Antares Vision — Earnings Release 2023

Feb 23, 2024

PRESS RELEASE

FY 2023 PRELIMINARY RESULTS

EXCL. "L5 BUSINESS": REVENUES €215-220M, ADJ. EBITDA €13-15M; NFP €103M '24-'26 STRATEGIC PLAN TO BE PRESENTED BY BEGINNING OF MAY 2024

Travagliato (Brescia), 23 February 2024 – The Board of Directors of Antares Vision S.p.A. (EXM, AV:IM), met today to discuss the unaudited preliminary consolidated results as at 31 December 2023, drawn up in compliance with international accounting standards (IAS/IFRS). As already announced on 30 January 2023, the approval date of the draft annual and consolidated financial statements as at 31 December 2023 has been set for 7 May 2024, to take into account the time needed to renegotiate medium-long term loan agreements with the relative financial institutions and to finalise the internal and external audits (the latter with the assistance of external consultants) currently in progress on the business of the subsidiary rfxcel Corp. relating to the supply of Government Hubs ("L5 Business"). Note, therefore, that the results illustrated below have not been audited yet, this means that some amendments may be made at the time of approval of the draft annual and consolidated financial statements.

The Board of Directors, on the proposal of the Management Team and also considering that the above-mentioned audits are still in progress, decided to adopt a prudential approach for the L5 Business, applying the same criteria used for the 2024 budget. Consequently, from an operational perspective, in FY 2023, the revenues relating to L5 Business only include those that have actually been collected by the group, or that have a high probability of collection.

Therefore, in FY 2023, consolidated revenues amount between €215-220 million. Adjusted EBITDA¹ should be between €13 and €15 million. The Net Financial Position (NFP) as at 31 December 2023, net of the effect resulting from the measurement at market value of the warrants (which will never correspond to an actual cash outlay) was approximately €103 million (including liquidity of around €62 million) compared to €65.4 million (including liquidity of €83.8) as at 31 December 2022.

With regard to the process of renegotiating the medium-long term loan agreements, discussions with the lending institutions have started, and will continue in more depth over the coming weeks. Note that, in accordance with the terms of the agreements, any failure to respect the covenants will be ascertained after the approval of the consolidated financial statements as at 31 December 2023.

Note that, by the date of publication of the final consolidated results for FY 2023, the Group will present the new 2024-2026 strategic plan.

¹ Adjusted EBITDA, calculated excluding non-recurring costs equal.

PRESS RELEASE

ANTARES VISION GROUP

Antares Vision Group è una multinazionale italiana quotata su Euronext, segmento Star, e inclusa nell'indice Euronext Tech Leaders - dedicato alle aziende leader nel settore della tecnologia e ad alto potenziale di crescita. Abilita la digitalizzazione di prodotti e di filiere attraverso tracciabilità, ispezione per controllo qualità e gestione integrata dei dati. Attraverso Diamind, l'ecosistema integrato di soluzioni, il Gruppo garantisce sicurezza, qualità, efficienza e sostenibilità dei prodotti (con sistemi e macchine di ispezione) e la tracciabilità degli stessi lungo tutta la filiera (dalle materie prime, alla produzione, dalla distribuzione fino al consumatore e viceversa), con una gestione integrata di dati, potenziata dall'intelligenza artificiale e integrabile con blockchain. AV Group opera nel settore Life Science (prodotti farmaceutici, dispositivi biomedicali e ospedali) e nel FMCG (Fast-Moving Consumer Goods). È leader nella tracciabilità dei farmaci, fornendo i principali produttori mondiali (oltre il 50% delle top 20 multinazionali) e diverse autorità governative. Ha registrato nel 2022 ricavi per €223 milioni (+ 25% Y/Y), è presente in 60 Paesi, conta più di 1.300 dipendenti e vanta una rete di oltre 40 partner internazionali. Ulteriori informazioni: www.antaresvisiongroup.com