The present is the English translation of the Italian official report. For any difference between the two texts, the Italian text shall prevail.

SAES GETTERS S.p.A.

Additional periodic financial information as at September 30, 2021

HIGHLIGHTS OF THE THIRD QUARTER OF 2021

In the third quarter of 2021 the SAES® Group achieved consolidated net revenues of €51.3 million, gradually growing in all quarters of the current year, driven by the Medical Division, that exceeded pre-Covid levels in the third quarter.

Capital Stock Euro 12,220,000 fully paid-in
Address of Principal Executive Offices: Viale Italia, 77 – 20045 Lainate (Milan), Italy





Additional periodic financial information as at September 30, 2021






In the third quarter of 2021 the SAES® Group achieved consolidated net revenues of €51.3 million, gradually





growing in all quarters of the current year, driven by the Medical Division, that exceeded pre-Covid levels in

Thousands of euro (except %)
Business	1Q 2021	2Q 2021	3Q 2021

Security & Defense	4,290	4,735	5,022
Electronic Devices	3,421	2,799	3,367
Healthcare Diagnostics	1,219	1,284	1,244
Lamps	829	745	746
Thermal Insulated Devices	931	661	876
Sintered Components for Electronic Devices & Lasers	1,900	2,112	2,229
SMA Industrial	2,846	2,431	2,986
Divisione Metallurgy	15,436	14,767	16,470
Solutions for Vacuum Systems	3,182	5,463	3,293
Divisione Vacuum Technology	3,182	5,463	3,293
Nitinol for Medical Devices	17,985	20,537	23,922

Divisione Medical	17,985	20,537	23,922
Functional Dispensable Products	2,736	2,867	6,518
Divisione Specialty Chemicals	2,736	2,867	6,518
Advanced Coatings	1,699	1,213	1,052
Divisione Advanced Packaging Ricavi netti consolidati	1,699 41,038	1,213 44,847	1,052 51,255

When comparing the third and the second quarter of 2021, organic growth was equal to 12.5% (€5.6 million), mainly driven by advanced solutions for the consumer electronics market (Specialty Chemicals Division) and by components in Nitinol for the medical market (Medical Division). The Metallurgy Division organically grew as well, especially in the electronic devices business (recovery of sales of getters for thermo-scanners, after the slowdown in the first two quarters caused by over stock) and in that of shape memory alloys for industrial applications (automotive, consumer electronics and medical dispensers businesses). The decrease in the Vacuum Technology Division is exclusively due to the peak in revenues recorded in the particle accelerator business in the second quarter.

Thousands of euro (except %) Business	3Q 2021	2Q 2021	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Security & Defense	5,022	4,735	6.1%	4.7%	1.4%
Electronic Devices	3,367	2,799	20.3%	18.8%	1.5%
Healthcare Diagnostics	1,244	1,284	-3.1%	-4.0%	0.9%
Lamps	746	745	0.1%	-1.0%	1.1%
Thermal Insulated Devices	876	661	32.5%	30.4%	2.1%
Sintered Components for Electronic Devices & Lasers	2,229	2,112	5.5%	3.1%	2.4%
SMA Industrial	2,986	2,431	22.8%	21.7%	1.1%
Metallurgy Division	16,470	14,767	11.5%	10.0%	1.5%
Solutions for Vacuum Systems Vacuum Technology Division	3,293 3,293	5,463 5,463	-39.7% -39.7%	-40.3% -40.3%	0.6% 0.6%
	23,922	20,537	16.5%	13.9%	2.6%
	23,922	20,537	16.5%	13.9%	2.6%
Nitinol for Medical Devices		2,867	127.3%	126.8%	0.5%
Medical Division			127.3%	126.8%	0.5%
Functional Dispensable Products	6,518				0.0%
Specialty Chemicals Division Advanced Coatings	6,518 1,052	2,867 1,213	-13.3%	-13.3%
Advanced Packaging Division	1,052	1,213	-13.3%	-13.3%	0.0%

Compared to the third quarter of 2020, the period that was most penalized by the Covid-19 crisis during the entire 2020, consolidated net revenues of the third quarter of 2021 (equal to €51.3 million) compared with a figure of €39 million in the corresponding period of 2020. Excluding the slight penalizing exchange rate effect (- 0.8%), the organic growth was equal to 32.2% (€12.6 million). Also in this case, the increase was driven by the Medical Division (that was more affected by the Covid-19 crisis in the third quarter of 2020) and by the Specialty Chemicals Division (increase in sales of advanced materials for consumer electronics applications, thanks to the increase of demand in the final market). Finally, within the Metallurgy Division, please note the significant growth of the Security & Defense business, thanks to the sales of legacy getter products for some specific applications in the defense sector, and that of Industrial SMAs, thanks to the recovery in the luxury and medical dispensers markets. Business 3Q 2021 3Q 2020 (% ) (% ) (% ) Security & Defense 5,022 3,357 49.6% 50.2% -0.6%

Thousands of euro (except %)
------------------------------	--

Compared to the third quarter of 2020, the period that was most penalized by the Covid-19 crisis during the entire 2020, consolidated net revenues of the third quarter of 2021 (equal to €51.3 million) compared with a figure of €39 million in the corresponding period of 2020. Excluding the slight penalizing exchange rate effect (- 0.8%), the organic growth was equal to 32.2% (€12.6 million). Also in this case, the increase was driven by the Medical Division (that was more affected by the Covid-19 crisis in the third quarter of 2020) and by the Specialty Chemicals Division (increase in sales of advanced materials for consumer electronics applications, thanks to the increase of demand in the final market). Finally, within the Metallurgy Division, please note the significant growth of the Security & Defense business, thanks to the sales of legacy getter products for some specific applications in the defense sector, and that of Industrial SMAs, thanks to the recovery in the luxury and medical dispensers markets.
Thousands of euro (except %) Business	3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Security & Defense	5,022	3,357	49.6%	50.2%	-0.6%
Electronic Devices	3,367	5,222	-35.5%	-35.2%	-0.3%
Healthcare Diagnostics	1,244	874	42.3%	42.9%	-0.6%
Lamps	746	583	28.0%	27.8%	0.2%
			59.3%	62.5%	-3.2%

Thermal Insulated Devices	876	550
Sintered Components for Electronic Devices & Lasers	2,229	1,788	24.7%	25.8%	-1.1%
SMA Industrial	2,986	2,248	32.8%	33.5%	-0.7%
Metallurgy Division	16,470	14,622	12.6%	13.2%	-0.6%
Solutions for Vacuum Systems	3,293	3,012	9.3%	9.9%	-0.6%
Vacuum Technology Division	3,293	3,012	9.3%	9.9%	-0.6%
Nitinol for Medical Devices	23,922	16,442	45.5%	46.7%	-1.2%
Medical Division	23,922	16,442	45.5%	46.7%	-1.2%
Functional Dispensable Products	6,518	3,405	91.4%	91.5%	-0.1%
Specialty Chemicals Division	6,518	3,405	91.4%	91.5%	-0.1%
Advanced Coatings Advanced Packaging Division	1,052 1,052	1,516 1,516	-30.6% -30.6%	-30.6% -30.6%	0.0% 0.0%

¹ Actuator Solutions (50%), SAES RIAL Vacuum S.r.l. (49%) and Flexterra (46.73%).

SAES Group – Additional periodic financial information as at September 30, 2021



third quarter of 2020 (+31.2%). In both cases, the increase was achieved mainly thanks to the growth in
consolidated revenues, as well as in the sales of the joint venture Actuator Solutions.

Thousands of euro
	3Q 2021	2Q 2021	Difference
Consolidated sales	51,255	44,847	6,408
50% sales of the joint venture Actuator Solutions	1,897	1,412	485
49% sales of the joint venture SAES RIAL Vacuum S.r.l.	887	906	(19)
46.73% sales of the joint venture Flexterra	1	2	(1)
	(136)	(218)	82
Intercompany eliminations
Other adjustments	(52)	(29)	(23)
Total revenues of the Group	53,852	46,920	6,932

Thousands of euro
	3Q 2021	3Q 2020	Difference

Consolidated sales	51,255	38,997	12,258
50% sales of the joint venture Actuator Solutions	1,897	1,460	437
49% sales of the joint venture SAES RIAL Vacuum S.r.l.	887	797	90
46.73% sales of the joint venture Flexterra Intercompany eliminations	1 (136)	1 (195)	0 59

Thousands of euro









Thousands of euro
	3Q 2021	3Q 2020	Difference
Consolidated sales	51,255	38,997	12,258
50% sales of the joint venture Actuator Solutions	1,897	1,460	437
49% sales of the joint venture SAES RIAL Vacuum S.r.l.	887	797	90
46.73% sales of the joint venture Flexterra	1	1	0
Intercompany eliminations	(136)	(195)	59
Other adjustments	(52)	(10)	(42)
Total revenues of the Group	53,852	41,050	12,802

Consolidated gross profit² was equal to €22.6 million in the third quarter of 2021, significantly up (+41.6%) compared to €16 million in the corresponding period of 2020, thanks to both the increase in revenues and improved gross margin³ (from 41% to 44.2%), especially in the Metallurgy and Medical Divisions (the latter heavily penalized by the Covid-19 crisis in the third quarter of 2020, with a negative impact also on margins). Compared to the second quarter of 2021, gross profit increased by 16.3% (from €19.5 million to €22.6 million) mainly thanks to the increase in revenues. Gross margin, that improved from 43.4% to 44.2%, increased in all the Divisions, with the exception of the Advanced Packaging Division, penalized by the persistence of tensions on plastic prices.

Consolidated operating income was equal to €9.5 million in the third quarter of 2021, more than tripled compared to €2.9 million in the corresponding period of the previous year, and almost doubled compared to €5.3 million in the second quarter of 2021. In both cases, the increase was mainly a consequence of the improvement of the gross profit. In addition, when comparing the third and the second quarter of 2021, please note the decrease in general and administrative expenses, also favored by the use of vacation in the summer period.

Consolidated EBITDA⁴ was equal to €12.3 million (24% of consolidated revenues) in the third quarter of 2021, up both compared to €5.7 million (14.7% of revenues) in the third quarter of 2020, and to €8.2 million (18.3% of revenues) in the second quarter of 2021, in line with the increase in sales and operating income.

² Calculated as the difference between net sales and industrial costs directly and indirectly attributable to the products sold.

³ Calculated as the ratio between gross profit and net consolidated revenues.

⁴ EBITDA is not deemed as an accounting measure under International Financial Reporting Standards (IFRSs); however, we believe that EBITDA is an important parameter for measuring the Group's performance and therefore it is presented as an alternative indicator. Since its calculation is not regulated by applicable accounting standards, the method applied by the Group may not be homogeneous with the ones adopted by other Groups. EBITDA is calculated as "Earnings before interests, taxes, depreciation and amortization".

	SAES Group – Additional periodic financial information as at September 30, 2021

Thousands of euro
	3Q 2021	3Q 2020
Operating income (loss)	9,464	2,872
Depreciation & amortization	2,829	2,776
Write-down of assets	(6)	56
Bad debt provision accrual (release)	1	41
EBITDA	12,288	5,745
% on sales	24.0%	14.7%
Thousands of euro
	3Q 2021	2Q 2021
Operating income (loss)	9,464	5,306
Depreciation & amortization Write-down of assets	2,829 (6)	2,904 (1)




Thousands of euro






% on sales	24.0%	14.7%

Thousands of euro
	3Q 2021	2Q 2021
Operating income (loss)	9,464	5,306

Depreciation & amortization	2,829	2,904
Write-down of assets Bad debt provision accrual (release)	(6)	(1)
	1 12,288	15
		8,224
EBITDA % on sales	24.0%	18.3%

Consolidated net financial position was positive for €70.2 million as at September 30, 2021, down by €12.2 million compared to €82.4 million as at June 30, 2021: this worsening, despite the operating cash flows (+€8.2 million), was mainly due to the acquisition of Strumenti Scientifici Cinel S.r.l. (-€15.9 million⁵ ) and the net capex of the current quarter (-€4.1 million), as well as the recognition of notional financial payables (-€0.9 million) following the renewal of some leases contracts. The exchange rate effect was positive and equal to approximately €0.8 million.

We are truly satisfied with the quarter's results that bring the Group back to the pre-Covid levels thanks to the full recovery of the medical business.

In the coming months we expect the consolidation of these results and a progressive improvement of those sectors that are still penalized by contingent factors, such as the packaging and the industrial SMAs. The recent acquisitions will contribute to this as well, by further pushing the growth of the vacuum systems business.

⁵ Price inclusive of estimated adjustment, net of the acquired financial position.

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of profit or loss

SAES Group – Additional periodic financial information as at September 30, 2021



CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of profit or loss
Thousands of euro
	3Q 2021	3Q 2020
Total net sales	51,255	38,997
Cost of sales	(28,613)	(23,003)
Gross profit	22,642	15,994
R&D expenses	(2,896)	(2,506)
Selling expenses	(3,113)	(2,525)
G&A expenses	(7,086)	(7,976)
Write-down of trade receivables	(1)	(41)
Total operating expenses	(13,096)	(13,048)
Other income (expenses), net	(82)	(74)
Operating income (loss)	9,464	2,872
Interest and other financial income, net	(74)	1,687
Write-down of financial receivables and other financial assets	(93)	(121)
Income (loss) from equity method evalueted companies Foreign exchange gains (losses), net	130 (74)	(576) (203)
Income (loss) before taxes	9,353	3,659
Income taxes	(3,018)	(964)
Net income (loss) from continued operations	6,335	2,695
Income (loss) from discontinued operations	0	0
Net income (loss) before minority interest	6,335	2,695
Net income (loss) pertaining to minority interest	0	0
Net income (loss) pertaining to the Group	6,335	2,695
Consolidated statement of other comprehensive income
Thousands of euro
	3Q 2021	3Q 2020

Net income (loss) for the period from continued operations	6,335	2,695
Exchange differences on translation of foreign operations	3,179	(4,892)
Exchange differences on equity method evaluated companies	0	(324)
	3,179	(5,216)
	0	0
Total exchange differences
Equity transaction costs related to equity method evaluated companies Total components that will be reclassified to the profit (loss) in the future	3,179	(5,216)

Reversal of currency conversion reserve after the liquidation of equity	0	278
method evaluated companies Total components that have been reclassified to the profit (loss)	0	278

Consolidated statement of other comprehensive income

Consolidated statement of other comprehensive income
Thousands of euro


Net income (loss) for the period from continued operations	6,335	2,695

Exchange differences on translation of foreign operations	3,179	(4,892)
Exchange differences on equity method evaluated companies	0	(324)
Total exchange differences	3,179	(5,216)
Equity transaction costs related to equity method evaluated companies	0	0
Total components that will be reclassified to the profit (loss) in the future	3,179	(5,216)

Reversal of currency conversion reserve after the liquidation of equity	0	278
method evaluated companies
Total components that have been reclassified to the profit (loss)	0	278

Other comprehensive income (loss), net of taxes - continued operations	3,179	(4,938)

Total comprehensive income (loss), net of taxes - continued operations	9,514	(2,243)

Net income (loss) for the period from discontinued operations	0	0

Total comprehensive income (loss), net of taxes -discontinued operations	0	0





- Equity holders of the Parent Company - Minority interests
Total comprehensive income (loss), net of taxes attributable to:	9,514 9,514 0	(2,243) (2,243) 0

Consolidated Statement of Financial Position

SAES Group – Additional periodic financial information as at September 30, 2021



Consolidated Statement of Financial Position
Thousands of euro
	September 30,	December 31,
	2021	2020
Property, plant and equipment, net	81,863	73,353
Intangible assets	58,468	41,165
Right of use	5,370	5,415
	134,893	134,087 13,984
Securities
Other non current assets	15,789
Current assets	174,794	156,781
Total Assets	471,177	424,785
Shareholders' equity Minority interest in consolidated subsidiaries	248,237	238,162
Total Shareholders' Equity	0 248,237	0 238,162
Non current liabilities	118,775	115,821
Current liabilities	104,165	70,802
Total Liabilities and Shareholders' Equity	471,177	424,785

Consolidated Cash Flows Statement

Thousands of euro

	3Q 2021	3Q 2020
Net income (loss) from continued operations	6,335	2,695
Net income (loss) from discontinued operations	0	0
Current income taxes	2,112	1,326
Change in deferred income taxes	935	(362)
Depreciation, amortization and write down of non current assets	2,823	2,832
Net loss (gain) on disposal of fixed assets	0	(12)
Interest and other financial (income) expenses, net	37	(990)
Other non-monetary costs (revenues)	2,180	1,700
	14,422	7,189
Change in operating assets and liabilities	(4,359)	(911)
Payments of termination indemnities and similar obligations	(64)	(43)
Financial income received, net of payment of interests	(72)	(48)
Taxes paid	(1,713)	(3,623)
Net cash provided by (used by) operating activities	8,214	2,564
Purchase of tangible and intangible assets, net of proceeds from sales	(4,118)	(2,225)
Purchase of securities, net of disinvestments	(310)	663
Income from securities, net of management fees	257	534
Purchase of other investments	(121)	(282)
Acquisition of controlled subsidiaries, net of cash acquired	(15,492)	0
Cash flows provided by (used by) investing activities	(19,784)	(1,310)
Proceeds from financial liabilities, net of repayments	24,759	4,864
Financial receivables repaid (granted) from related parties	(853)	(2,562)
Interests receipts on financial receivables from related parties	0	0
Dividends payment	0	0
Interests and other expenses paid on loans	(342)	(388)
Repayment of financial liabilities for leased assets (interests included)	(591)	(536)
Financial receivables repaid (granted) from third parties	(948)	0
Other financial liabilities/assets	0	(20)
Cash flows provided by (used by) financing activities	22,025	1,358
Effect of exchange rate differences	853	(1,032)
Increase (decrease) in cash and cash equivalents	11,308	1,580
Cash and cash equivalents at the beginning of the period	24,294	31,189
Cash and cash equivalents at the end of the period	35,602	32,769

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Accounting Principles, Methods and Structure of the Group

This document has been prepared applying the international accounting standards (IFRS) and in accordance with article 2.2.3, paragraph 3, of the Regulation of the Markets organized and managed by Borsa Italiana S.p.A. Concerning the content, please make reference to the pre-existing article 154-ter, paragraph 5, of "Financial Consolidation Act", also in the light of what clarified by ESMA in the Q&A on the Directive 2004/109/CE.

The additional periodic information is consistent with the accounting principles that govern the preparation of the annual and consolidated financial statements, insofar as they are applicable. Evaluation procedures adopted in the additional periodic financial information are substantially similar to those usually applied to prepare the annual and consolidated financial statements.

The changes in the scope of consolidation occurred during the third quarter of 2021 are reported below.

On July 7, 2021 SAES Getters S.p.A. finalized the closing for the acquisition of 100% of the share capital of Strumenti Scientifici Cinel S.r.l. (CINEL), a consolidated international player in the sector of components and scientific instrumentation for synchrotrons and particle accelerators, based in the province of Padua. The price was equal to €19 million, defined by calculating the equity value, determined by adding the enterprise value (equal to 8 times the EBITDA obtained as the arithmetic average of the EBITDA resulting from the approved financial statements for the years 2019 and 2020) to the net financial position (NFP) estimated at the closing date, in addition to the difference between the net working capital (NWC) estimated at the closing date and the Company's NWC of the year ended at December 31, 2020. Any difference between the estimated NFP and NWC values and the actual values at the closing (in the financial statements as at 30 September 2021, estimated equal to €0.2 million to the benefit of the former shareholders of CINEL) will constitute a price adjustment.

The spaces used to date by CINEL, already sold to another company, were leased through the signing of a specific six-year contract. In addition, some agreements were signed with the previous owners to allow them to collaborate with SAES as consultants, in order to guarantee the business continuity during the transition phase.

The objective of the acquisition, for SAES, is to strengthen its competitive position in the vacuum sector, through an expansion of the range of products for particle accelerators and synchrotrons, entirely Italian and at the forefront on a global scale.

Strumenti Scientifici Cinel S.r.l. recorded net revenues of approximately €8.4 million in 2020, with an EBITDA margin of 29.3%. In 2019, revenues were equal to €5.7 million, with an EBITDA margin of 27.5%. At the closing date the company's net equity amounted to €3.1 million, while the net financial position was positive for €3.3 million⁶ . The company employs around 35 people.

On July 22, 2021, the liquidation process of the German subsidiary Memry GmbH (which began at the end of 2017) was completed with the cancellation of the company from the Register of Companies.

Other relevant events occurred in the third quarter of 2021

On July 2, 2021 SAES Getters S.p.A. signed a convertible loan worth €1.5 million in favor of the German company Rapitag GmbH, based in Munich.

Rapitag is a start-up company that develops products for mobile check-out, based on IoT (Internet of Things) solutions, to foster the digital transformation of physical stores. Rapitag, in particular, has developed patented IoT tags for 1-click purchase, speeding up purchases and ensuring the anti-theft functionality, with the aim of helping to support the digital transformation in the retail sector.

The financing agreement provides that the resources made available by SAES are used by Rapitag for the prototyping activities, carried out through the joint venture Actuator Solutions GmbH as exclusive contractor. The agreement also provides that Rapitag will only use SMA shape memory alloy wires supplied by SAES.

The loan is granted by SAES in two tranches, of which the first one, equal to €800 thousand, transferred upon signature of the agreement and used to finance the company's operations; the second one (equal to a total amount of €740 thousand), paid in five successive installments, each one of €148 thousand, corresponding to the progress of the prototyping activity carried out through the joint venture Actuator Solutions GmbH.

The loan, expiring on December 31, 2024 and extensible through an agreement between the parties, bears an annual interest of 6%. The loan may be repaid before the maturity date upon the occurrence of certain relevant events, including the receivership of Rapitag, its liquidation, the change of control of more than 50% or the renunciation by one of the Founding Shareholders. SAES will have the right to convert its credit into new Rapitag shares (conversion shares) at any time in the period July 1, 2022 - June 30, 2023 or upon the occurrence of a qualified capital increase of at least €500 thousand, as well as at the maturity date. The price of each conversion share will be calculated by dividing the value of the company prior to the last capital increase, net of a discount coefficient, by the number of shares in circulation before the increase itself.

After the first tranche paid in July (equal to €800 thousand), in September SAES Getters S.p.A. paid Rapitag an additional sum of €148 thousand corresponding to the first installment of the second tranche.

With regard to the investment completed in the venture capital fund EUREKA!, on July 27, 2021, a payment of €50 thousand was made, including both the portion of commissions and management fees, as well as the portion of an investment made by the fund in Aquaseek S.r.l., a spin-off company of the Politecnico of Turin that has just been established, which intends to develop and market an innovative system (AWG, Atmospheric Water Generator) for the collection and conversion of environmental humidity, in order to make it available in a liquid and drinkable form, useful in contexts of water shortage or usable in parallel with other resources.

⁶ IAS/IFRS figures, prior to Purchase Price Allocation.

On September 16, 2021, a further payment of €70 thousand was made following a new investment by the fund in two innovative start-ups: the company Caracol S.r.l., that operates in the field of additive manufacturing robotic technologies, and the company Eye4NIR S.r.l., that works at the development of an innovative class of image sensors, with the aim of simultaneously detecting the wavelength in the visible and in the infrared ranges.

On August 18, 2021, SAES Getters International Luxembourg S.A. finalized an agreement to grant to the joint venture Flexterra, Inc. a second convertible loan for a total amount of \$2 million, with the same characteristics of the one granted last year (July 2020). The loan, with a duration of one year and on which an interest of 8% will accrue, is made of two tranches: the first one, equal to \$1 million, paid at the signing of the contract and the second one, again for an amount equal to \$1 million, expected in the second half of November 2021. The agreement also provides for the extension of the maturity date of the convertible loan of \$3 million granted in July 2020 and the alignment of its maturity to that of the new loan.

At the beginning of September 2021, the relative majority shareholder S.G.G. Holding S.p.A. has matured the increase in voting rights relating to no. 2,198,713 ordinary shares of SAES Getters S.p.A. Following this operation, S.G.G. Holding S.p.A. holds 34.44% of the total ordinary shares, with 51.15% of voting rights.

On September 23, 2021, Venchi S.p.A., a historic Italian company based in the province of Cuneo and an international leader in chocolate production, present in 70 countries around the world, announced a technology and research partnership agreement with SAES Coated Films S.p.A. In particular, the latter is finalizing with Venchi a new active packaging which, besides being entirely recyclable, will be able to guarantee the best preservation of the sensory characteristics of the chocolate for its full shelf life. This result will be possible thanks to some natural antioxidant compounds applied to the surface of the packaging, by using SAES Coated Films innovative water-based technologies, capable of delaying the oxidation of unsaturated fat acids contained in the food.

The collaboration with Venchi follows the commercial agreement finalized in June 2020 with Colussi/Misura and further emphasizes the innovative character of SAES Coated Films S.p.A.'s sustainable food packaging solutions.

In order to manage the economic impact generated by the fluctuations in the exchange rates, primarily EUR/USD, the Group enters into hedges on current and future receivables related to the sales transactions denominated in currencies other than the euro of the Parent Company.

Particularly, as at September 30, 2021 the Group holds forward contracts on the US dollar which have a total notional value of USD 2.2 million. Their average forward exchange rate is USD 1.1981 against the euro and all these contracts will extend throughout the remaining part of the fiscal year 2021.

Metallurgy Division
Security & Defence	Getters and metal dispensers for electronic vacuum devices
Electronic Devices	Getters for microelectronic, micromechanical systems (MEMS) and sensors
Healthcare Diagnostics	Getters for X-ray tubes used in image diagnostic systems
Thermal Insulated Devices	Products for thermal insulation
Lamps	Getters and metal dispensers used in discharge lamps and fluorescent lamps
Sintered Components for Electronic Devices and Lasers	Cathodes and materials for thermal dissipation in electronic tubes, lasers and solid-state devices
SMA Industrial	Shape memory alloys actuator devices for the industrial sector (domotics, white goods industry, consumer electronics, healthcare, automotive and luxury sector)
Vacuum Technology Division
Solutions for Vacuum Systems	Getter pumps for vacuum systems that find application in the industrial sector, in research and in particle accelerators
Medical Division
Nitinol for Medical Devices	Nitinol raw material and components for the biomedical sector
Specialty Chemicals Division
Functional Dispensable Products	Getter materials integrated in polymeric matrices for OLED applications, optoelectronics, photonics and mobile sector

Net Sales by Business and by Geographic Location of Customers

				SAES Group – Additional periodic financial information as at September 30, 2021
Advanced Packaging Division
Advanced Coatings				Lacquers and advanced plastic films for the sustainable packaging sector

Thousands of euro (except %)
Business		3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Security & Defense		5,022	3,357	49.6%	50.2%	-0.6%
Electronic Devices		3,367	5,222	-35.5%	-35.2%	-0.3%
Healthcare Diagnostics		1,244	874	42.3%	42.9%	-0.6%
Lamps		746	583	28.0%	27.8%	0.2%
Thermal Insulated Devices		876	550	59.3%	62.5%	-3.2%
Sintered Components for Electronic Devices & Lasers		2,229	1,788	24.7%	25.8%	-1.1%
SMA Industrial		2,986	2,248	32.8%	33.5%	-0.7%
Metallurgy Division		16,470	14,622	12.6%	13.2%	-0.6%
Solutions for Vacuum Systems		3,293	3,012	9.3%	9.9%	-0.6%
Vacuum Technology Division		3,293	3,012	9.3%	9.9%	-0.6%
Nitinol for Medical Devices		23,922	16,442	45.5%	46.7%	-1.2%
Medical Division		23,922	16,442	45.5%	46.7%	-1.2%
Functional Dispensable Products		6,518	3,405	91.4%	91.5%	-0.1%
Specialty Chemicals Division		6,518	3,405	91.4%	91.5%	-0.1%
Advanced Coatings		1,052	1,516	-30.6%	-30.6%	0.0%
Advanced Packaging Division Total Net Sales		1,052 51,255	1,516 38,997	-30.6% 31.4%	-30.6% 32.2%	0.0% -0.8%

Consolidated Net Sales by Geographic Location of Customer Thousands of euro
Geographic Area	3Q 2021		3Q 2020
Italy		863	740
European countries		7,935	6,851

North America		29,807	22,151
Japan		1,648	1,443
South Korea		417	494
China		8,921	6,192
Rest of Asia		1,392	840
Rest of the World		272	286
Total Net Sales		51,255	38,997

Thousands of euro





South Korea	417	494
China	8,921	6,192
Rest of Asia	1,392	840
Rest of the World	272	286

By including also the revenues of the joint ventures⁷ , total revenues of the Group were equal to €53.9 million in the third quarter of 2021, showing an increase compared to the third quarter of 2020 (+31.2%). The increase was achieved mainly thanks to the growth in consolidated revenues, as well as in the sales of the joint venture Actuator Solutions.

7 Actuator Solutions (50%), SAES RIAL Vacuum S.r.l. (49%) and Flexterra (46.73%).

Thousands of euro
-------------------	--

					SAES Group – Additional periodic financial information as at September 30, 2021



Thousands of euro
				3Q 2021	3Q 2020	Difference
Consolidated sales				51,255	38,997		12,258
50% sales of the joint venture Actuator Solutions					1,897 1,460		437
49% sales of the joint venture SAES RIAL Vacuum S.r.l.					887	797	90
46.73% sales of the joint venture Flexterra					1	1	0
Intercompany eliminations					(136) (195)		59
Other adjustments					(52) (10)		(42)
Total revenues of the Group				53,852	41,050		12,802
Information by operating segment

Consolidated statement of profit or loss by Business Unit Thousands of euro
Metallurgy Division		Vacuum Technology Division		Medical Division	Specialty Chemicals Division	Advanced Packaging Division	Not Allocated		TOTAL
3Q 2021 Total net sales 16,470	3Q 2020 14,622	3Q 2021 3Q 2020 3,293 3,012	3Q 2021 23,922	3Q 2020 16,442	3Q 2021 3Q 2020 6,518 3,405	3Q 2021 3Q 2020 1,052 1,516	3Q 2021 0	3Q 2020 0	3Q 2021 51,255	3Q 2020 38,997
Cost of sales (7,595) Gross profit (loss) 8,875	(7,722) 6,900	(1,360) (1,146) 1,933 1,866	(13,998) 9,924	(10,336) 6,106	(4,336) (2,365) 2,182 1,040	(1,325) (1,432) (273) 84	1 1	(2) (2)	(28,613) 22,642	(23,003) 15,994
% on net sales 53.9% Operating expenses and other income (expenses) (2,423)	47.2% (2,617)	58.7% 62.0% (1,049)	41.5% (832) (2,222)	37.1% (1,926)	33.5% 30.5% (620) (446)	-26.0% 5.5% (870) (679)	n.a (5,994)	n.a. (6,622)	44.2% (13,178)	41.0% (13,122)
Operating income (loss) 6,452	4,283	884 1,034	7,702	4,180	1,562 594	(1,143) (595)	(5,993)	(6,624)	9,464	2,872
% on net sales 39.2%	29.3%	26.8% 34.3%	32.2%	25.4%	24.0% 17.4%	-108.7% -39.2%	n.a	n.a.	18.5%	7.4%
Metallurgy Division
Consolidated revenues of the Metallurgy Division amounted to €16.5 million in the third quarter of

2021, compared to €14.6 million in the corresponding quarter of 2020 (+12.6%). The euro trend

Information by operating segment

				Specialty Chemicals Division	Advanced Packaging Division

Metallurgy Division

Consolidated revenues of the Metallurgy Division amounted to €16.5 million in the third quarter of 2021, compared to €14.6 million in the corresponding quarter of 2020 (+12.6%). The euro trend compared to the main foreign currencies caused a negative exchange rate effect equal to -0.6%, net of which revenues organically increased by 13.2%.

All sectors recorded an organic growth, except for the electronic devices one. In detail:

the security and defense sector (Security & Defense Business, +50.2%) grew thanks to sales of legacy getter products for some customers in the defense sector;
the shape memory alloys for industrial applications sector (SMA Industrial Business, +33.5%) was favored by the recovery in demand in the luxury sector and by higher sales for medical dispensers;
the Sintered Components for Electronic Devices & Lasers Business (+25.8%) benefited from higher sales of components for electron emitters, favored by a strong demand in both the security and defense sector and the medical one, as well as from higher revenues for heat sinks for solid state lasers;
the medical diagnostics business (Healthcare Diagnostics Business, +42.9%) recorded a significant increase, after a third quarter of 2020 penalized by the slowdown in demand due to overstocking phenomena;
the thermal insulation sector (Thermal Insulated Devices Business, +62.5%) grew thanks to the recovery in the demand of getters for vacuum bottles and to the increased demand of getters for vacuum panels (VIP) used for the transport of vaccines;
the lamps sector (Lamps Business, +27.8%) was favored by the seasonal and temporary increased demand of getters for high intensity discharge lamps and specialty lamps.

An organic decrease was recorded only in the electronic devices sector (Business Electronic Devices, - 35.2%) due to the slowdown in the sales of getters for thermal sensors, that were highly requested last year during the pandemic crisis.

The table below shows the revenues in the third quarter of 2021 related to the different businesses, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020.

	SAES Group – Additional periodic financial information as at September 30, 2021
Thousands of euro (except %) Business	3Q 2021	3Q 2020	Total difference (% )		Organic change (% )	Exchange rate effect

						(% )
Security & Defense	5,022	3,357		49.6%	50.2%	-0.6%
Electronic Devices	3,367	5,222		-35.5%	-35.2%	-0.3%
Healthcare Diagnostics	1,244		874	42.3%	42.9%	-0.6%
Lamps	746		583	28.0%	27.8%	0.2%
Thermal Insulated Devices	876		550	59.3%	62.5%	-3.2%
Sintered Components for Electronic Devices & Lasers SMA Industrial	2,229 2,986	1,788 2,248		24.7% 32.8%	25.8% 33.5%	-1.1% -0.7%

Vacuum Technology Division

Gross profit of the Metallurgy Division amounted to €8.9 million, compared to €6.9 million in the third quarter of 2020. The gross margin increased from 47.2% to 53.9%. The increase, both in absolute terms and as a percentage of revenues, was generalized to almost all sectors and was mainly driven by the security and defense business and by that of industrial SMAs, favored by both the different product mix and higher economies of scale.
Operating income of the Metallurgy Division was equal to €6.5 million, up by 50.6% compared to €4.3 million in the third quarter of 2020, mainly thanks to the increase in the gross profit. The operating

Consolidated revenues of the Vacuum Technology Division were equal to €3.3 million in the third quarter of 2021, up by 9.3% compared to €3 million in the corresponding quarter of 2020. The exchange rate effect was negative and equal to -0.6%, net of which sales organically increased by 9.9%: the growth was spread across all applications and was mainly driven by the particle accelerator business. The table below shows the revenues in the third quarter of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020. Thousands of euro (except %)
Business	3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Solutions for Vacuum Systems	3,293	3,012	9.3%	9.9%	-0.6%
Vacuum Technology Division	3,293	3,012	9.3%	9.9%	-0.6%
Gross profit of the Vacuum Technology Division was equal to €1.9 million in the third quarter of 2021, substantially unchanged compared to the third quarter of 2020: the increase in revenues was offset by the slight decrease in gross margin (from 62% to 58.7%), a consequence of the different product mix, with a

Operating income of the Vacuum Technology Division amounted to €0.9 million, compared to €1 million in the third quarter of 2020, down due to the slight increase in both sales expenses and research expenses. The operating margin decreased from 34.3% to 26.8%.

Medical Division

Consolidated revenues of the Medical Division were equal to €23.9 million in the third quarter of 2021, up by 45.5% compared to €16.4 million in the corresponding period of 2020. The exchange rate effect was negative and equal to -1.2%, net of which sales organically increased by +46.7%. The progressive growth of the Medical Division continued in the third quarter of 2021; in comparison with the corresponding period of 2020, please note that the third quarter of 2020 was the one most affected by the pandemic crisis.

	SAES Group – Additional periodic financial information as at September 30, 2021
The table below shows the revenues in the third quarter of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020.

Thousands of euro (except %) Business	3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect
Nitinol for Medical Devices	23,922	16,442	45.5%	46.7%	(% ) -1.2%

Specialty Chemicals Division

economies of scale. The gross margin increased from 37.1% to 41.5% and it was favored by the resumption of elective therapies in the USA.
The third quarter of 2021 ended with an operating income of €7.7 million, almost doubled compared to €4.2 million in the corresponding period of the previous year, in line with the increase in gross profit. The operating margin increased from 25.4% to 32.2%.

Consolidated revenues of the Specialty Chemicals Division were equal to €6.5 million in the third quarter of 2021, compared to €3.4 million in the corresponding period of 2020. The exchange rate effect was equal to -0.1%, net of which the organic growth was equal to +91.5%, driven by sales of advanced materials for the consumer electronics segment, following a strong increase in demand in the final market. In addition, please note the increased sales of dispensable dryers for passive matrix OLED displays used both in pulse oximeters and in the displays of other optoelectronic devices. The table below shows the revenues in the third quarter of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020. Thousands of euro (except %)
Business	3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Functional Dispensable Products	6,518	3,405	91.4%	91.5%	-0.1%
Specialty Chemicals Division	6,518	3,405	91.4%	91.5%	-0.1%
Gross profit of the Specialty Chemicals Division was equal to €2.2 million, more than doubled compared to €1 million in the corresponding period in 2020, while gross margin increased from 30.5% to 33.5%, both parameters driven by the increase in sales of advanced solutions for the consumer electronics

The operating income of the Specialty Chemical Division was equal to €1.6 million, almost tripled compared to €0.6 million in the third quarter of 2020. The operating margin increased from 17.4% to 24% thanks to the aforementioned contribution of consumer electronics products.

Advanced Packaging Division

Consolidated revenues of the Advanced Packaging Division were equal to €1.1 million in the third quarter of 2021, compared to €1.5 million in the corresponding period of 2020. Sales decreased due both to the phase-out of the traditional metalized products, completed in the second half of 2020, and to the ongoing tensions on the prices of plastics, that make the purchasing strategies of customers still unpredictable and unstable.

SAES Group – Additional periodic financial information as at September 30, 2021







The table below shows the revenues in the third quarter of 2021, with evidence of the exchange rate effect

and of the organic change compared to the corresponding period of 2020.

Thousands of euro (except %)
			Total	Organic	Exchange
Business	3Q 2021	3Q 2020	difference	change	rate
			(% )	(% )	effect
Advanced Coatings	1,052	1,516	-30.6%	-30.6%	(% ) 0.0%

The third quarter of 2021 ended with an operating loss of -€1.1 million, compared to -€0.6 million in the corresponding quarter of the previous year, also penalized by the slight increase in general and administrative expenses.

Not Allocated

It includes the costs related to basic research projects or aimed at diversification in innovative businesses, as well as corporate costs (costs that cannot be directly attributed or reasonably allocated to any business sector, but that refer to the Group as a whole).

The operating expenses amounted to €5.9 million in the third quarter of 2021, compared to €6.6 million in the corresponding period of 2020.

The decrease, mainly concentrated in the G&A expenses, is a consequence of lower personnel costs of the Parent Company.

Economic results of the third quarter of 2021

Consolidated gross profit⁸ was equal to €22.6 million in the third quarter of 2021, significantly up (+41.6%) compared to €16 million in the corresponding period of 2020, thanks to both the increase in revenues and improved gross margin⁹ (from 41% to 44.2%), especially in the Metallurgy and Medical Divisions (the latter heavily penalized by the Covid-19 crisis in the third quarter of 2020, with a negative impact also on margins). Compared to the second quarter of 2021, gross profit increased by 16.3% (from €19.5 million to €22.6 million) mainly thanks to the increase in revenues. Gross margin, that improved from 43.4% to 44.2%, increased in all the Divisions, with the exception of the Advanced Packaging Division, penalized by the persistence of tensions on plastic prices.

Consolidated EBITDA¹⁰ was equal to €12.3 million (24% of consolidated revenues) in the third quarter of 2021, up both compared to €5.7 million (14.7% of revenues) in the third quarter of 2020, and to €8.2 million (18.3% of revenues) in the second quarter of 2021, in line with the increase in sales and operating income.

9 Calculated as the ratio between gross profit and net consolidated revenues.

8 Calculated as the difference between net sales and industrial costs directly and indirectly attributable to the products sold.

¹⁰ EBITDA is not deemed as an accounting measure under International Financial Reporting Standards (IFRSs); however, we believe that EBITDA is an important parameter for measuring the Group's performance and therefore it is presented as an alternative indicator. Since its calculation is not regulated by applicable accounting standards, the method applied by the Group may not be homogeneous with the ones adopted by other Groups. EBITDA is calculated as "Earnings before interests, taxes, depreciation and amortization".





Thousands of euro
	3Q 2021	3Q 2020
	9,464	2,872
Operating income (loss) Depreciation & amortization	2,829	2,776
Write-down of assets Bad debt provision accrual (release)	(6) 1	56 41
EBITDA	12,288	5,745

Consolidated operating expenses amounted to €13.1 million in the third quarter of 2021, unchanged in absolute terms compared to the corresponding period of 2020, but whose incidence on revenues decreased from 33.5% to 25.6%. The decrease in general and administrative expenses (decrease in personnel costs of the Parent Company) was offset by an increase in both selling expenses (following the recovery of the business, as well as the increase in the average number of sale personnel of the Parent Company), and in research and development expenses (an increase related to the overcoming of the pandemic phase and to the return of R&D activities to pre-Covid levels, as well as a new approach to innovation of the Group through the creation of a dedicated Strategic Innovation Office, within the Parent Company). % on sales 24.0% 14.7%

The balance of other net income (expenses) was negative and equal to -€82 thousand and it didn't record any significant change compared to the negative balance of the corresponding period of 2020, equal to -€74 thousand.

The net balance of financial income and expenses was negative and equal to -€0.2 million, compared to a positive balance of €1.6 million in the corresponding period of 2020. The negative difference (€1.7 million) was mainly due to the fact that in the third quarter of 2020 financial income on securities amounted to over €2 million, while in the current quarter the management of securities ended with only a slightly positive result (+€0.3 million).

The item also included interest expenses on short and long-term loans and bank commissions on credit lines held by the Italian companies of the Group (-€0.5 million both in the third quarter of 2021 and in the corresponding period of 2020).

In the current quarter, the result deriving from the valuation with the equity method of the joint ventures was positive and equal to €0.1 million (exclusively attributable to the joint venture SAES RIAL Vacuum S.r.l.) compared with a cost equal to €0.6 million in the corresponding period of 2020 (equity valuation of both the joint venture Flexterra amounting to -€0.4 million and the joint venture SAES RIAL Vacuum S.r.l. amounting to +€0.1 million, as well as the release into the income statement, equal to -€0.3 million, of the conversion reserve following the liquidation of the Asian subsidiaries of Actuator Solutions GmbH).

The sum of the exchange rate differences recorded a negative balance of -€0.1 million in the third quarter of 2021 (mainly attributable to the losses, realized and unrealized ones, on the valuation of forward sales contracts on the dollar), compared with a balance always negative and equal to -€0.2 million in the corresponding period of 2020 (mainly related to the effect of the fluctuations of the dollar against the euro on commercial transactions, including intercompany ones).

Consolidated income before taxes was equal to € 9.4 million in the third quarter of 2021, more than doubled compared to €3.7 million in the third quarter of 2020.

Income taxes amounted to €3 million in the third quarter of 2021, compared to €1 million in the corresponding period of 2020, in line with the increase in operating results.

Consolidated net income was equal to €6.3 million (12.4% of consolidated revenues) in the third quarter of 2021, more than doubled compared to €2.7 million (6.9% of consolidated revenues) in the third quarter of 2020.

Net financial position

Consolidated net financial position as at September 30, 2021 was positive and equal to €70.2 million, compared with a net cash of €95.7 million as at December 31, 2020. The decrease (-€25.5 million) was mainly attributable to the acquisition of Strumenti Scientifici Cinel S.r.l. (-€15.9 million¹¹) and to net investments in tangible and intangible fixed assets (-€12.4 million), as well as to the disbursement for dividends (-€7.4 million), only partially offset by operating cash flows, positive for €8.6 million because penalized by the increase in the net working capital (in particular, increase in trade receivables following higher sales in the third quarter of 2021, compared to the last months of 2020).

Consolidated Net Financial Position

compared with a net cash of €95.7 million as at December 31, 2020. The decrease (-€25.5 million) was mainly
attributable to the acquisition of Strumenti Scientifici Cinel S.r.l. (-€15.9 million11) and to net investments in
tangible and intangible fixed assets (-€12.4 million), as well as to the disbursement for dividends (-€7.4 million),
only partially offset by operating cash flows, positive for €8.6 million because penalized by the increase in the
net working capital (in particular, increase in trade receivables following higher sales in the third quarter of
2021, compared to the last months of 2020).
Finally, please note the positive cash flows in the investment activities, equal to €2.4 million, related to the
securities portfolio12 and reverse cash flows for investments in the venture capital fund EUREKA! equal to -€0.2
million. Within the financial management, please note financial payables for new leases contracts or for
renewed contracts (including interests accrued in the period and the financial effect of the early termination of some contracts) for a total amount of -€1.4 million, in addition to those for net interest accrued on loans, equal to
-€1.1 million.
The exchange rate effect was positive (+€1.9 million), mainly attributable to the effect of the revaluation of
both the renminbi and the dollar at September 30, 2021, compared to the end of 2020, on the cash and cash
equivalents in these currencies held by the Chinese subsidiary SAES Getters (Nanjing) Co., Ltd. and by the US
subsidiaries.

Consolidated Net Financial Position
Thousands of euro

	September 30,	June 30,	March 31,	December 31,
	2021	2021	2021	2020
Cash on hands	9	9	8	10
Cash equivalents	36,004	24,410	28,645	30,668
Cash and cash equivalents	36,013	24,419	28,653	30,678
Related parties financial assets, current	1	0	0	1
Securities - short term	70,919	70,279	70,120	70,661
Other current financial assets	0	0	0	11
Current financial assets	70,920	70,279	70,120	70,673
Bank overdraft	(70,393)	(44,508)	(35,880)	(33,491)
Current portion of long term debt	(3,408)	(4,142)	(4,933)	(5,199)
Derivative financial instruments	(80)	(38)	(123)	(32)
Other current financial liabilities	(202)	(16)	(22)	(24)
Current financial liabilities for leases	(1,647)	(1,496)	(1,663)	(1,932)
Current financial liabilities	(75,730)	(50,200)	(42,621)	(40,678)
Current net financial position	31,203	44,498	56,152	60,673
Related parties financial assets, non current	921	49	49	49

Other financial receivables from third parties, non current	961	0	0	0
Securities - long term	134,893	135,161	134,554	134,087
Non current financial assets	136,775	135,210	134,603	134,136
Long term debt, net of current portion	(93,951)	(93,965)	(94,987)	(95,496)
	(3,796)	(3,337)	(3,417)	(3,571)
Non current financial liabilities for leases	(97,747)	(97,302)	(98,404)	(99,067)
Non current financial liabilities				35,069
Non current net financial position Net financial position	39,028 70,231	37,908 82,406	36,199 92,351	95,742

¹¹ Price inclusive of estimated adjustment, net of acquired financial position.

¹² Coupons collected equal to +€2 million and change in the fair value of the securities equal to +€1.2 million, net of capital losses on bonds equal to -€0.6 million and management fees equal to -€0.2 million.

¹³ Price inclusive of estimated adjustment, net of the acquired financial position.

€4.1 million), as well as the recognition of notional financial payables (-€0.9 million) following the renewal of some leases contracts. The exchange rate effect was positive and equal to approximately €0.8 million.

JANUARY – SEPTEMBER 2021

Net Sales by Business and by Geographic Location of Customers

€128.1 million in the corresponding period of 2020. The exchange rate effect was negative and equal to -4.9%, net of which the organic growth was equal to +12%. In the first nine months, the organic growth was driven by the Medical Division (thanks to the complete overcoming of the Covid-19 crisis made possible by the resumption of elective surgeries in the USA) and by the Vacuum Technology Division (growing sales in all its sectors and, in particular, in that of particle accelerators), as well as by the Specialty Chemicals Division (higher sales of advanced materials for consumer electronics applications). In the Metallurgy Division, showing a slight increase net of the exchange rate effect (+0.7%), the saturation of the thermo-scanner market (Electronic Devices Business) for the mitigation of the pandemic crisis was offset by the excellent performance in the defense businesses (Security & Defense Business and Sintered Components for Electronic Devices & Lasers Business). Finally, the decrease in the Advanced Packaging Division was due both to the phase-out of metalized products, completed in the second half of 2020, and to the tensions on the prices of plastics, that have affected customers' procurement strategies. The table below shows the revenues in the first nine months of 2021 relating to the various business areas, with evidence of the exchange rate effect and the organic change compared to the corresponding period of 2020.	Consolidated revenues amounted to €137.1 million in the first nine months of 2021, up by 7.1% compared to
Thousands of euro (except %)
Business	9M 2021	9M 2020	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Security & Defense	14,047	12,881	9.1%	13.8%	-4.7%
Electronic Devices	9,587	12,924	-25.8%	-23.4%	-2.4%
	3,747	3,626	3.3%	6.3%	-3.0%
Healthcare Diagnostics
Lamps	2,320	2,529	-8.3%	-6.0%	-2.3%
Thermal Insulated Devices	2,468	2,224	11.0%	17.4%	-6.4%
Sintered Components for Electronic Devices & Lasers	6,241	5,521	13.0%	20.2%	-7.2%
SMA Industrial	8,263	8,456	-2.3%	0.2%	-2.5%
Metallurgy Division	46,673	48,161	-3.1%	0.7%	-3.8%
Solutions for Vacuum Systems	11,938	8,371	42.6%	47.4%	-4.8%
Vacuum Technology Division	11,938	8,371	42.6%	47.4%	-4.8%
Nitinol for Medical Devices	62,444	56,587	10.4%	17.3%	-6.9%
Medical Division	62,444	56,587	10.4%	17.3%	-6.9%
Functional Dispensable Products	12,121	8,429	43.8%	44.9%	-1.1%
Specialty Chemicals Division	12,121	8,429	43.8%	44.9%	-1.1%
Advanced Coatings	3,964	6,548	-39.5%	-39.5%	0.0%
Advanced Packaging Division	3,964	6,548	-39.5%	-39.5%	0.0%

|--|

	SAES Group – Additional periodic financial information as at September 30, 2021



Consolidated Net Sales by Geographic Location of Customer
Thousands of euro
Geographic Area	9M 2021	9M 2020
Italy	3,295	2,748
European countries	22,515	24,175
North America	79,975	70,533
Japan	6,615	5,366
South Korea	1,627	1,370
China	18,219	19,043
Rest of Asia	3,941	3,727
Rest of the World	953	1,134
Total Net Sales	137,140	128,096

Total revenues of the Group were equal to €144.4 million in the first nine months of 2021, compared to €134.6
million in the first nine months of 2020, up by 7.3%, mainly driven by the increase both in consolidated revenues
(+7.1%) and in the turnover of SAES RIAL Vacuum S.r.l. (+45.3%).

Thousands of euro
		9M 2021	9M 2020	Difference
Consolidated sales		137,140	128,096	9,044
50% sales of the joint venture Actuator Solutions		5,473	5,400	73
49% sales of the joint venture SAES RIAL Vacuum S.r.l.		2,419	1,665	754
46.73% sales of the joint venture Flexterra		2	24	(22)
Intercompany eliminations		(621) 3	(613) 0	(8) 3
Other adjustments

Thousands of euro			9M 2021	9M 2020	Difference
Consolidated sales			137,140	128,096	9,044
50% sales of the joint venture Actuator Solutions			5,473	5,400	73
49% sales of the joint venture SAES RIAL Vacuum S.r.l.			2,419	1,665	754
46.73% sales of the joint venture Flexterra			2	24	(22)
Intercompany eliminations			(621)	(613)	(8)
Other adjustments			3	0	3
Total revenues of the Group			144,416	134,572	9,844
Information by operating segment
Consolidated statement of profit or loss by Business Unit Thousands of euro
	Metallurgy Division	Vacuum Technology Division	Medical Division	Specialty Chemicals Division	Advanced Packaging Division	Not Allocated	TOTAL
	9M 2021 9M 2020	9M 2021 9M 2020	9M 2021 9M 2020	9M 2021 9M 2020	9M 2021 9M 2020	9M 2021 9M 2020	9M 2021	9M 2020
Total net sales Cost of sales	46,673 48,161 (22,024) (24,176)	11,938 (5,376)	8,371 62,444 56,587 (3,220) (38,913) (34,630)	12,121 8,429 (8,353) (5,993)	3,964 6,548 (4,119) (5,855)	0 0 (333) (5)	137,140 (79,118)	128,096 (73,879)
Gross profit (loss) % on net sales	24,649 23,985 52.8% 49.8%	6,562 55.0%	5,151 23,531 21,957 61.5% 37.7% 38.8%	3,768 2,436 31.1% 28.9%	(155) 693 -3.9% 10.6%	(333) (5) n.a n.a.	58,022 42.3%	54,217 42.3%
	(7,573) (8,481) 17,076 15,504	(3,269)	(2,700) (6,426) (6,219)	(1,691) (1,287)	(2,618) (2,413)	(19,437) (19,102)	(41,014)	(40,202)
Operating expenses and other income (expenses) Operating income (loss)		3,293	2,451 17,105 15,738	2,077 1,149	(2,773) (1,720)	(19,770) (19,107) n.a n.a.	17,008 12.4%	14,015 10.9%

Information by operating segment

	Metallurgy Division	Vacuum Technology Division	Medical	Division	Specialty Chemicals Division	Advanced Packaging Division	Not Allocated	TOTAL

Economic results of the first nine months of 2021

Consolidated gross profit was equal to €58 million in the first nine months of 2021, compared to €54.2 million in the corresponding period of 2020, with the same gross margin (42.3% in both periods). The percentage increase in the gross profit was in line with that of revenues, both of which increased by about 7%. Net of the penalizing effect of exchange rates, the increase in the gross profit would have been equal to 12.2%.

In terms of gross margin, the slight decrease recorded in the Medical Division (from 38.8% to 37.7%) and the more marked decrease in the Vacuum Technology Division (from 61.5% to 55%), both characterized by a different product mix, was offset by the increase in the Metallurgy Division (from 49.8% to 52.8%, driven by the defense business and by the industrial SMAs) and to a lesser extent by the Specialty Chemicals Division (from 28.9% to 31.1%). The gross margin of the Advanced Packaging Division was negative (-3.9%) in the first nine months of 2021, penalized by lower revenues and by the initial functioning phase of the second lacquering line, not yet fully operational.

Consolidated operating income was equal to €17 million (12.4% of consolidated revenues) in the first nine months of 2021, compared to €14 million (10.9% of consolidated revenues) in the corresponding period of the previous year. Excluding the penalizing effect of exchange rates, the increase in absolute terms of the operating income would have been equal to €5.2 million, in line with the organic increase of the gross profit, that more than offset the slight organic increase in operating expenses (+5.4%).

Finally, please note that in the first nine months of 2020 the item "Other net income (expenses)" included donations to research institutions and hospitals in the face of the Covid-19 crisis equal to approximately -€0.7 million.

Operating expenses amounted to €40.8 million, compared to €39.4 million in the first nine months of 2020. Net of the exchange rate effect (reduction in operating costs of €0.7 million), the operating expenses increased by €2.1 million. The organic growth was mainly concentrated in selling expenses (+€1.2 million, as a result of the increase in the average number of sales personnel of the Parent Company and the higher bonuses set aside for the recovery of the business, as well as consultancy costs for a development opportunity in foreign markets, currently under evaluation) and in research and development expenses (+€0.9 million, due both to the overcoming of the pandemic phase and to the consequent return of R&D activities to pre-Covid levels, as well as to a new approach to innovation of the Group through the creation of a dedicated Strategic Innovation Office, within the Parent Company). General and administrative expenses, again excluding the exchange rate effect that reduced costs by €0.3 million, were in line with those in the first nine months of 2020. 9M 2021 9M 2020 Operating income (loss) 17,008 14,015 Depreciation & amortization 8,496 7,972 Write-down of assets 0 171 Bad debt provision accrual (release) 15 60 EBITDA 25,519 22,218 % on sales 18.6% 17.3%

Consolidated EBITDA was equal to € 25.5 million in the first nine months of 2021 (18.6% of revenues), compared to €22.2 million in the same period of 2020 (17.3% of revenues). Net of the exchange rate effect, the organic growth of the EBITDA amounted to €5.7 million (+25.7%): all the Divisions contributed to this result, with the exception of the packaging sector, penalized by lower revenues and by inefficiencies related to the second lacquering line, still in its start-up phase.

Thousands of euro

	9M2021	9M2020
Operating income (loss)	17,008	14,015
Depreciation & amortization	8,496	7,972
Write-down of assets
Bad debt provision accrual (release)	15	60
EBITDA	25,519	22,218
% on sales	18.6%	17.3%

The balance of other net income (expenses) was negative and equal to -€0.2 million, compared to a negative balance of -€0.8 million in the first nine months of 2020. The difference was attributable to the fact that in the first nine months of 2020 there were costs for Covid-19 donations, equal to approximately -€0.7 million.

The net balance of financial income and expenses was positive and equal to +€1 million, compared to a negative balance of -€4.9 million in the corresponding period of 2020.

The difference (positive for €5.9 million) was mainly attributable to the fair value valuation of the securities portfolio, positive for €1.2 million in the current period and negative for €4.9 million in the first nine months of 2020, due to the Covid-19 financial crisis. In addition, please note the lower bank commissions that in the first nine months of 2020 included costs related to the opening of two new credit lines by the Parent Company (approximately €0.2 million). On the other hand, the current period included net charges (€0.6 million) deriving from the partial disinvestment of the bond portfolio, replaced by a Dynamic Multi-Asset (DMAS) management, with the aim of protecting the value of the invested capital, considering the global macroeconomic and monetary framework. Finally, please note that the item included the write-down of the financial receivable for the interests accrued in the current period both on the interest-bearing loans granted to the joint venture Actuator Solutions GmbH (-€0.1 million) and on the convertible loan granted last year to Flexterra, Inc. (-€0.2 million).

The income deriving from the valuation with the equity method of the jointly controlled companies was equal to +€0.2 million, attributable exclusively to the joint venture SAES RIAL Vacuum S.r.l., and compares with a loss of -€1.5 million in the corresponding period of the previous year, mainly attributable to Flexterra (-€1.3 million), as well as to the release into the income statement (-€0.3 million) of the translation reserve following the liquidation of the Asian subsidiaries by Actuator Solutions GmbH.

Please note that, similarly to last year, although the joint venture Actuator Solutions ended the first nine months of 2021 with a positive result, SAES's share of this net income was not recorded by the Group, since the consolidated shareholders' equity of the joint venture was still negative, against a shareholding of SAES which has already been completely zeroed. Also the portion of the net loss realized by the Flexterra joint venture in the current period was not recognized, as the equity investment was already zeroed¹⁴ at the end of the previous year and there is no legal or implicit obligation for SAES to recapitalize.

The sum of the exchange rate differences recorded a negative balance of -€0.1 million in the first nine months of 2021, substantially in line with that of the corresponding period of 2020 (-€0.2 million). Both balances, of an immaterial amount, include the effect of the fluctuations of the dollar against the euro on commercial transactions, including intercompany ones; in the current year there were also the losses, realized and unrealized ones, on the valuation of forward contracts, signed during the first quarter of 2021.

Consolidated income before taxes was equal to €18 million in the first nine months of 2021, compared to €7.4 million in the corresponding period of 2020. Excluding the penalizing effect of exchange rates (-€2.1 million), the organic increase in the income before taxes would have been equal to €12.7 million, thanks both to the improvement in operating activities and to the overcoming of the negative impact of the pandemic crisis on the financial management.

Income taxes amounted to €7.5 million, compared to €4.3 million in the previous period. The increase was mainly attributable to higher US taxes, following the recovery of the business, and to the higher taxes of the subsidiary SAES Investments S.A., which had ended the previous period with a fiscal loss due to the losses on securities caused by the Covid-19 crisis.

The Group tax rate was equal to 41.6% (compared to 57.8% in the corresponding period of the previous year) and it is still significant since the Parent Company, SAES Innovative Packaging S.r.l. and SAES Coated Films S.p.A., in analogy with the previous year, ended the current period with a negative tax base, not valued as a deferred tax asset.

Consolidated net income was equal to €10.5 million in the first nine months of 2021, more than tripled compared to €3.1 million in the corresponding period of 2020. Also in this case, the exchange rate effect was heavily penalizing (-€1.8 million), while the organic change was positive and amounted to €9.2 million.

¹⁴ Equity investment completely zeroed as at December 31, 2020, following the impairment test.

Consolidated statement of profit or loss

SAES Group – Additional periodic financial information as at September 30, 2021



Consolidated statement of profit or loss
Thousands of euro
	9M 2021	9M 2020
Total net sales Cost of sales	137,140 (79,118)	128,096 (73,879)
Gross profit	58,022	54,217
R&D expenses Selling expenses	(8,561) (9,174)	(7,789) (8,181)
G&A expenses	(23,079)	(23,344)
Write-down of trade receivables	(15)	(60)
Total operating expenses Other income (expenses), net	(40,829) (185)	(39,374) (828)
Operating income (loss)	17,008	14,015
Interest and other financial income, net	1,235	(4,586)
Write-down of financial receivables and other financial assets Income (loss) from equity method evalueted companies	(267) 183	(308) (1,460)
Foreign exchange gains (losses), net	(146)	(232)
Income (loss) before taxes	18,013	7,429
Income taxes Net income (loss) from continued operations	(7,489) 10,524	(4,296) 3,133
Income (loss) from discontinued operations	0	0
Net income (loss) before minority interest Net income (loss) pertaining to minority interest	10,524 0	3,133 0
Net income (loss) pertaining to the Group	10,524	3,133
Consolidated statement of other comprehensive income Thousands of euro
	9M 2021	9M 2020
Net income (loss) for the period from continued operations	10,524	3,133

Exchange differences on translation of foreign operations Exchange differences on equity method evaluated companies	7,042 0	(4,687) (311)
Total exchange differences	7,042	(4,998)
Equity transaction costs related to equity method evaluated companies	0	0
Total components that will be reclassified to the profit (loss) in the future	7,042	(4,998)
Fair value variations on investments in other companies Income taxes	(51) 0	0 0
Fair value variations on investments in other companies, net of taxes	(51)	0
Total components that will not be reclassified to the profit (loss) in the future	(51)	0
Reversal of currency conversion reserve after the liquidation of equity method	0	278
evaluated companies Total components that have been reclassified to the profit (loss)	0	278

Other comprehensive income (loss), net of taxes - continued operations	6,991	(4,720)

	0
	0
	0
	0


	278
	278

	(4,720)

	(1,587)

	0

	0

	0

17,515	(1,587)

17,515	(1,587)

0	0
	(51) 0 (51) (51) 0 0 6,991 17,515 0 0 0

Consolidated Cash Flows Statement

Thousands of euro

			9M 2021	9M 2020
Net income (loss) from continued operations			10,524	3,133
Net income (loss) from discontinued operations			0	0
Current income taxes			5,399	4,247
Change in deferred income taxes			2,119	49
Depreciation, amortization and write down of non current assets			8,496	8,143
Net loss (gain) on disposal of fixed assets			(1)	(12)
Interest and other financial (income) expenses, net			(1,151)	6,354
Other non-monetary costs (revenues)			758	927
			26,144	22,841
Change in operating assets and liabilities			(13,153)	(11,939)
Payments of termination indemnities and similar obligations			(209)	(378)
Financial income received, net of payment of interests			(140)	(463)
Taxes paid			(3,999)	(4,717)
Net cash provided by (used by) operating activities			8,643	5,344
Purchase of tangible and intangible assets, net of proceeds from sales			(12,365)	(9,158)
Purchase of securities, net of disinvestments			(154)	(768)
Income from securities, net of management fees			1,444	1,704
Purchase of other investments			(161)	(282)
Acquisition of controlled subsidiaries, net of cash acquired			(15,492)	0
Cash flows provided by (used by) investing activities			(26,728)	(8,504)
Proceeds from financial liabilities, net of repayments			33,030	2,883
Financial receivables repaid (granted) from related parties			(853)	(2,562)
Interests receipts on financial receivables from related parties			1	1
Dividends payment			(7,440)	(9,198)
Interests and other expenses paid on loans			(1,082)	(1,042)
Repayment of financial liabilities for leased assets (interests included)			(1,777)	(1,666)
Financial receivables repaid (granted) from third parties			(948)	0
Other financial liabilities/assets			0	1
Cash flows provided by (used by) financing activities			20,931	(11,583)
Effect of exchange rate differences			2,056	(1,009)
Increase (decrease) in cash and cash equivalents			4,902	(15,752)
Cash and cash equivalents at the beginning of the period			30,700	48,521
Cash and cash equivalents at the end of the period			35,602	32,769
Consolidated net result per share In the first nine months of 2021, net income per ordinary share was equal to €0.57307 while that per savings share was equal to €0.58971. In the first nine months of the previous year, net income per ordinary share amounted to € 0.16586 and to €0.18249 per savings share.
Consolidated income (loss) per share
Euro
	9M 2021	9M 2020

Net income (loss) per ordinary share Net income (loss) per savings	0.57307 0.58971	0.16586 0.18249

Consolidated net result per share

Consolidated income (loss) per share

Euro

Net income (loss) per ordinary share Net income (loss) per savings share

Impact of the Covid-19 epidemic on the results as at September 30, 2021

Covid-19 one-offs

			SAES Group – Additional periodic financial information as at September 30, 2021



Impact of the Covid-19 epidemic on the results as at September 30, 2021

Covid-19 one-offs
Thousands of euro
			3Q 2021
Covid-19 one-offs	Direct labor	Manufactoring overhead	R&D expenses	Selling expenses	G&A expenses	Total
Personnel cost	(3)	(1)	0	0	6	2	(*)
Maintenance and repairs					40	40
Material and office material					1	1
Transport, insurance, freight-direct					0	0
Consultant fees					(3)	(3)
Canteen, cleaning, vigilance Training					48 0	48 0
Total cost of sales and extraordinary
operating expenses Covid-19	(3)	(1)	0	0	92	88
(*) The amount is composed by:
- saving for USA governmental misures to support companies and families, for -4 thousands of euro;
- additional personnel costs, for 6 thousands of euro.

Covid-19 one-offs
Thousands of euro			9M 2021
Covid-19 one-offs	Direct labor	Manufactoring	R&D expenses	Selling	G&A expenses	Total
		overhead		expenses
Personnel cost	(32)	(14)	(6)	(2)	22	(32)	(*)
Maintenance and repairs Material and office material					108 4	108 4
Transport, insurance, freight-direct					0	0
Consultant fees					7	7
Canteen, cleaning, vigilance					123	123
Training					0	0
Total cost of sales and extraordinary operating expenses Covid-19	(32)	(14)	(6)	(2)	264	210

Covid-19 one-offs

Thousands of euro
				3Q 2021
		overhead	R&D expenses	Selling expenses







Total cost of sales and extraordinary
operating expenses Covid-19
(*) The amount is composed by:
- saving for USA governmental misures to support companies and families, for -4 thousands of euro;
- additional personnel costs, for 6 thousands of euro.
Covid-19 one-offs Thousands of euro			9M 2021
Covid-19 one-offs	Direct labor	Manufactoring overhead	R&D expenses	Selling expenses	G&A expenses	Total
Personnel cost	(32)	(14)	(6)	(2)	22	(32)
Maintenance and repairs					108	108
Material and office material					4	4
Transport, insurance, freight-direct					0	0
Consultant fees					7	7
Canteen, cleaning, vigilance					123	123
Training					0	0
Total cost of sales and extraordinary
operating expenses Covid-19	(32)	(14)	(6)	(2)	264	210
(*) The amount is composed by:
- saving for USA governmental misures to support companies and families, for -58 thousands of euro;
- additional personnel costs, for 26 thousands of euro.


Performance of the joint ventures

Performance of the joint ventures

Actuator Solutions

Actuator Solutions GmbH is based in Gunzenhausen (Germany) and is 50% jointly owned by SAES and Alfmeier Präzision, a German group operating in the fields of electronics and advanced plastic materials. This joint venture is focused on the development, production and commercialization of actuators using shape memory alloys in place of the engine. In 2020 its Asian subsidiaries Actuator Solutions Taiwan Co., Ltd. and Actuator Solutions (Shenzhen) Co., Ltd. completed the liquidation process, which began at the end of 2019.

Actuator Solutions recorded net revenues equal to €10.9 million in the first nine months of 2021, compared to €10.8 million in the corresponding period of 2020. However, the two years are not comparable since during the third quarter of 2020 Actuator Solutions sold a production line of actuators for the seat comfort business to its partner Alfmeier Präzision, renouncing sales, but receiving in exchange a commission equal to the margin that it would have realized if it had continued the productive activities. Therefore, this operation reduced the revenues of the joint venture in the automotive sector in the first half of 2021, replaced only by commissions, with no effect on the results. In order to make a consistent comparison, please note that the pro-forma value of revenues for the first nine months of 2021 would have been equal to €13.5 million¹⁵, up by 25.2% compared to the previous period, thanks to the recovery in the automotive business, albeit penalized by difficulties in the procurement of electronic components. Also the fees generated by the application development activities in the actuator sector increased by 38% compared to the first nine months of 2020, favored by the prototyping activities carried out on behalf of Rapitag GmbH (tag for mobile check-out in retail applications and with anti-theft

¹⁵ The figure was calculated without considering the aforementioned sale of the seat comfort production line in the first two quarters of 2021; instead, the third quarter of 2021 only considers the value of commissions, being it already comparable with the third quarter of 2020.

function). Finally, please note that the sales related to the development and assembly contract for Covid-19 rapid diagnostic test devices recorded revenues equal to €1.7 million (€1.5 million in the first nine months of 2020). Net income was equal to €1.3 million, compared to €0.4 million in the corresponding period of 2020: the increase, with the same operating income, was mainly due to the financial income, equal to €0.5 million, recorded by the joint venture following the partial waiver by the SAES Group of the interest accrued on the loans granted to Actuator Solutions GmbH. In addition, the interest rate applied on these loans was reduced from 6% to 2% starting from January 1, 2021, resulting in savings for the joint venture of approximately €0.2 million in the first nine months of 2021. Finally, please note that the year 2020 included a negative amount of €0.2 million under the item "exchange rate differences" deriving from the release into the income statement of the translation reserve generated by the consolidation of the Asian subsidiaries, after their liquidation. Actuator Solutions 9M 2021 9M 2020 100% 100% Total net sales 10,946 10,800 Cost of sales (8,045) (7,981) Gross profit 2,901 2,819 % on sales 26.5% 26.1%

Thousands of euro
-------------------	--

function). Finally, please note that the sales related to the development and assembly contract for Covid-19 rapid diagnostic test devices recorded revenues equal to €1.7 million (€1.5 million in the first nine months of 2020). Net income was equal to €1.3 million, compared to €0.4 million in the corresponding period of 2020: the increase, with the same operating income, was mainly due to the financial income, equal to €0.5 million, recorded by the joint venture following the partial waiver by the SAES Group of the interest accrued on the loans granted to Actuator Solutions GmbH. In addition, the interest rate applied on these loans was reduced from 6% to 2% starting from January 1, 2021, resulting in savings for the joint venture of approximately €0.2 million in the first nine months of 2021. Finally, please note that the year 2020 included a negative amount of €0.2 million under the item "exchange rate differences" deriving from the release into the income statement of the translation reserve generated by the consolidation of the Asian subsidiaries, after their liquidation.
Thousands of euro

	100%	100%

Total net sales	10,946	10,800
Cost of sales	(8,045)	(7,981)
Gross profit % on sales	2,901 26.5%	2,819 26.1%

Total operating expenses Other income (expenses), net	(1,890) 33	(1,967) 174
Operating income (loss)	1,044	1,026
% on sales	9.5%	9.5%
Interests and other financial income, net	319	(453)
Foreign exchange gains (losses), net	(22)	(164)
Income taxes Net income (loss)	(14) 1,327	7 416

¹⁶ 50% pro-quota amount.

Thousands of euro
-------------------	--

SAES Group – Additional periodic financial information as at September 30, 2021




Actuator Solutions - SAES Group interest (50% )
Thousands of euro
	September 30,	December 31,
Actuator Solutions	2021	2020
Statement of financial position	50%	50%
Non current assets	2,732	3,012
Current assets	1,443	1,809
Total Assets	4,175	4,821
Non current liabilities	4,096	4,306
Current liabilities	2,126	3,226

Total Liabilities	6,222	7,532
Capital Stock, Reserves and Retained Earnings	(2,711)	(2,970)
Net income (loss) for the period	664	189
Other comprehensive income (loss) for the period	0	70
(*) Total Equity	(2,047)	(2,711)
(*) Currency translation differences arising from the conversion in euro of the financial

statements of Actuator Solutions Taiwan Co., Ltd. and Actuator Solutions (Shenzhen) Co., Ltd.
from January 1, 2020 to the liquidation date, as well as upon the conversion reserve release to
P&L after the liquidation of the two asian companies.
Actuator Solutions	9M 2021	9M 2020

Statement of profit or loss	50%	50%
Total net sales	5,473	5,400
Cost of sales	(4,023)	(3,991)
Gross profit	1,450	1,409
Total operating expenses	(945)	(984)
Other income (expenses), net	17	87
Operating income (loss)	522	512

Interests and other financial income, net	160	(227)
Foreign exchange gains (losses), net Income taxes	(11) (7)	(82) 4

(*)
(*) Currency translation differences arising from the conversion in euro of the financial
statements of Actuator Solutions Taiwan Co., Ltd. and Actuator Solutions (Shenzhen) Co., Ltd. from January 1, 2020 to the liquidation date, as well as upon the conversion reserve release to P&L after the liquidation of the two asian companies.

Statement of profit or loss	50%	50%
Total net sales	5,473	5,400
Cost of sales	(4,023)	(3,991)
Gross profit	1,450	1,409
Total operating expenses	(945)	(984)
Other income (expenses), net	17	87
Operating income (loss)	522	512
Interests and other financial income, net	160	(227)
Foreign exchange gains (losses), net	(11)	(82)
Income taxes	(7)	4
Net income (loss)	664	207
Exchange differences	0	(5)
Release of conversion reserve for liquidation of
subsidiaries	0	75
Total comprehensive income (loss) for the period	664	277
Statement of profit or loss	3Q 2021	3Q 2020
	50%	50%
Total net sales	1,898	1,460
Cost of sales	(1,508)	(1,128)
Gross profit	390	332
Total operating expenses	(314)	(339)
Other income (expenses), net	2	5
Operating income (loss)	78	(2)
Interests and other financial income, net	(29)	(75)
Foreign exchange gains (losses), net	(6)	(70)
Income taxes	(5)	(4)
Net income (loss)	38	(151)
Exchange differences	0	(7)

Release of conversion reserve for liquidation of subsidiaries	0	75
Total comprehensive income (loss) for the period	38	(83)

SAES RIAL Vacuum S.r.l.

SAES RIAL Vacuum S.r.l., established at the end of 2015, is jointly controlled by SAES Getters S.p.A. (49%)
and Rodofil S.r.l. (51%). The company is specialized in the design and manufacturing of vacuum chambers for

SAES RIAL Vacuum S.r.l.

Despite the increase in revenues, the gross margin decreased (from 22.8% to 18.6%) due to a different product mix, with the prevalence of projects with lower margins, and the period ended with a gross profit equal to €0.9 million, compared to €0.8 million in the first nine months of 2020. The increase in absolute terms of the gross profit remained constant both at the operating income level (€0.5 million, compared to €0.4 million in the first nine months of 2020), and at the net income one (€0.4 million, compared to €0.3 million in the first nine months of 2020). SAES RIAL Vacuum S.r.l. 9M 2021 9M 2020 100% 100%

Thousands of euro
-------------------	--

accelerators, synchrotrons and for industrial applications, and combines at the highest level the competences of SAES in the field of materials, vacuum applications and innovation, with the experience of Rodofil in the design,
assembling and fine mechanical productions, with the aim of offering absolutely excellent quality products and of successfully competing in the international markets.
SAES RIAL Vacuum S.r.l. ended the first nine months of 2021 with revenues equal to €4.9 million, up by 45.3% compared to €3.4 million in the corresponding period of 2020 that, instead, was characterized by the delay of some large research projects, also due to the Covid-19 pandemic. Despite the increase in revenues, the gross margin decreased (from 22.8% to 18.6%) due to a different product mix, with the prevalence of projects with lower margins, and the period ended with a gross profit equal to €0.9 million, compared to €0.8 million in the first nine months of 2020. The increase in absolute terms of the gross profit remained constant both at the operating income level (€0.5 million, compared to €0.4 million in the first nine months of 2020), and at the net income one (€0.4 million, compared to €0.3 million in the first nine months of 2020).
Thousands of euro SAES RIAL Vacuum S.r.l.	9M 2021	9M 2020

	100%	100%

Total net sales	4,937	3,398
Cost of sales	(4,019)	(2,623)
Gross profit % on sales	918 18.6%	775 22.8%
Total operating expenses	(485)	(391)
Other income (expenses), net	105	28
Operating income (loss)	538	412
% on sales	10.9%	12.1%
Interests and other financial income, net	(22)	(31)
Foreign exchange gains (losses), net	(12)	0
Income taxes	(130)	(91)

SAES Group – Additional periodic financial information as at September 30, 2021 SAES RIAL Vacuum S.r.l. - SAES Group interest (49% ) Thousands of euro September 30, December 31, SAES RIAL Vacuum S.r.l. 2021 2020 Statement of financial position 49% 49% Non current assets 314 Current assets 1,464 1,695 Total Assets 1,778 1,997






















Non current liabilities 196
Current liabilities 640 1,037 Total Liabilities 836 1,238
Capital Stock, Reserves and Retained Earnings 759
Net income (loss) for the period 183
Other comprehensive income (loss) for the period (*) 0
942
(*) Actuarial differences on the employee severance indemnities (TFR), according to the IAS 19.
SAES RIAL Vacuum S.r.l. 9M 2021 9M 2020
Statement of profit or loss 49% 49%
Total net sales 2,419 1,665
Cost of sales (1,969) (1,285)
Gross profit 450
Total operating expenses (238) (192)
Other income (expenses), net 51
Operating income (loss) 263
Interests and other financial income, net (11)
Foreign exchange gains (losses), net (5) Income taxes (64)
Net income (loss) 183
Actuarial gain (loss) on defined benefit plans, net of taxes 0
Totale comprehensive income (loss) for the period 183



Cost of sales (625) (570)
Gross profit 262
Total operating expenses (71)
Other income (expenses), net (1)



Net income (loss) 130
Actuarial gain (loss) on defined benefit plans, net of taxes 0
Totale comprehensive income (loss) for the period 130



Flexterra, Inc., based in Skokie (close to Chicago, Illinois, USA), was established at the end of 2016 as a
SAES RIAL Vacuum S.r.l. 3Q 2021 3Q 2020 Statement of profit or loss 49% 49% Total net sales 887 Operating income (loss) 190 Interests and other financial income, net (5) Foreign exchange gains (losses), net (2) Income taxes (53)

Flexterra

Flexterra, Inc., based in Skokie (close to Chicago, Illinois, USA), was established at the end of 2016 as a development start-up with the objective of designing, manufacturing and commercializing materials and components for truly flexible displays. Flexterra, Inc. fully controls Flexterra Taiwan Co., Ltd. SAES currently holds 46.73% of the share capital of the joint venture Flexterra, Inc.

During the fiscal year 2021 Flexterra has made progress, albeit with some delays in the progress of some research projects. In particular, some feasibility studies and joint experiments have been launched with an The joint venture Flexterra ended the first nine months of 2021 with a net consolidated loss equal to €3.2 million, compared to a negative result of €3 million in the corresponding period of 2020 (mainly costs for personnel employed in research activities and in general and administrative activities, consultancy fees, costs related to the management of patents and amortization of intangible assets, including intellectual property). The negative difference was mainly due to the financial interests accrued on the two convertible loans, granted by the SAES Group respectively in July 2020 (\$3 million) and in August 2021 (first tranche equal to \$1 million). Flexterra 9M 2021 9M 2020 100% 100%

SAES Group – Additional periodic financial information as at September 30, 2021


important Asian player for the development of innovative displays for reading, to which Flexterra will be able to contribute to with its advanced materials.
The joint venture Flexterra ended the first nine months of 2021 with a net consolidated loss equal to €3.2 million, compared to a negative result of €3 million in the corresponding period of 2020 (mainly costs for personnel employed in research activities and in general and administrative activities, consultancy fees, costs related to the management of patents and amortization of intangible assets, including intellectual property). The negative difference was mainly due to the financial interests accrued on the two convertible loans, granted by the SAES Group respectively in July 2020 (\$3 million) and in August 2021 (first tranche equal to \$1 million).
Thousands of euro
Flexterra	9M 2021	9M 2020
	100%	100%
Total net sales	5	51
Cost of sales	(1)	(27)
Gross profit	4	24
% on sales	80.0%	47.1%
Total operating expenses	(3,022)	(3,090)
Other income (expenses), net	17	2
Operating income (loss) % on sales	(3,001) n.a.	(3,064) n.a.
Interests and other financial income, net	(176)	(58)
Foreign exchange gains (losses), net	44	137
Income taxes	(29)	30

Net income (loss) The share of the SAES Group in the loss of this joint venture amounted to -€1.5 million in the first nine months of 2021 (-€1.4 million as at September 30, 2020), but since the SAES investment in Flexterra has already been completely eliminated17 and as there is currently no legal or implicit obligation of the Group to recapitalize, in	(3,162)	(2,955)
accordance with the provisions of IAS 28, the share of SAES in the net loss has not been recognized by the
Group as a liability.
Flexterra - SAES Group interest (46.73% ) Thousands of euro
Flexterra	September 30, 2021	December 31, 2020
Statement of financial position	46.73%	46.73%
Non current assets	5,484	5,628
Current assets	660	1,086
Total Assets	6,144	6,714
Non current liabilities Current liabilities	63 1,980	44 1,343
Total Liabilities	2,043	1,387

of 2021 (-€1.4 million as at September 30, 2020), but since the SAES investment in Flexterra has already been completely eliminated17 and as there is currently no legal or implicit obligation of the Group to recapitalize, in accordance with the provisions of IAS 28, the share of SAES in the net loss has not been recognized by the Group as a liability. Thousands of euro Flexterra	September 30, 2021	December 31, 2020

Statement of financial position	46.73%	46.73%
Non current assets	5,484	5,628
Current assets	660	1,086
Total Assets	6,144	6,714
Non current liabilities	63	44
Current liabilities Total Liabilities	1,980 2,043	1,343 1,387

Capital Stock, Reserves and Retained Earnings Reserve for stock options plan	5,154 173	7,595 173
Net income (loss) for the period	(1,477)	(1,811)
Other comprehensive income (loss) for the period	251	(630)
() Total Equity () Currency translation differences arising from the conversion in euro of the financial	4,101	5,327

¹⁷ Investment completely zeroed as at December 31, 2020, following the impairment test.

SAES Group – Additional periodic financial information as at September 30, 2021




9M 2021	9M 2020
	46.73%
	24
	(13)
	11
	(1,444)
	1
	(1,432)
	(27)

	64
	14
	(1,381)
	(311)
	(1,692)
3Q 2021	3Q 2020
	46.73%
	1

	0
	1 (448)
	1
(472)	(446)
(30)	(23)


6	29
1	4
(495)	(436)
104 (391)	(324) (760)
	46.73% 2 0 2 (1,412) 8 (1,402) (82) 21 (14) (1,477) 251 (1,226) 46.73% 0 1 1 (473) 0

Total statement of profit or loss of the Group
Thousands of euro	9M 2021
	Consolidated profit or loss	50% Actuator Solutions	Intercoy eliminations & other adjustments	49% SAES RIAL Vacuum S.r.l.	Intercoy eliminations & other adjustments	46.73% Flexterra	Intercoy eliminations & other adjustments	Total profit or loss of the Group
Total net sales	137,140	5,473	(223)	2,419	(395)	2		144,416
Cost of sales	(79,118)	(4,023)	223	(1,969)	395	0		(84,492)
Gross profit	58,022	1,450	0	450	0	2	0	59,924
% on sales	42.3%							41.5%
Total operating expenses	(40,829)	(945)		(238)		(1,412)	57	(43,367)
Other income (expenses), net	(185)	17		51		8		(109)
Operating income (loss)	17,008	522	0	263	0	(1,402)	57	16,448
% on sales	12.4%							11.4%
Interest and other financial income, net	968	160	(190)	(11)		(82)	71	916
Income (loss) from equity method evaluated companies	183 (146)	(11)	0 0	(5)	(183)	21	68	0 (73)
Foreign exchange gains (losses), net
Income (loss) before taxes	18,013	671	(190)	247	(183)	(1,463)	197	17,292
Income taxes	(7,489)	(7)		(64)		(14)		(7,574)
Net income (loss) from continued operations	10,524	664	(190)	183	(183)	(1,477)	197	9,718
Income (loss) from assets held for sale and discontinued	0							0
operations Net income (loss) before minority interest	10,524	664	(190)	183	(183)	(1,477)	197	9,718
Net income (loss) pertaining to minority interest	0							0
Net income (loss) pertaining to the Group	10,524	664	(190)	183	(183)	(1,477)	197	9,718

Total statement of profit or loss of the Group

Thousands of euro	3Q 2021
	Consolidated profit or loss	50% Actuator Solutions	Intercoy eliminations & other adjustments	49% SAES RIAL Vacuum S.r.l.	Intercoy eliminations & other adjustments	46.73% Flexterra	Intercoy eliminations & other adjustments	Total profit or loss of the Group
Total net sales	51,255	1,898	(82)	887	(106)	0		53,852
Cost of sales	(28,613)	(1,508)	82	(625)	106	1		(30,557)
Gross profit	22,642	390	0	262	0	1	0	23,295
% on sales	44.2%							43.3%
Total operating expenses	(13,096)	(314)	0	(71)		(473)	19	(13,935)
Other income (expenses), net	(82)	2		(1)		0		(81)
Operating income (loss)	9,464	78	0	190	0	(472)	19	9,279
% on sales	18.5%							17.2%
Interest and other financial income, net	(167)	(29)	21	(5)		(30)	25	(186)
Income (loss) from equity method evaluated companies	130		0		(130)			0
Foreign exchange gains (losses), net	(74)	(6)	0	(2)		6	68	(8)
Income (loss) before taxes	9,353	43	21	183	(130)	(496)	112	9,085
Income taxes	(3,018)	(5)		(53)		1		(3,075)
Net income (loss) from continued operations	6,335	38	21	130	(130)	(495)	112	6,010
Income (loss) from assets held for sale and discontinued operations	0							0
Net income (loss) before minority interest	6,335	38	21	130	(130)	(495)	112	6,010
Net income (loss) pertaining to minority interest	0							0
Net income (loss) pertaining to the Group	6,335	38	21	130	(130)	(495)	112	6,010

Significant events occurred after the end of the quarter

On 14 October 2021, the Board of Directors approved the Policy for the management of the Dialogue with Shareholders and Investors. The document is available on the Group's website, at www.saesgetters.com/investor-relations/corporate-governance/policies-procedures/dialogue-shareholders-andinvestors.

Upon completion of the agreements signed in 2015 and their subsequent evolutions, on October 25, 2021, SAES Getters S.p.A. announced that an agreement has been reached for the acquisition of the entire share capital of SAES RIAL Vacuum S.r.l. In particular, SAES Getters S.p.A., which already holds 49% of the shares and currently consolidates the company using the equity method, intends to acquire 100% of the share capital of SAES RIAL Vacuum S.r.l., with the aim of consolidating its leadership in the advanced scientific research market, maximizing synergies with other Group companies operating in the high vacuum business, including the newly acquired Strumenti Scientifici Cinel S.r.l.

The proposed consideration, preliminarily approved by the Board of Directors held on October 14, 2021, is around €5.25 million and was calculated by adding the enterprise value (equal to approximately 10 times the EBITDA of the year 2020, adjusted for non-recurring items) to the net financial position as at December 31, 2020, adjusted for one-off items as well.

The closing of the acquisition, subject to the successful completion of the financial and tax due diligence, is expected at the beginning of 2022.

Please note that the value of the securities portfolio of the Group, consisting mainly of buy&hold assets, at the end of October 2021 is substantially in line (-0.01%) with that as at September 30, 2021.

Business outlook

A consolidation of the quarterly results is expected in the coming months, with a gradual improvement of those sectors that are still penalized by contingent factors, such as the packaging and the industrial SMA ones. The recent acquisitions will contribute to this as well, by further pushing the growth of the vacuum systems business.

***

It should be noted that the additional periodic financial information as at September 30, 2021 is unaudited.

***

Consob regulatory simplification process

Please note that, on November 13, 2012, the Board of Directors has approved, pursuant to article no. 3 of Consob resolution no.18079/2012, to adhere to the opt-out provisions as envisaged by article no.70, paragraph 8, and no. 71, paragraph 1-bis, of the Consob Regulation related to Issuer Companies, and it therefore avails itself of the right of making exceptions to the obligations to publish information documents required in connection with significant mergers, spin-offs and capital increases by contributions in kind, acquisitions and disposals.

***

The Officer Responsible for the preparation of corporate financial reports of SAES Getters S.p.A. certifies that, in accordance with the second subsection of article 154-bis, part IV, title III, second paragraph, section V-bis, of Legislative Decree February 24, 1998, no. 58, the financial information included in the present document corresponds to book of account and book-keeping entries.

The Officer Responsible for the preparation of corporate financial reports Giulio Canale

Lainate, Milan - Italy, November 10, 2021

On behalf of the Board of Directors Dr Ing. Massimo della Porta President

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SAES GETTERS S.p.A.

Additional periodic financial information as at September 30, 2021

HIGHLIGHTS OF THE THIRD QUARTER OF 2021

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of profit or loss

Consolidated statement of other comprehensive income

Consolidated Statement of Financial Position

Consolidated Cash Flows Statement

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Accounting Principles, Methods and Structure of the Group

Other relevant events occurred in the third quarter of 2021

Net Sales by Business and by Geographic Location of Customers

Information by operating segment

Metallurgy Division

Vacuum Technology Division

Medical Division

Specialty Chemicals Division

Advanced Packaging Division

Not Allocated

Economic results of the third quarter of 2021

Net financial position

Consolidated Net Financial Position

JANUARY – SEPTEMBER 2021

Net Sales by Business and by Geographic Location of Customers

Information by operating segment

Economic results of the first nine months of 2021

Consolidated statement of profit or loss

Consolidated Cash Flows Statement

Consolidated net result per share

Consolidated income (loss) per share

Impact of the Covid-19 epidemic on the results as at September 30, 2021

Covid-19 one-offs

Covid-19 one-offs

Performance of the joint ventures

Actuator Solutions

SAES RIAL Vacuum S.r.l.

Flexterra

Significant events occurred after the end of the quarter

Business outlook

Consob regulatory simplification process

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