million in the twelve months to June 2026, 85.2% of the total.
   Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business and MD&A sections on revenue by type and by geography. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
2. Moat Explorer calcThe line earned $1,213.194 million in 2025, 93% of revenue, and $1,739.614 million in the twelve months to June 2026, 85.2% of the total.
   Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ thousands unless stated). Revenue growth: 671,053 / 387,067 - 1 = 73.4%; 1,306,404 / 671,053 - 1 = 94.7%; 2,800,000 / 1,306,404 - 1 = 114% on the FY2026 guidance midpoint (2,780,000 + 2,820,000) / 2 = 2,800,000; Adjusted Operating Income guidance midpoint (1,460,000 + 1,510,000) / 2 = 1,485,000. Trailing twelve months to 30 June 2026: revenue 1,306,404 + 1,305,476 - 570,046 = 2,041,834; net income (204) + 204,433 - (46,953) = 251,182; operating cash flow 290,600 + 254,240 - 87,733 = 457,107; net margin 251,182 / 2,041,834 = 12.3%. Revenue by type, trailing twelve months: subscription 1,213,194 + 1,047,991 - 521,571 = 1,739,614; advertising 67,253 + 158,811 - 35,791 = 190,273; other 25,958 + 98,674 - 12,684 = 111,948; sum 2,041,835. Subscription share 1,739,614 / 2,041,834 = 85.2%. Q2 2026 revenue mix: subscription 540,790 / 704,155 = 76.8%; advertising 88,637 / 704,155 = 12.6%; other 74,728 / 704,155 = 10.6%. Q2 growth by line: 540,790 / 282,138 - 1 = 91.7%; 88,637 / 19,285 - 1 = 359.6%; 74,728 / 9,676 - 1 = 672.1%. FY2025 by line: 1,213,194 / 616,418 - 1 = 96.8%; 67,253 / 52,690 - 1 = 27.6%; 25,958 / 1,945 = 13.3 times. Gross margin: 236,518 / 387,067 = 61.1%; 428,851 / 671,053 = 63.9%; 857,270 / 1,306,404 = 65.6%; 463,621 / 704,155 = 65.8%; 871,825 / 1,305,476 = 66.8%. Operating margin: 84,267 / 387,067 = 21.8%; 127,352 / 671,053 = 19.0%; 277,851 / 1,306,404 = 21.3%; 240,251 / 704,155 = 34.1%. General and administrative expense 326,953 / 1,306,404 = 25.0% of 2025 revenue. Costs excluded from Adjusted Operating Income in 2025: 150,532 + 85,466 + 78,607 + 20,790 = 335,395, which is also 613,247 - 277,851 = 335,396. The same four lines across 2023, 2024 and 2025: (13,514 + 848 + 33,809) + (51,792 + 31,952 + 85,947) + (78,607 + 85,466 + 150,532) = 48,171 + 169,691 + 314,605 = 532,467. Interest: 142,601 / 32,605 = 4.4 times; 108,970 / 35,733 - 1 = 205%; 142,601 / 277,851 = 51.3% of 2025 operating income; interest paid 161,153 / 254,240 = 63.4% of H1 2026 operating cash flow. Research and development 58,204 / 19,398 = 3.0 times; sales and marketing 72,679 / 30,696 = 2.4 times. Balance sheet at 30 June 2026: total debt 794,141 + 4,086,939 = 4,881,080 (415,260 + 2,255,622 = 2,670,882 at 31 December 2025); net debt 4,881,080 - 792,950 = 4,088,130; net debt / equity 4,088,130 / 1,258,412 = 3.25 times; goodwill and intangibles 4,146,212 + 2,156,607 = 6,302,819, which is 6,302,819 / 8,055,399 = 78.2% of assets; tangible book 1,258,412 - 6,302,819 = (5,044,407); goodwill 4,146,212 / 163,863 = 25.3 times the 31 December 2023 balance. Free cash flow H1 2026 254,240 - 3,969 = 250,271. Deferred revenue 583,265 / 450,499 - 1 = 29.5%. Net cash inside the two enterprise deals: Airtable equity value about 2,250 less enterprise value 1,285 = about 965 of net cash; Miro 1,790 less 1,355 = about 435; the two together 965 + 435 = about 1,400, against combined equity value 2,250 + 1,790 = about 4,040. Valuation and rail arithmetic: market value 28,289 / pro-forma FY2025 net income 22.374 = about 1,264 times earnings; store commission of 22 to 45 against Q1 2026 gross profit of 408,204 = 5.4% to 11.0%; store fee 15% to 30% against processor fees of 5% or less = three to six times. Per-unit arithmetic: trailing revenue 2,041,834 / 9,000 thousand paying customers = about $227 a year each; other revenue 74,728 / 25,958 = 2.9 times all of 2025; advertising expense at 6% of 2025 revenue 1,306,404 x 0.06 = about 78,384. Customer and per-unit arithmetic: a customer below 1% of Q2 2026 revenue of 704,155 is below 7,042, so under $7.0 million a quarter. Market value at $44.17 on 20 October 2026: 330,222,651 + 310,240,685 = 640,463,336 shares; 640,463,336 x 44.17 = $28,289 million. Trailing price-to-earnings 28,289 / 251.2 = 112.6; price-to-sales 28,289 / 2,041.8 = 13.9; enterprise value 28,289 + 4,088 = 32,377; 32,377 / 1,485 = 21.8 times guided Adjusted Operating Income; forward price-to-sales 28,289 / 2,800 = 10.1. Price against the 52-week high 44.17 / 59.50 - 1 = -25.8%; against the offering price 44.17 / 29.00 - 1 = +52.3%. Shares after the Berkshire placement 640,463,336 + 10,000,000 = 650,463,336. Berkshire's July tranche 600 / 29.00 = about 20.7 million shares, plus 10.0 million at $33.00 = about 30.7 million. New investors paid 29.00 / 1.00 = 29 times the $1.00 average price of the pre-offering equity. Votes: 310,240,685 x 5 = 1,551,203,425 against 1,551,203,425 + 324,978,625 = 1,876,182,050 total votes = 82.68%; equity 310,240,685 / 635,219,310 = 48.84%. Luca Querella's holding 310,240,685 - 234,315,380 = 75,925,305 class A shares, 75,925,305 x 5 / 1,876,182,050 = 20.2% of the votes. Geography: 201,424 / 387,067 = 52.0%; 347,942 / 671,053 = 51.9%; 642,140 / 1,306,404 = 49.2%; 434,864 / 704,155 = 61.8%; Italy 23,637 / 1,306,404 = 1.8%; revenue outside the United States in Q2 2026 704,155 - 434,864 = 269,291, 38.2%. Payment rails in Q1 2026: 0.75 x 0.33 = 24.8% of revenue through the Apple App Store or Google Play Store, 601,321 x 0.248 = about $149 million, on which a 15% to 30% fee is $22 million to $45 million; 0.75 x 0.67 = 50.3% through payment processors. Acquisitions: aggregate enterprise value 194 + 876 + 1,920 + 2,010 = $5,000 million for 2023, 2024, 2025 and Q1 2026. AOL contributed 65,500 / 141,800 = 46.2% pre-tax margin in Q1 2026 and 156 / 294 = 53.1% over six months; its FY2025 carve-out operating margin 333,610 / 633,365 = 52.7%, United States share 620,393 / 633,365 = 98.0%, purchase price 1,454,432 / 633,365 = 2.3 times carve-out revenue. Miro 1,355 / 600 = 2.3 times annual recurring revenue; Airtable 1,285 / 480 = 2.7 times; the two together 480 + 600 = about $1,080 million of annual recurring revenue. Tractive 896 - 115 = $781 million payable at closing. Pro-forma FY2025 interest 368,113 / 508,758 = 72.3% of operating income and net margin 22,374 / 2,608,496 = 0.9%. Cumulative net income attributable 2023 to 2025: 160,773 + 89,513 - 137 = 250,149. More acquisition arithmetic: average enterprise value per completed acquisition 194 / 1 = 194 (2023), 876 / 5 = 175 (2024), 1,920 / 6 = 320 (2025), 2,010 / 2 = 1,005 (Q1 2026); acquisitions closed in 2026 to 20 October = 4 (AOL, Eventbrite, Tractive, Airtable), with Miro agreed and expected to close in Q4; Airtable plus Miro enterprise value 1,285 + 1,355 = 2,640, against 480 + 600 = 1,080 of annual recurring revenue, which is more than the 671 of revenue Bending Spoons earned in all of 2024. Adjusted against reported operating income: 137,441 / 84,267 = 1.63 times (2023) and 613,247 / 277,851 = 2.21 times (2025). Cumulative revenue 2023 to 2025: 387,067 + 671,053 + 1,306,404 = 2,364,524. Interest 142,601 / 32,605 = 4.4 times. Customer tenure split, Q1 2026: 48% at five years or more less 28% at ten years or more = 20% between five and ten years, and 100% - 48% = 52% under five years. Conversion: WeTransfer 1,000,000 / 58,000,000 = 1.7%, Brightcove 1,700 / 15,000 = 11.3%, and 58,000,000 / 15,000 = about 3,900 times the user base. Mobile application stores as a share of gross accounts receivable 95% - 47% = 48 points lower over two years. Deferred revenue 583,265 / 2,041,834 = 28.6% of trailing revenue. Addressable revenue outside North America and Europe about 400 - 315 - 77 = $8 billion. People: 2,284 / 405 = 5.6 times the end-2023 headcount; Spooners 621 / 2,284 = 27.2%; hires 286 / 800,000 = 0.036% of applications; Evernote 60 / 341 - 1 = -82.4%; StreamYard 44 / 154 - 1 = -71.4%; Evernote's annual personal price 130 / 70 - 1 = +86%. Addressable market already owned 1,306 / 400,000 = 0.3%. A 10% euro move 18,821 / 1,306,404 = 1.4% of 2025 revenue - growth rates, margins, acquisition and headcount arithmetic. — 2023-2026 · publ. October 2026 · source ↗
   Method: Arithmetic on figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits 99.1 and 99.2 and the cited market data; the operands are shown in the source line.
3. ReportedIn the second quarter of 2026 it was $540.790 million, up 91.7% on a year earlier.
   Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
4. Moat Explorer calcIn the second quarter of 2026 it was $540.790 million, up 91.7% on a year earlier.
   Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ thousands unless stated). Revenue growth: 671,053 / 387,067 - 1 = 73.4%; 1,306,404 / 671,053 - 1 = 94.7%; 2,800,000 / 1,306,404 - 1 = 114% on the FY2026 guidance midpoint (2,780,000 + 2,820,000) / 2 = 2,800,000; Adjusted Operating Income guidance midpoint (1,460,000 + 1,510,000) / 2 = 1,485,000. Trailing twelve months to 30 June 2026: revenue 1,306,404 + 1,305,476 - 570,046 = 2,041,834; net income (204) + 204,433 - (46,953) = 251,182; operating cash flow 290,600 + 254,240 - 87,733 = 457,107; net margin 251,182 / 2,041,834 = 12.3%. Revenue by type, trailing twelve months: subscription 1,213,194 + 1,047,991 - 521,571 = 1,739,614; advertising 67,253 + 158,811 - 35,791 = 190,273; other 25,958 + 98,674 - 12,684 = 111,948; sum 2,041,835. Subscription share 1,739,614 / 2,041,834 = 85.2%. Q2 2026 revenue mix: subscription 540,790 / 704,155 = 76.8%; advertising 88,637 / 704,155 = 12.6%; other 74,728 / 704,155 = 10.6%. Q2 growth by line: 540,790 / 282,138 - 1 = 91.7%; 88,637 / 19,285 - 1 = 359.6%; 74,728 / 9,676 - 1 = 672.1%. FY2025 by line: 1,213,194 / 616,418 - 1 = 96.8%; 67,253 / 52,690 - 1 = 27.6%; 25,958 / 1,945 = 13.3 times. Gross margin: 236,518 / 387,067 = 61.1%; 428,851 / 671,053 = 63.9%; 857,270 / 1,306,404 = 65.6%; 463,621 / 704,155 = 65.8%; 871,825 / 1,305,476 = 66.8%. Operating margin: 84,267 / 387,067 = 21.8%; 127,352 / 671,053 = 19.0%; 277,851 / 1,306,404 = 21.3%; 240,251 / 704,155 = 34.1%. General and administrative expense 326,953 / 1,306,404 = 25.0% of 2025 revenue. Costs excluded from Adjusted Operating Income in 2025: 150,532 + 85,466 + 78,607 + 20,790 = 335,395, which is also 613,247 - 277,851 = 335,396. The same four lines across 2023, 2024 and 2025: (13,514 + 848 + 33,809) + (51,792 + 31,952 + 85,947) + (78,607 + 85,466 + 150,532) = 48,171 + 169,691 + 314,605 = 532,467. Interest: 142,601 / 32,605 = 4.4 times; 108,970 / 35,733 - 1 = 205%; 142,601 / 277,851 = 51.3% of 2025 operating income; interest paid 161,153 / 254,240 = 63.4% of H1 2026 operating cash flow. Research and development 58,204 / 19,398 = 3.0 times; sales and marketing 72,679 / 30,696 = 2.4 times. Balance sheet at 30 June 2026: total debt 794,141 + 4,086,939 = 4,881,080 (415,260 + 2,255,622 = 2,670,882 at 31 December 2025); net debt 4,881,080 - 792,950 = 4,088,130; net debt / equity 4,088,130 / 1,258,412 = 3.25 times; goodwill and intangibles 4,146,212 + 2,156,607 = 6,302,819, which is 6,302,819 / 8,055,399 = 78.2% of assets; tangible book 1,258,412 - 6,302,819 = (5,044,407); goodwill 4,146,212 / 163,863 = 25.3 times the 31 December 2023 balance. Free cash flow H1 2026 254,240 - 3,969 = 250,271. Deferred revenue 583,265 / 450,499 - 1 = 29.5%. Net cash inside the two enterprise deals: Airtable equity value about 2,250 less enterprise value 1,285 = about 965 of net cash; Miro 1,790 less 1,355 = about 435; the two together 965 + 435 = about 1,400, against combined equity value 2,250 + 1,790 = about 4,040. Valuation and rail arithmetic: market value 28,289 / pro-forma FY2025 net income 22.374 = about 1,264 times earnings; store commission of 22 to 45 against Q1 2026 gross profit of 408,204 = 5.4% to 11.0%; store fee 15% to 30% against processor fees of 5% or less = three to six times. Per-unit arithmetic: trailing revenue 2,041,834 / 9,000 thousand paying customers = about $227 a year each; other revenue 74,728 / 25,958 = 2.9 times all of 2025; advertising expense at 6% of 2025 revenue 1,306,404 x 0.06 = about 78,384. Customer and per-unit arithmetic: a customer below 1% of Q2 2026 revenue of 704,155 is below 7,042, so under $7.0 million a quarter. Market value at $44.17 on 20 October 2026: 330,222,651 + 310,240,685 = 640,463,336 shares; 640,463,336 x 44.17 = $28,289 million. Trailing price-to-earnings 28,289 / 251.2 = 112.6; price-to-sales 28,289 / 2,041.8 = 13.9; enterprise value 28,289 + 4,088 = 32,377; 32,377 / 1,485 = 21.8 times guided Adjusted Operating Income; forward price-to-sales 28,289 / 2,800 = 10.1. Price against the 52-week high 44.17 / 59.50 - 1 = -25.8%; against the offering price 44.17 / 29.00 - 1 = +52.3%. Shares after the Berkshire placement 640,463,336 + 10,000,000 = 650,463,336. Berkshire's July tranche 600 / 29.00 = about 20.7 million shares, plus 10.0 million at $33.00 = about 30.7 million. New investors paid 29.00 / 1.00 = 29 times the $1.00 average price of the pre-offering equity. Votes: 310,240,685 x 5 = 1,551,203,425 against 1,551,203,425 + 324,978,625 = 1,876,182,050 total votes = 82.68%; equity 310,240,685 / 635,219,310 = 48.84%. Luca Querella's holding 310,240,685 - 234,315,380 = 75,925,305 class A shares, 75,925,305 x 5 / 1,876,182,050 = 20.2% of the votes. Geography: 201,424 / 387,067 = 52.0%; 347,942 / 671,053 = 51.9%; 642,140 / 1,306,404 = 49.2%; 434,864 / 704,155 = 61.8%; Italy 23,637 / 1,306,404 = 1.8%; revenue outside the United States in Q2 2026 704,155 - 434,864 = 269,291, 38.2%. Payment rails in Q1 2026: 0.75 x 0.33 = 24.8% of revenue through the Apple App Store or Google Play Store, 601,321 x 0.248 = about $149 million, on which a 15% to 30% fee is $22 million to $45 million; 0.75 x 0.67 = 50.3% through payment processors. Acquisitions: aggregate enterprise value 194 + 876 + 1,920 + 2,010 = $5,000 million for 2023, 2024, 2025 and Q1 2026. AOL contributed 65,500 / 141,800 = 46.2% pre-tax margin in Q1 2026 and 156 / 294 = 53.1% over six months; its FY2025 carve-out operating margin 333,610 / 633,365 = 52.7%, United States share 620,393 / 633,365 = 98.0%, purchase price 1,454,432 / 633,365 = 2.3 times carve-out revenue. Miro 1,355 / 600 = 2.3 times annual recurring revenue; Airtable 1,285 / 480 = 2.7 times; the two together 480 + 600 = about $1,080 million of annual recurring revenue. Tractive 896 - 115 = $781 million payable at closing. Pro-forma FY2025 interest 368,113 / 508,758 = 72.3% of operating income and net margin 22,374 / 2,608,496 = 0.9%. Cumulative net income attributable 2023 to 2025: 160,773 + 89,513 - 137 = 250,149. More acquisition arithmetic: average enterprise value per completed acquisition 194 / 1 = 194 (2023), 876 / 5 = 175 (2024), 1,920 / 6 = 320 (2025), 2,010 / 2 = 1,005 (Q1 2026); acquisitions closed in 2026 to 20 October = 4 (AOL, Eventbrite, Tractive, Airtable), with Miro agreed and expected to close in Q4; Airtable plus Miro enterprise value 1,285 + 1,355 = 2,640, against 480 + 600 = 1,080 of annual recurring revenue, which is more than the 671 of revenue Bending Spoons earned in all of 2024. Adjusted against reported operating income: 137,441 / 84,267 = 1.63 times (2023) and 613,247 / 277,851 = 2.21 times (2025). Cumulative revenue 2023 to 2025: 387,067 + 671,053 + 1,306,404 = 2,364,524. Interest 142,601 / 32,605 = 4.4 times. Customer tenure split, Q1 2026: 48% at five years or more less 28% at ten years or more = 20% between five and ten years, and 100% - 48% = 52% under five years. Conversion: WeTransfer 1,000,000 / 58,000,000 = 1.7%, Brightcove 1,700 / 15,000 = 11.3%, and 58,000,000 / 15,000 = about 3,900 times the user base. Mobile application stores as a share of gross accounts receivable 95% - 47% = 48 points lower over two years. Deferred revenue 583,265 / 2,041,834 = 28.6% of trailing revenue. Addressable revenue outside North America and Europe about 400 - 315 - 77 = $8 billion. People: 2,284 / 405 = 5.6 times the end-2023 headcount; Spooners 621 / 2,284 = 27.2%; hires 286 / 800,000 = 0.036% of applications; Evernote 60 / 341 - 1 = -82.4%; StreamYard 44 / 154 - 1 = -71.4%; Evernote's annual personal price 130 / 70 - 1 = +86%. Addressable market already owned 1,306 / 400,000 = 0.3%. A 10% euro move 18,821 / 1,306,404 = 1.4% of 2025 revenue - growth rates, margins, acquisition and headcount arithmetic. — 2023-2026 · publ. October 2026 · source ↗
   Method: Arithmetic on figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits 99.1 and 99.2 and the cited market data; the operands are shown in the source line.
5. ReportedSubscriptions are typically auto-renewing, with term durations ranging from one week to a few years, and were the primary source of revenue for all of the businesses in the period with the exception of Eventbrite.
   Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business and MD&A sections on revenue by type and by geography. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
6. ReportedSubscriptions are typically auto-renewing, with term durations ranging from one week to a few years, and were the primary source of revenue for all of the businesses in the period with the exception of Eventbrite.
   Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business and MD&A sections on revenue by type and by geography. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
7. ReportedEvernote, Remini, WeTransfer, Brightcove, Vimeo, komoot, Harvest, StreamYard, Tractive, Airtable and Miro are all subscription businesses; AOL sells subscriptions too, $371.517 million of its $633.365 million of 2025 carve-out revenue.
   Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Note 5 business combinations, the acquisition history and the pro-forma financial information. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
8. ReportedThe line went from $366.399 million in 2023 to $616.418 million in 2024 and $1,213.194 million in 2025, which is 96.8% growth in the last of those years, against organic group growth of 13%.
   Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
9. Moat Explorer calcThe line went from $366.399 million in 2023 to $616.418 million in 2024 and $1,213.194 million in 2025, which is 96.8% growth in the last of those years, against organic group growth of 13%.
   Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ thousands unless stated). Revenue growth: 671,053 / 387,067 - 1 = 73.4%; 1,306,404 / 671,053 - 1 = 94.7%; 2,800,000 / 1,306,404 - 1 = 114% on the FY2026 guidance midpoint (2,780,000 + 2,820,000) / 2 = 2,800,000; Adjusted Operating Income guidance midpoint (1,460,000 + 1,510,000) / 2 = 1,485,000. Trailing twelve months to 30 June 2026: revenue 1,306,404 + 1,305,476 - 570,046 = 2,041,834; net income (204) + 204,433 - (46,953) = 251,182; operating cash flow 290,600 + 254,240 - 87,733 = 457,107; net margin 251,182 / 2,041,834 = 12.3%. Revenue by type, trailing twelve months: subscription 1,213,194 + 1,047,991 - 521,571 = 1,739,614; advertising 67,253 + 158,811 - 35,791 = 190,273; other 25,958 + 98,674 - 12,684 = 111,948; sum 2,041,835. Subscription share 1,739,614 / 2,041,834 = 85.2%. Q2 2026 revenue mix: subscription 540,790 / 704,155 = 76.8%; advertising 88,637 / 704,155 = 12.6%; other 74,728 / 704,155 = 10.6%. Q2 growth by line: 540,790 / 282,138 - 1 = 91.7%; 88,637 / 19,285 - 1 = 359.6%; 74,728 / 9,676 - 1 = 672.1%. FY2025 by line: 1,213,194 / 616,418 - 1 = 96.8%; 67,253 / 52,690 - 1 = 27.6%; 25,958 / 1,945 = 13.3 times. Gross margin: 236,518 / 387,067 = 61.1%; 428,851 / 671,053 = 63.9%; 857,270 / 1,306,404 = 65.6%; 463,621 / 704,155 = 65.8%; 871,825 / 1,305,476 = 66.8%. Operating margin: 84,267 / 387,067 = 21.8%; 127,352 / 671,053 = 19.0%; 277,851 / 1,306,404 = 21.3%; 240,251 / 704,155 = 34.1%. General and administrative expense 326,953 / 1,306,404 = 25.0% of 2025 revenue. Costs excluded from Adjusted Operating Income in 2025: 150,532 + 85,466 + 78,607 + 20,790 = 335,395, which is also 613,247 - 277,851 = 335,396. The same four lines across 2023, 2024 and 2025: (13,514 + 848 + 33,809) + (51,792 + 31,952 + 85,947) + (78,607 + 85,466 + 150,532) = 48,171 + 169,691 + 314,605 = 532,467. Interest: 142,601 / 32,605 = 4.4 times; 108,970 / 35,733 - 1 = 205%; 142,601 / 277,851 = 51.3% of 2025 operating income; interest paid 161,153 / 254,240 = 63.4% of H1 2026 operating cash flow. Research and development 58,204 / 19,398 = 3.0 times; sales and marketing 72,679 / 30,696 = 2.4 times. Balance sheet at 30 June 2026: total debt 794,141 + 4,086,939 = 4,881,080 (415,260 + 2,255,622 = 2,670,882 at 31 December 2025); net debt 4,881,080 - 792,950 = 4,088,130; net debt / equity 4,088,130 / 1,258,412 = 3.25 times; goodwill and intangibles 4,146,212 + 2,156,607 = 6,302,819, which is 6,302,819 / 8,055,399 = 78.2% of assets; tangible book 1,258,412 - 6,302,819 = (5,044,407); goodwill 4,146,212 / 163,863 = 25.3 times the 31 December 2023 balance. Free cash flow H1 2026 254,240 - 3,969 = 250,271. Deferred revenue 583,265 / 450,499 - 1 = 29.5%. Net cash inside the two enterprise deals: Airtable equity value about 2,250 less enterprise value 1,285 = about 965 of net cash; Miro 1,790 less 1,355 = about 435; the two together 965 + 435 = about 1,400, against combined equity value 2,250 + 1,790 = about 4,040. Valuation and rail arithmetic: market value 28,289 / pro-forma FY2025 net income 22.374 = about 1,264 times earnings; store commission of 22 to 45 against Q1 2026 gross profit of 408,204 = 5.4% to 11.0%; store fee 15% to 30% against processor fees of 5% or less = three to six times. Per-unit arithmetic: trailing revenue 2,041,834 / 9,000 thousand paying customers = about $227 a year each; other revenue 74,728 / 25,958 = 2.9 times all of 2025; advertising expense at 6% of 2025 revenue 1,306,404 x 0.06 = about 78,384. Customer and per-unit arithmetic: a customer below 1% of Q2 2026 revenue of 704,155 is below 7,042, so under $7.0 million a quarter. Market value at $44.17 on 20 October 2026: 330,222,651 + 310,240,685 = 640,463,336 shares; 640,463,336 x 44.17 = $28,289 million. Trailing price-to-earnings 28,289 / 251.2 = 112.6; price-to-sales 28,289 / 2,041.8 = 13.9; enterprise value 28,289 + 4,088 = 32,377; 32,377 / 1,485 = 21.8 times guided Adjusted Operating Income; forward price-to-sales 28,289 / 2,800 = 10.1. Price against the 52-week high 44.17 / 59.50 - 1 = -25.8%; against the offering price 44.17 / 29.00 - 1 = +52.3%. Shares after the Berkshire placement 640,463,336 + 10,000,000 = 650,463,336. Berkshire's July tranche 600 / 29.00 = about 20.7 million shares, plus 10.0 million at $33.00 = about 30.7 million. New investors paid 29.00 / 1.00 = 29 times the $1.00 average price of the pre-offering equity. Votes: 310,240,685 x 5 = 1,551,203,425 against 1,551,203,425 + 324,978,625 = 1,876,182,050 total votes = 82.68%; equity 310,240,685 / 635,219,310 = 48.84%. Luca Querella's holding 310,240,685 - 234,315,380 = 75,925,305 class A shares, 75,925,305 x 5 / 1,876,182,050 = 20.2% of the votes. Geography: 201,424 / 387,067 = 52.0%; 347,942 / 671,053 = 51.9%; 642,140 / 1,306,404 = 49.2%; 434,864 / 704,155 = 61.8%; Italy 23,637 / 1,306,404 = 1.8%; revenue outside the United States in Q2 2026 704,155 - 434,864 = 269,291, 38.2%. Payment rails in Q1 2026: 0.75 x 0.33 = 24.8% of revenue through the Apple App Store or Google Play Store, 601,321 x 0.248 = about $149 million, on which a 15% to 30% fee is $22 million to $45 million; 0.75 x 0.67 = 50.3% through payment processors. Acquisitions: aggregate enterprise value 194 + 876 + 1,920 + 2,010 = $5,000 million for 2023, 2024, 2025 and Q1 2026. AOL contributed 65,500 / 141,800 = 46.2% pre-tax margin in Q1 2026 and 156 / 294 = 53.1% over six months; its FY2025 carve-out operating margin 333,610 / 633,365 = 52.7%, United States share 620,393 / 633,365 = 98.0%, purchase price 1,454,432 / 633,365 = 2.3 times carve-out revenue. Miro 1,355 / 600 = 2.3 times annual recurring revenue; Airtable 1,285 / 480 = 2.7 times; the two together 480 + 600 = about $1,080 million of annual recurring revenue. Tractive 896 - 115 = $781 million payable at closing. Pro-forma FY2025 interest 368,113 / 508,758 = 72.3% of operating income and net margin 22,374 / 2,608,496 = 0.9%. Cumulative net income attributable 2023 to 2025: 160,773 + 89,513 - 137 = 250,149. More acquisition arithmetic: average enterprise value per completed acquisition 194 / 1 = 194 (2023), 876 / 5 = 175 (2024), 1,920 / 6 = 320 (2025), 2,010 / 2 = 1,005 (Q1 2026); acquisitions closed in 2026 to 20 October = 4 (AOL, Eventbrite, Tractive, Airtable), with Miro agreed and expected to close in Q4; Airtable plus Miro enterprise value 1,285 + 1,355 = 2,640, against 480 + 600 = 1,080 of annual recurring revenue, which is more than the 671 of revenue Bending Spoons earned in all of 2024. Adjusted against reported operating income: 137,441 / 84,267 = 1.63 times (2023) and 613,247 / 277,851 = 2.21 times (2025). Cumulative revenue 2023 to 2025: 387,067 + 671,053 + 1,306,404 = 2,364,524. Interest 142,601 / 32,605 = 4.4 times. Customer tenure split, Q1 2026: 48% at five years or more less 28% at ten years or more = 20% between five and ten years, and 100% - 48% = 52% under five years. Conversion: WeTransfer 1,000,000 / 58,000,000 = 1.7%, Brightcove 1,700 / 15,000 = 11.3%, and 58,000,000 / 15,000 = about 3,900 times the user base. Mobile application stores as a share of gross accounts receivable 95% - 47% = 48 points lower over two years. Deferred revenue 583,265 / 2,041,834 = 28.6% of trailing revenue. Addressable revenue outside North America and Europe about 400 - 315 - 77 = $8 billion. People: 2,284 / 405 = 5.6 times the end-2023 headcount; Spooners 621 / 2,284 = 27.2%; hires 286 / 800,000 = 0.036% of applications; Evernote 60 / 341 - 1 = -82.4%; StreamYard 44 / 154 - 1 = -71.4%; Evernote's annual personal price 130 / 70 - 1 = +86%. Addressable market already owned 1,306 / 400,000 = 0.3%. A 10% euro move 18,821 / 1,306,404 = 1.4% of 2025 revenue - growth rates, margins, acquisition and headcount arithmetic. — 2023-2026 · publ. October 2026 · source ↗
   Method: Arithmetic on figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits 99.1 and 99.2 and the cited market data; the operands are shown in the source line.
10. ReportedThe line went from $366.399 million in 2023 to $616.418 million in 2024 and $1,213.194 million in 2025, which is 96.8% growth in the last of those years, against organic group growth of 13%.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
11. ReportedThe unit priced is a renewal, collected mostly through electronic payments: 75% of revenue came that way in the first quarter of 2026, a third of it through the app stores at a 15% to 30% fee.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the MD&A on how revenue is collected, the distribution platforms and key vendors. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
12. ReportedPrepayment means $583.265 million of current deferred revenue sits on the balance sheet.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
13. ReportedProfitability by line is not disclosed, because Bending Spoons operates as a single operating and reportable segment.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
14. Moat Explorer calcWhat can be said is that the group's gross margin of 65.8% in the second quarter is mostly this line, and that the pricing power demonstrated here is real: Evernote's annual personal subscription nearly doubled and net revenue retention still ran at 95% in 2025.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ thousands unless stated). Revenue growth: 671,053 / 387,067 - 1 = 73.4%; 1,306,404 / 671,053 - 1 = 94.7%; 2,800,000 / 1,306,404 - 1 = 114% on the FY2026 guidance midpoint (2,780,000 + 2,820,000) / 2 = 2,800,000; Adjusted Operating Income guidance midpoint (1,460,000 + 1,510,000) / 2 = 1,485,000. Trailing twelve months to 30 June 2026: revenue 1,306,404 + 1,305,476 - 570,046 = 2,041,834; net income (204) + 204,433 - (46,953) = 251,182; operating cash flow 290,600 + 254,240 - 87,733 = 457,107; net margin 251,182 / 2,041,834 = 12.3%. Revenue by type, trailing twelve months: subscription 1,213,194 + 1,047,991 - 521,571 = 1,739,614; advertising 67,253 + 158,811 - 35,791 = 190,273; other 25,958 + 98,674 - 12,684 = 111,948; sum 2,041,835. Subscription share 1,739,614 / 2,041,834 = 85.2%. Q2 2026 revenue mix: subscription 540,790 / 704,155 = 76.8%; advertising 88,637 / 704,155 = 12.6%; other 74,728 / 704,155 = 10.6%. Q2 growth by line: 540,790 / 282,138 - 1 = 91.7%; 88,637 / 19,285 - 1 = 359.6%; 74,728 / 9,676 - 1 = 672.1%. FY2025 by line: 1,213,194 / 616,418 - 1 = 96.8%; 67,253 / 52,690 - 1 = 27.6%; 25,958 / 1,945 = 13.3 times. Gross margin: 236,518 / 387,067 = 61.1%; 428,851 / 671,053 = 63.9%; 857,270 / 1,306,404 = 65.6%; 463,621 / 704,155 = 65.8%; 871,825 / 1,305,476 = 66.8%. Operating margin: 84,267 / 387,067 = 21.8%; 127,352 / 671,053 = 19.0%; 277,851 / 1,306,404 = 21.3%; 240,251 / 704,155 = 34.1%. General and administrative expense 326,953 / 1,306,404 = 25.0% of 2025 revenue. Costs excluded from Adjusted Operating Income in 2025: 150,532 + 85,466 + 78,607 + 20,790 = 335,395, which is also 613,247 - 277,851 = 335,396. The same four lines across 2023, 2024 and 2025: (13,514 + 848 + 33,809) + (51,792 + 31,952 + 85,947) + (78,607 + 85,466 + 150,532) = 48,171 + 169,691 + 314,605 = 532,467. Interest: 142,601 / 32,605 = 4.4 times; 108,970 / 35,733 - 1 = 205%; 142,601 / 277,851 = 51.3% of 2025 operating income; interest paid 161,153 / 254,240 = 63.4% of H1 2026 operating cash flow. Research and development 58,204 / 19,398 = 3.0 times; sales and marketing 72,679 / 30,696 = 2.4 times. Balance sheet at 30 June 2026: total debt 794,141 + 4,086,939 = 4,881,080 (415,260 + 2,255,622 = 2,670,882 at 31 December 2025); net debt 4,881,080 - 792,950 = 4,088,130; net debt / equity 4,088,130 / 1,258,412 = 3.25 times; goodwill and intangibles 4,146,212 + 2,156,607 = 6,302,819, which is 6,302,819 / 8,055,399 = 78.2% of assets; tangible book 1,258,412 - 6,302,819 = (5,044,407); goodwill 4,146,212 / 163,863 = 25.3 times the 31 December 2023 balance. Free cash flow H1 2026 254,240 - 3,969 = 250,271. Deferred revenue 583,265 / 450,499 - 1 = 29.5%. Net cash inside the two enterprise deals: Airtable equity value about 2,250 less enterprise value 1,285 = about 965 of net cash; Miro 1,790 less 1,355 = about 435; the two together 965 + 435 = about 1,400, against combined equity value 2,250 + 1,790 = about 4,040. Valuation and rail arithmetic: market value 28,289 / pro-forma FY2025 net income 22.374 = about 1,264 times earnings; store commission of 22 to 45 against Q1 2026 gross profit of 408,204 = 5.4% to 11.0%; store fee 15% to 30% against processor fees of 5% or less = three to six times. Per-unit arithmetic: trailing revenue 2,041,834 / 9,000 thousand paying customers = about $227 a year each; other revenue 74,728 / 25,958 = 2.9 times all of 2025; advertising expense at 6% of 2025 revenue 1,306,404 x 0.06 = about 78,384. Customer and per-unit arithmetic: a customer below 1% of Q2 2026 revenue of 704,155 is below 7,042, so under $7.0 million a quarter. Market value at $44.17 on 20 October 2026: 330,222,651 + 310,240,685 = 640,463,336 shares; 640,463,336 x 44.17 = $28,289 million. Trailing price-to-earnings 28,289 / 251.2 = 112.6; price-to-sales 28,289 / 2,041.8 = 13.9; enterprise value 28,289 + 4,088 = 32,377; 32,377 / 1,485 = 21.8 times guided Adjusted Operating Income; forward price-to-sales 28,289 / 2,800 = 10.1. Price against the 52-week high 44.17 / 59.50 - 1 = -25.8%; against the offering price 44.17 / 29.00 - 1 = +52.3%. Shares after the Berkshire placement 640,463,336 + 10,000,000 = 650,463,336. Berkshire's July tranche 600 / 29.00 = about 20.7 million shares, plus 10.0 million at $33.00 = about 30.7 million. New investors paid 29.00 / 1.00 = 29 times the $1.00 average price of the pre-offering equity. Votes: 310,240,685 x 5 = 1,551,203,425 against 1,551,203,425 + 324,978,625 = 1,876,182,050 total votes = 82.68%; equity 310,240,685 / 635,219,310 = 48.84%. Luca Querella's holding 310,240,685 - 234,315,380 = 75,925,305 class A shares, 75,925,305 x 5 / 1,876,182,050 = 20.2% of the votes. Geography: 201,424 / 387,067 = 52.0%; 347,942 / 671,053 = 51.9%; 642,140 / 1,306,404 = 49.2%; 434,864 / 704,155 = 61.8%; Italy 23,637 / 1,306,404 = 1.8%; revenue outside the United States in Q2 2026 704,155 - 434,864 = 269,291, 38.2%. Payment rails in Q1 2026: 0.75 x 0.33 = 24.8% of revenue through the Apple App Store or Google Play Store, 601,321 x 0.248 = about $149 million, on which a 15% to 30% fee is $22 million to $45 million; 0.75 x 0.67 = 50.3% through payment processors. Acquisitions: aggregate enterprise value 194 + 876 + 1,920 + 2,010 = $5,000 million for 2023, 2024, 2025 and Q1 2026. AOL contributed 65,500 / 141,800 = 46.2% pre-tax margin in Q1 2026 and 156 / 294 = 53.1% over six months; its FY2025 carve-out operating margin 333,610 / 633,365 = 52.7%, United States share 620,393 / 633,365 = 98.0%, purchase price 1,454,432 / 633,365 = 2.3 times carve-out revenue. Miro 1,355 / 600 = 2.3 times annual recurring revenue; Airtable 1,285 / 480 = 2.7 times; the two together 480 + 600 = about $1,080 million of annual recurring revenue. Tractive 896 - 115 = $781 million payable at closing. Pro-forma FY2025 interest 368,113 / 508,758 = 72.3% of operating income and net margin 22,374 / 2,608,496 = 0.9%. Cumulative net income attributable 2023 to 2025: 160,773 + 89,513 - 137 = 250,149. More acquisition arithmetic: average enterprise value per completed acquisition 194 / 1 = 194 (2023), 876 / 5 = 175 (2024), 1,920 / 6 = 320 (2025), 2,010 / 2 = 1,005 (Q1 2026); acquisitions closed in 2026 to 20 October = 4 (AOL, Eventbrite, Tractive, Airtable), with Miro agreed and expected to close in Q4; Airtable plus Miro enterprise value 1,285 + 1,355 = 2,640, against 480 + 600 = 1,080 of annual recurring revenue, which is more than the 671 of revenue Bending Spoons earned in all of 2024. Adjusted against reported operating income: 137,441 / 84,267 = 1.63 times (2023) and 613,247 / 277,851 = 2.21 times (2025). Cumulative revenue 2023 to 2025: 387,067 + 671,053 + 1,306,404 = 2,364,524. Interest 142,601 / 32,605 = 4.4 times. Customer tenure split, Q1 2026: 48% at five years or more less 28% at ten years or more = 20% between five and ten years, and 100% - 48% = 52% under five years. Conversion: WeTransfer 1,000,000 / 58,000,000 = 1.7%, Brightcove 1,700 / 15,000 = 11.3%, and 58,000,000 / 15,000 = about 3,900 times the user base. Mobile application stores as a share of gross accounts receivable 95% - 47% = 48 points lower over two years. Deferred revenue 583,265 / 2,041,834 = 28.6% of trailing revenue. Addressable revenue outside North America and Europe about 400 - 315 - 77 = $8 billion. People: 2,284 / 405 = 5.6 times the end-2023 headcount; Spooners 621 / 2,284 = 27.2%; hires 286 / 800,000 = 0.036% of applications; Evernote 60 / 341 - 1 = -82.4%; StreamYard 44 / 154 - 1 = -71.4%; Evernote's annual personal price 130 / 70 - 1 = +86%. Addressable market already owned 1,306 / 400,000 = 0.3%. A 10% euro move 18,821 / 1,306,404 = 1.4% of 2025 revenue - growth rates, margins, acquisition and headcount arithmetic. — 2023-2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits 99.1 and 99.2 and the cited market data; the operands are shown in the source line.
15. ReportedWhat can be said is that the group's gross margin of 65.8% in the second quarter is mostly this line, and that the pricing power demonstrated here is real: Evernote's annual personal subscription nearly doubled and net revenue retention still ran at 95% in 2025.
    CNBC, Bending Spoons wants to revive software castoffs, and Berkshire is investing - the company's statement that it had not been outbid for a target in several years, the comparison with Thoma Bravo and Vista Equity Partners, Luca Ferrari on enterprise software valuations and on the share of revenue from professional businesses, the Evernote price history and Mizuho's and Nick Mehta's comments. — October 2026 · publ. 17 October 2026 · source ↗
16. ReportedWhat can be said is that the group's gross margin of 65.8% in the second quarter is mostly this line, and that the pricing power demonstrated here is real: Evernote's annual personal subscription nearly doubled and net revenue retention still ran at 95% in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
17. ReportedThe company notes that komoot peaks in the European warm months and that WeTransfer is a professional-use product, so weekly and monthly patterns differ sharply by business.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business and MD&A sections on revenue by type and by geography. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
18. ReportedAnd $211 million of the deferred revenue held at December 2025 was recognised in the first quarter of 2026 alone, so most of what has been collected is delivered quickly.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the MD&A on how revenue is collected, the distribution platforms and key vendors. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
19. ReportedMinerva, from 2019, estimates user lifetime value in real time, and the conversion mechanics it feeds are the reason a free Evernote user converts at all: non-paying users were given every feature with usage limits, and conversions triggered by hitting a limit were 51% of all conversions in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: people, hiring, compensation and culture. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
20. ReportedMinerva, from 2019, estimates user lifetime value in real time, and the conversion mechanics it feeds are the reason a free Evernote user converts at all: non-paying users were given every feature with usage limits, and conversions triggered by hitting a limit were 51% of all conversions in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: people, hiring, compensation and culture. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
21. ReportedRetention by business shows how unevenly the line holds: 99% at Evernote, 95% at AOL, 91% at StreamYard and 87% at Remini.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
22. ReportedMore than 9 million customers paid each month in March 2026 against trailing revenue of $2,041.834 million, which is at most about $227 each a year.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
23. Moat Explorer calcMore than 9 million customers paid each month in March 2026 against trailing revenue of $2,041.834 million, which is at most about $227 each a year.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ thousands unless stated). Revenue growth: 671,053 / 387,067 - 1 = 73.4%; 1,306,404 / 671,053 - 1 = 94.7%; 2,800,000 / 1,306,404 - 1 = 114% on the FY2026 guidance midpoint (2,780,000 + 2,820,000) / 2 = 2,800,000; Adjusted Operating Income guidance midpoint (1,460,000 + 1,510,000) / 2 = 1,485,000. Trailing twelve months to 30 June 2026: revenue 1,306,404 + 1,305,476 - 570,046 = 2,041,834; net income (204) + 204,433 - (46,953) = 251,182; operating cash flow 290,600 + 254,240 - 87,733 = 457,107; net margin 251,182 / 2,041,834 = 12.3%. Revenue by type, trailing twelve months: subscription 1,213,194 + 1,047,991 - 521,571 = 1,739,614; advertising 67,253 + 158,811 - 35,791 = 190,273; other 25,958 + 98,674 - 12,684 = 111,948; sum 2,041,835. Subscription share 1,739,614 / 2,041,834 = 85.2%. Q2 2026 revenue mix: subscription 540,790 / 704,155 = 76.8%; advertising 88,637 / 704,155 = 12.6%; other 74,728 / 704,155 = 10.6%. Q2 growth by line: 540,790 / 282,138 - 1 = 91.7%; 88,637 / 19,285 - 1 = 359.6%; 74,728 / 9,676 - 1 = 672.1%. FY2025 by line: 1,213,194 / 616,418 - 1 = 96.8%; 67,253 / 52,690 - 1 = 27.6%; 25,958 / 1,945 = 13.3 times. Gross margin: 236,518 / 387,067 = 61.1%; 428,851 / 671,053 = 63.9%; 857,270 / 1,306,404 = 65.6%; 463,621 / 704,155 = 65.8%; 871,825 / 1,305,476 = 66.8%. Operating margin: 84,267 / 387,067 = 21.8%; 127,352 / 671,053 = 19.0%; 277,851 / 1,306,404 = 21.3%; 240,251 / 704,155 = 34.1%. General and administrative expense 326,953 / 1,306,404 = 25.0% of 2025 revenue. Costs excluded from Adjusted Operating Income in 2025: 150,532 + 85,466 + 78,607 + 20,790 = 335,395, which is also 613,247 - 277,851 = 335,396. The same four lines across 2023, 2024 and 2025: (13,514 + 848 + 33,809) + (51,792 + 31,952 + 85,947) + (78,607 + 85,466 + 150,532) = 48,171 + 169,691 + 314,605 = 532,467. Interest: 142,601 / 32,605 = 4.4 times; 108,970 / 35,733 - 1 = 205%; 142,601 / 277,851 = 51.3% of 2025 operating income; interest paid 161,153 / 254,240 = 63.4% of H1 2026 operating cash flow. Research and development 58,204 / 19,398 = 3.0 times; sales and marketing 72,679 / 30,696 = 2.4 times. Balance sheet at 30 June 2026: total debt 794,141 + 4,086,939 = 4,881,080 (415,260 + 2,255,622 = 2,670,882 at 31 December 2025); net debt 4,881,080 - 792,950 = 4,088,130; net debt / equity 4,088,130 / 1,258,412 = 3.25 times; goodwill and intangibles 4,146,212 + 2,156,607 = 6,302,819, which is 6,302,819 / 8,055,399 = 78.2% of assets; tangible book 1,258,412 - 6,302,819 = (5,044,407); goodwill 4,146,212 / 163,863 = 25.3 times the 31 December 2023 balance. Free cash flow H1 2026 254,240 - 3,969 = 250,271. Deferred revenue 583,265 / 450,499 - 1 = 29.5%. Net cash inside the two enterprise deals: Airtable equity value about 2,250 less enterprise value 1,285 = about 965 of net cash; Miro 1,790 less 1,355 = about 435; the two together 965 + 435 = about 1,400, against combined equity value 2,250 + 1,790 = about 4,040. Valuation and rail arithmetic: market value 28,289 / pro-forma FY2025 net income 22.374 = about 1,264 times earnings; store commission of 22 to 45 against Q1 2026 gross profit of 408,204 = 5.4% to 11.0%; store fee 15% to 30% against processor fees of 5% or less = three to six times. Per-unit arithmetic: trailing revenue 2,041,834 / 9,000 thousand paying customers = about $227 a year each; other revenue 74,728 / 25,958 = 2.9 times all of 2025; advertising expense at 6% of 2025 revenue 1,306,404 x 0.06 = about 78,384. Customer and per-unit arithmetic: a customer below 1% of Q2 2026 revenue of 704,155 is below 7,042, so under $7.0 million a quarter. Market value at $44.17 on 20 October 2026: 330,222,651 + 310,240,685 = 640,463,336 shares; 640,463,336 x 44.17 = $28,289 million. Trailing price-to-earnings 28,289 / 251.2 = 112.6; price-to-sales 28,289 / 2,041.8 = 13.9; enterprise value 28,289 + 4,088 = 32,377; 32,377 / 1,485 = 21.8 times guided Adjusted Operating Income; forward price-to-sales 28,289 / 2,800 = 10.1. Price against the 52-week high 44.17 / 59.50 - 1 = -25.8%; against the offering price 44.17 / 29.00 - 1 = +52.3%. Shares after the Berkshire placement 640,463,336 + 10,000,000 = 650,463,336. Berkshire's July tranche 600 / 29.00 = about 20.7 million shares, plus 10.0 million at $33.00 = about 30.7 million. New investors paid 29.00 / 1.00 = 29 times the $1.00 average price of the pre-offering equity. Votes: 310,240,685 x 5 = 1,551,203,425 against 1,551,203,425 + 324,978,625 = 1,876,182,050 total votes = 82.68%; equity 310,240,685 / 635,219,310 = 48.84%. Luca Querella's holding 310,240,685 - 234,315,380 = 75,925,305 class A shares, 75,925,305 x 5 / 1,876,182,050 = 20.2% of the votes. Geography: 201,424 / 387,067 = 52.0%; 347,942 / 671,053 = 51.9%; 642,140 / 1,306,404 = 49.2%; 434,864 / 704,155 = 61.8%; Italy 23,637 / 1,306,404 = 1.8%; revenue outside the United States in Q2 2026 704,155 - 434,864 = 269,291, 38.2%. Payment rails in Q1 2026: 0.75 x 0.33 = 24.8% of revenue through the Apple App Store or Google Play Store, 601,321 x 0.248 = about $149 million, on which a 15% to 30% fee is $22 million to $45 million; 0.75 x 0.67 = 50.3% through payment processors. Acquisitions: aggregate enterprise value 194 + 876 + 1,920 + 2,010 = $5,000 million for 2023, 2024, 2025 and Q1 2026. AOL contributed 65,500 / 141,800 = 46.2% pre-tax margin in Q1 2026 and 156 / 294 = 53.1% over six months; its FY2025 carve-out operating margin 333,610 / 633,365 = 52.7%, United States share 620,393 / 633,365 = 98.0%, purchase price 1,454,432 / 633,365 = 2.3 times carve-out revenue. Miro 1,355 / 600 = 2.3 times annual recurring revenue; Airtable 1,285 / 480 = 2.7 times; the two together 480 + 600 = about $1,080 million of annual recurring revenue. Tractive 896 - 115 = $781 million payable at closing. Pro-forma FY2025 interest 368,113 / 508,758 = 72.3% of operating income and net margin 22,374 / 2,608,496 = 0.9%. Cumulative net income attributable 2023 to 2025: 160,773 + 89,513 - 137 = 250,149. More acquisition arithmetic: average enterprise value per completed acquisition 194 / 1 = 194 (2023), 876 / 5 = 175 (2024), 1,920 / 6 = 320 (2025), 2,010 / 2 = 1,005 (Q1 2026); acquisitions closed in 2026 to 20 October = 4 (AOL, Eventbrite, Tractive, Airtable), with Miro agreed and expected to close in Q4; Airtable plus Miro enterprise value 1,285 + 1,355 = 2,640, against 480 + 600 = 1,080 of annual recurring revenue, which is more than the 671 of revenue Bending Spoons earned in all of 2024. Adjusted against reported operating income: 137,441 / 84,267 = 1.63 times (2023) and 613,247 / 277,851 = 2.21 times (2025). Cumulative revenue 2023 to 2025: 387,067 + 671,053 + 1,306,404 = 2,364,524. Interest 142,601 / 32,605 = 4.4 times. Customer tenure split, Q1 2026: 48% at five years or more less 28% at ten years or more = 20% between five and ten years, and 100% - 48% = 52% under five years. Conversion: WeTransfer 1,000,000 / 58,000,000 = 1.7%, Brightcove 1,700 / 15,000 = 11.3%, and 58,000,000 / 15,000 = about 3,900 times the user base. Mobile application stores as a share of gross accounts receivable 95% - 47% = 48 points lower over two years. Deferred revenue 583,265 / 2,041,834 = 28.6% of trailing revenue. Addressable revenue outside North America and Europe about 400 - 315 - 77 = $8 billion. People: 2,284 / 405 = 5.6 times the end-2023 headcount; Spooners 621 / 2,284 = 27.2%; hires 286 / 800,000 = 0.036% of applications; Evernote 60 / 341 - 1 = -82.4%; StreamYard 44 / 154 - 1 = -71.4%; Evernote's annual personal price 130 / 70 - 1 = +86%. Addressable market already owned 1,306 / 400,000 = 0.3%. A 10% euro move 18,821 / 1,306,404 = 1.4% of 2025 revenue - growth rates, margins, acquisition and headcount arithmetic. — 2023-2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits 99.1 and 99.2 and the cited market data; the operands are shown in the source line.
24. Moat Explorer calcMore than 9 million customers paid each month in March 2026 against trailing revenue of $2,041.834 million, which is at most about $227 each a year.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ thousands unless stated). Revenue growth: 671,053 / 387,067 - 1 = 73.4%; 1,306,404 / 671,053 - 1 = 94.7%; 2,800,000 / 1,306,404 - 1 = 114% on the FY2026 guidance midpoint (2,780,000 + 2,820,000) / 2 = 2,800,000; Adjusted Operating Income guidance midpoint (1,460,000 + 1,510,000) / 2 = 1,485,000. Trailing twelve months to 30 June 2026: revenue 1,306,404 + 1,305,476 - 570,046 = 2,041,834; net income (204) + 204,433 - (46,953) = 251,182; operating cash flow 290,600 + 254,240 - 87,733 = 457,107; net margin 251,182 / 2,041,834 = 12.3%. Revenue by type, trailing twelve months: subscription 1,213,194 + 1,047,991 - 521,571 = 1,739,614; advertising 67,253 + 158,811 - 35,791 = 190,273; other 25,958 + 98,674 - 12,684 = 111,948; sum 2,041,835. Subscription share 1,739,614 / 2,041,834 = 85.2%. Q2 2026 revenue mix: subscription 540,790 / 704,155 = 76.8%; advertising 88,637 / 704,155 = 12.6%; other 74,728 / 704,155 = 10.6%. Q2 growth by line: 540,790 / 282,138 - 1 = 91.7%; 88,637 / 19,285 - 1 = 359.6%; 74,728 / 9,676 - 1 = 672.1%. FY2025 by line: 1,213,194 / 616,418 - 1 = 96.8%; 67,253 / 52,690 - 1 = 27.6%; 25,958 / 1,945 = 13.3 times. Gross margin: 236,518 / 387,067 = 61.1%; 428,851 / 671,053 = 63.9%; 857,270 / 1,306,404 = 65.6%; 463,621 / 704,155 = 65.8%; 871,825 / 1,305,476 = 66.8%. Operating margin: 84,267 / 387,067 = 21.8%; 127,352 / 671,053 = 19.0%; 277,851 / 1,306,404 = 21.3%; 240,251 / 704,155 = 34.1%. General and administrative expense 326,953 / 1,306,404 = 25.0% of 2025 revenue. Costs excluded from Adjusted Operating Income in 2025: 150,532 + 85,466 + 78,607 + 20,790 = 335,395, which is also 613,247 - 277,851 = 335,396. The same four lines across 2023, 2024 and 2025: (13,514 + 848 + 33,809) + (51,792 + 31,952 + 85,947) + (78,607 + 85,466 + 150,532) = 48,171 + 169,691 + 314,605 = 532,467. Interest: 142,601 / 32,605 = 4.4 times; 108,970 / 35,733 - 1 = 205%; 142,601 / 277,851 = 51.3% of 2025 operating income; interest paid 161,153 / 254,240 = 63.4% of H1 2026 operating cash flow. Research and development 58,204 / 19,398 = 3.0 times; sales and marketing 72,679 / 30,696 = 2.4 times. Balance sheet at 30 June 2026: total debt 794,141 + 4,086,939 = 4,881,080 (415,260 + 2,255,622 = 2,670,882 at 31 December 2025); net debt 4,881,080 - 792,950 = 4,088,130; net debt / equity 4,088,130 / 1,258,412 = 3.25 times; goodwill and intangibles 4,146,212 + 2,156,607 = 6,302,819, which is 6,302,819 / 8,055,399 = 78.2% of assets; tangible book 1,258,412 - 6,302,819 = (5,044,407); goodwill 4,146,212 / 163,863 = 25.3 times the 31 December 2023 balance. Free cash flow H1 2026 254,240 - 3,969 = 250,271. Deferred revenue 583,265 / 450,499 - 1 = 29.5%. Net cash inside the two enterprise deals: Airtable equity value about 2,250 less enterprise value 1,285 = about 965 of net cash; Miro 1,790 less 1,355 = about 435; the two together 965 + 435 = about 1,400, against combined equity value 2,250 + 1,790 = about 4,040. Valuation and rail arithmetic: market value 28,289 / pro-forma FY2025 net income 22.374 = about 1,264 times earnings; store commission of 22 to 45 against Q1 2026 gross profit of 408,204 = 5.4% to 11.0%; store fee 15% to 30% against processor fees of 5% or less = three to six times. Per-unit arithmetic: trailing revenue 2,041,834 / 9,000 thousand paying customers = about $227 a year each; other revenue 74,728 / 25,958 = 2.9 times all of 2025; advertising expense at 6% of 2025 revenue 1,306,404 x 0.06 = about 78,384. Customer and per-unit arithmetic: a customer below 1% of Q2 2026 revenue of 704,155 is below 7,042, so under $7.0 million a quarter. Market value at $44.17 on 20 October 2026: 330,222,651 + 310,240,685 = 640,463,336 shares; 640,463,336 x 44.17 = $28,289 million. Trailing price-to-earnings 28,289 / 251.2 = 112.6; price-to-sales 28,289 / 2,041.8 = 13.9; enterprise value 28,289 + 4,088 = 32,377; 32,377 / 1,485 = 21.8 times guided Adjusted Operating Income; forward price-to-sales 28,289 / 2,800 = 10.1. Price against the 52-week high 44.17 / 59.50 - 1 = -25.8%; against the offering price 44.17 / 29.00 - 1 = +52.3%. Shares after the Berkshire placement 640,463,336 + 10,000,000 = 650,463,336. Berkshire's July tranche 600 / 29.00 = about 20.7 million shares, plus 10.0 million at $33.00 = about 30.7 million. New investors paid 29.00 / 1.00 = 29 times the $1.00 average price of the pre-offering equity. Votes: 310,240,685 x 5 = 1,551,203,425 against 1,551,203,425 + 324,978,625 = 1,876,182,050 total votes = 82.68%; equity 310,240,685 / 635,219,310 = 48.84%. Luca Querella's holding 310,240,685 - 234,315,380 = 75,925,305 class A shares, 75,925,305 x 5 / 1,876,182,050 = 20.2% of the votes. Geography: 201,424 / 387,067 = 52.0%; 347,942 / 671,053 = 51.9%; 642,140 / 1,306,404 = 49.2%; 434,864 / 704,155 = 61.8%; Italy 23,637 / 1,306,404 = 1.8%; revenue outside the United States in Q2 2026 704,155 - 434,864 = 269,291, 38.2%. Payment rails in Q1 2026: 0.75 x 0.33 = 24.8% of revenue through the Apple App Store or Google Play Store, 601,321 x 0.248 = about $149 million, on which a 15% to 30% fee is $22 million to $45 million; 0.75 x 0.67 = 50.3% through payment processors. Acquisitions: aggregate enterprise value 194 + 876 + 1,920 + 2,010 = $5,000 million for 2023, 2024, 2025 and Q1 2026. AOL contributed 65,500 / 141,800 = 46.2% pre-tax margin in Q1 2026 and 156 / 294 = 53.1% over six months; its FY2025 carve-out operating margin 333,610 / 633,365 = 52.7%, United States share 620,393 / 633,365 = 98.0%, purchase price 1,454,432 / 633,365 = 2.3 times carve-out revenue. Miro 1,355 / 600 = 2.3 times annual recurring revenue; Airtable 1,285 / 480 = 2.7 times; the two together 480 + 600 = about $1,080 million of annual recurring revenue. Tractive 896 - 115 = $781 million payable at closing. Pro-forma FY2025 interest 368,113 / 508,758 = 72.3% of operating income and net margin 22,374 / 2,608,496 = 0.9%. Cumulative net income attributable 2023 to 2025: 160,773 + 89,513 - 137 = 250,149. More acquisition arithmetic: average enterprise value per completed acquisition 194 / 1 = 194 (2023), 876 / 5 = 175 (2024), 1,920 / 6 = 320 (2025), 2,010 / 2 = 1,005 (Q1 2026); acquisitions closed in 2026 to 20 October = 4 (AOL, Eventbrite, Tractive, Airtable), with Miro agreed and expected to close in Q4; Airtable plus Miro enterprise value 1,285 + 1,355 = 2,640, against 480 + 600 = 1,080 of annual recurring revenue, which is more than the 671 of revenue Bending Spoons earned in all of 2024. Adjusted against reported operating income: 137,441 / 84,267 = 1.63 times (2023) and 613,247 / 277,851 = 2.21 times (2025). Cumulative revenue 2023 to 2025: 387,067 + 671,053 + 1,306,404 = 2,364,524. Interest 142,601 / 32,605 = 4.4 times. Customer tenure split, Q1 2026: 48% at five years or more less 28% at ten years or more = 20% between five and ten years, and 100% - 48% = 52% under five years. Conversion: WeTransfer 1,000,000 / 58,000,000 = 1.7%, Brightcove 1,700 / 15,000 = 11.3%, and 58,000,000 / 15,000 = about 3,900 times the user base. Mobile application stores as a share of gross accounts receivable 95% - 47% = 48 points lower over two years. Deferred revenue 583,265 / 2,041,834 = 28.6% of trailing revenue. Addressable revenue outside North America and Europe about 400 - 315 - 77 = $8 billion. People: 2,284 / 405 = 5.6 times the end-2023 headcount; Spooners 621 / 2,284 = 27.2%; hires 286 / 800,000 = 0.036% of applications; Evernote 60 / 341 - 1 = -82.4%; StreamYard 44 / 154 - 1 = -71.4%; Evernote's annual personal price 130 / 70 - 1 = +86%. Addressable market already owned 1,306 / 400,000 = 0.3%. A 10% euro move 18,821 / 1,306,404 = 1.4% of 2025 revenue - growth rates, margins, acquisition and headcount arithmetic. — 2023-2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits 99.1 and 99.2 and the cited market data; the operands are shown in the source line.
25. ReportedAirtable brought approximately $480 million of annual recurring revenue and Miro brings around $600 million, both subscription, neither in the 2026 guidance.
    Bending Spoons press release, Form 6-K exhibit 99.1: definitive agreement to acquire Airtable at an enterprise value of $1.285 billion, with annual recurring revenue of approximately $480 million and more than 500,000 organisations using the platform. — August 2026 · publ. 4 August 2026 · source ↗
26. ReportedAirtable brought approximately $480 million of annual recurring revenue and Miro brings around $600 million, both subscription, neither in the 2026 guidance.
    Bending Spoons press release, Form 6-K exhibit 99.1: definitive agreement to acquire Miro at an enterprise value of $1.355 billion, with annual recurring revenue of around $600 million, 250,000 organisations and nearly 4 million paying users, expected to close in the fourth quarter of 2026. — September 2026 · publ. 10 September 2026 · source ↗
27. ReportedAirtable brought approximately $480 million of annual recurring revenue and Miro brings around $600 million, both subscription, neither in the 2026 guidance.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
28. Moat Explorer calcThe number that would change the verdict is the share of revenue this line represents: it has fallen from 93% in 2025 to 76.8% in the second quarter of 2026, and the lower it goes the less the tenure and retention statistics describe the company.
    Moat Explorer calculation from figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits and the market data cited beside them ($ thousands unless stated). Revenue growth: 671,053 / 387,067 - 1 = 73.4%; 1,306,404 / 671,053 - 1 = 94.7%; 2,800,000 / 1,306,404 - 1 = 114% on the FY2026 guidance midpoint (2,780,000 + 2,820,000) / 2 = 2,800,000; Adjusted Operating Income guidance midpoint (1,460,000 + 1,510,000) / 2 = 1,485,000. Trailing twelve months to 30 June 2026: revenue 1,306,404 + 1,305,476 - 570,046 = 2,041,834; net income (204) + 204,433 - (46,953) = 251,182; operating cash flow 290,600 + 254,240 - 87,733 = 457,107; net margin 251,182 / 2,041,834 = 12.3%. Revenue by type, trailing twelve months: subscription 1,213,194 + 1,047,991 - 521,571 = 1,739,614; advertising 67,253 + 158,811 - 35,791 = 190,273; other 25,958 + 98,674 - 12,684 = 111,948; sum 2,041,835. Subscription share 1,739,614 / 2,041,834 = 85.2%. Q2 2026 revenue mix: subscription 540,790 / 704,155 = 76.8%; advertising 88,637 / 704,155 = 12.6%; other 74,728 / 704,155 = 10.6%. Q2 growth by line: 540,790 / 282,138 - 1 = 91.7%; 88,637 / 19,285 - 1 = 359.6%; 74,728 / 9,676 - 1 = 672.1%. FY2025 by line: 1,213,194 / 616,418 - 1 = 96.8%; 67,253 / 52,690 - 1 = 27.6%; 25,958 / 1,945 = 13.3 times. Gross margin: 236,518 / 387,067 = 61.1%; 428,851 / 671,053 = 63.9%; 857,270 / 1,306,404 = 65.6%; 463,621 / 704,155 = 65.8%; 871,825 / 1,305,476 = 66.8%. Operating margin: 84,267 / 387,067 = 21.8%; 127,352 / 671,053 = 19.0%; 277,851 / 1,306,404 = 21.3%; 240,251 / 704,155 = 34.1%. General and administrative expense 326,953 / 1,306,404 = 25.0% of 2025 revenue. Costs excluded from Adjusted Operating Income in 2025: 150,532 + 85,466 + 78,607 + 20,790 = 335,395, which is also 613,247 - 277,851 = 335,396. The same four lines across 2023, 2024 and 2025: (13,514 + 848 + 33,809) + (51,792 + 31,952 + 85,947) + (78,607 + 85,466 + 150,532) = 48,171 + 169,691 + 314,605 = 532,467. Interest: 142,601 / 32,605 = 4.4 times; 108,970 / 35,733 - 1 = 205%; 142,601 / 277,851 = 51.3% of 2025 operating income; interest paid 161,153 / 254,240 = 63.4% of H1 2026 operating cash flow. Research and development 58,204 / 19,398 = 3.0 times; sales and marketing 72,679 / 30,696 = 2.4 times. Balance sheet at 30 June 2026: total debt 794,141 + 4,086,939 = 4,881,080 (415,260 + 2,255,622 = 2,670,882 at 31 December 2025); net debt 4,881,080 - 792,950 = 4,088,130; net debt / equity 4,088,130 / 1,258,412 = 3.25 times; goodwill and intangibles 4,146,212 + 2,156,607 = 6,302,819, which is 6,302,819 / 8,055,399 = 78.2% of assets; tangible book 1,258,412 - 6,302,819 = (5,044,407); goodwill 4,146,212 / 163,863 = 25.3 times the 31 December 2023 balance. Free cash flow H1 2026 254,240 - 3,969 = 250,271. Deferred revenue 583,265 / 450,499 - 1 = 29.5%. Net cash inside the two enterprise deals: Airtable equity value about 2,250 less enterprise value 1,285 = about 965 of net cash; Miro 1,790 less 1,355 = about 435; the two together 965 + 435 = about 1,400, against combined equity value 2,250 + 1,790 = about 4,040. Valuation and rail arithmetic: market value 28,289 / pro-forma FY2025 net income 22.374 = about 1,264 times earnings; store commission of 22 to 45 against Q1 2026 gross profit of 408,204 = 5.4% to 11.0%; store fee 15% to 30% against processor fees of 5% or less = three to six times. Per-unit arithmetic: trailing revenue 2,041,834 / 9,000 thousand paying customers = about $227 a year each; other revenue 74,728 / 25,958 = 2.9 times all of 2025; advertising expense at 6% of 2025 revenue 1,306,404 x 0.06 = about 78,384. Customer and per-unit arithmetic: a customer below 1% of Q2 2026 revenue of 704,155 is below 7,042, so under $7.0 million a quarter. Market value at $44.17 on 20 October 2026: 330,222,651 + 310,240,685 = 640,463,336 shares; 640,463,336 x 44.17 = $28,289 million. Trailing price-to-earnings 28,289 / 251.2 = 112.6; price-to-sales 28,289 / 2,041.8 = 13.9; enterprise value 28,289 + 4,088 = 32,377; 32,377 / 1,485 = 21.8 times guided Adjusted Operating Income; forward price-to-sales 28,289 / 2,800 = 10.1. Price against the 52-week high 44.17 / 59.50 - 1 = -25.8%; against the offering price 44.17 / 29.00 - 1 = +52.3%. Shares after the Berkshire placement 640,463,336 + 10,000,000 = 650,463,336. Berkshire's July tranche 600 / 29.00 = about 20.7 million shares, plus 10.0 million at $33.00 = about 30.7 million. New investors paid 29.00 / 1.00 = 29 times the $1.00 average price of the pre-offering equity. Votes: 310,240,685 x 5 = 1,551,203,425 against 1,551,203,425 + 324,978,625 = 1,876,182,050 total votes = 82.68%; equity 310,240,685 / 635,219,310 = 48.84%. Luca Querella's holding 310,240,685 - 234,315,380 = 75,925,305 class A shares, 75,925,305 x 5 / 1,876,182,050 = 20.2% of the votes. Geography: 201,424 / 387,067 = 52.0%; 347,942 / 671,053 = 51.9%; 642,140 / 1,306,404 = 49.2%; 434,864 / 704,155 = 61.8%; Italy 23,637 / 1,306,404 = 1.8%; revenue outside the United States in Q2 2026 704,155 - 434,864 = 269,291, 38.2%. Payment rails in Q1 2026: 0.75 x 0.33 = 24.8% of revenue through the Apple App Store or Google Play Store, 601,321 x 0.248 = about $149 million, on which a 15% to 30% fee is $22 million to $45 million; 0.75 x 0.67 = 50.3% through payment processors. Acquisitions: aggregate enterprise value 194 + 876 + 1,920 + 2,010 = $5,000 million for 2023, 2024, 2025 and Q1 2026. AOL contributed 65,500 / 141,800 = 46.2% pre-tax margin in Q1 2026 and 156 / 294 = 53.1% over six months; its FY2025 carve-out operating margin 333,610 / 633,365 = 52.7%, United States share 620,393 / 633,365 = 98.0%, purchase price 1,454,432 / 633,365 = 2.3 times carve-out revenue. Miro 1,355 / 600 = 2.3 times annual recurring revenue; Airtable 1,285 / 480 = 2.7 times; the two together 480 + 600 = about $1,080 million of annual recurring revenue. Tractive 896 - 115 = $781 million payable at closing. Pro-forma FY2025 interest 368,113 / 508,758 = 72.3% of operating income and net margin 22,374 / 2,608,496 = 0.9%. Cumulative net income attributable 2023 to 2025: 160,773 + 89,513 - 137 = 250,149. More acquisition arithmetic: average enterprise value per completed acquisition 194 / 1 = 194 (2023), 876 / 5 = 175 (2024), 1,920 / 6 = 320 (2025), 2,010 / 2 = 1,005 (Q1 2026); acquisitions closed in 2026 to 20 October = 4 (AOL, Eventbrite, Tractive, Airtable), with Miro agreed and expected to close in Q4; Airtable plus Miro enterprise value 1,285 + 1,355 = 2,640, against 480 + 600 = 1,080 of annual recurring revenue, which is more than the 671 of revenue Bending Spoons earned in all of 2024. Adjusted against reported operating income: 137,441 / 84,267 = 1.63 times (2023) and 613,247 / 277,851 = 2.21 times (2025). Cumulative revenue 2023 to 2025: 387,067 + 671,053 + 1,306,404 = 2,364,524. Interest 142,601 / 32,605 = 4.4 times. Customer tenure split, Q1 2026: 48% at five years or more less 28% at ten years or more = 20% between five and ten years, and 100% - 48% = 52% under five years. Conversion: WeTransfer 1,000,000 / 58,000,000 = 1.7%, Brightcove 1,700 / 15,000 = 11.3%, and 58,000,000 / 15,000 = about 3,900 times the user base. Mobile application stores as a share of gross accounts receivable 95% - 47% = 48 points lower over two years. Deferred revenue 583,265 / 2,041,834 = 28.6% of trailing revenue. Addressable revenue outside North America and Europe about 400 - 315 - 77 = $8 billion. People: 2,284 / 405 = 5.6 times the end-2023 headcount; Spooners 621 / 2,284 = 27.2%; hires 286 / 800,000 = 0.036% of applications; Evernote 60 / 341 - 1 = -82.4%; StreamYard 44 / 154 - 1 = -71.4%; Evernote's annual personal price 130 / 70 - 1 = +86%. Addressable market already owned 1,306 / 400,000 = 0.3%. A 10% euro move 18,821 / 1,306,404 = 1.4% of 2025 revenue - revenue mix, geography, payment rails and penetration arithmetic. — 2023-2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Bending Spoons' Form 424B4 prospectus, its Q2 2026 Form 6-K exhibits 99.1 and 99.2 and the cited market data; the operands are shown in the source line.

• Bending Spoons Form 424B4 prospectus