Antares Vision — Earnings Release 2025

May 14, 2025

THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED REVENUES AS AT 31 MARCH 2025

ORDERS UP BY +25% Y/Y REVENUES €40.3M; -5% vs. 1Q 2024 DUE TO A DIFFERENT SEASONALITY NFP UNDER CONTROL AT €84M AND IN LINE WITH FY 2024 GUIDANCE FY 2025 CONFIRMED

Travagliato (Brescia), 14 May 2025 – The Board of Directors of Antares Vision S.p.A. (EXM, AV:IM), Italian multinational, leading provider in Track & Trace systems and quality control, which guarantee the transparency of products and supply chains through integrated data management, today approved the Group consolidated revenues for the first quarter of 2025 ("1Q 2025").

Gianluca Mazzantini, CEO and General Manager of Antares Vision Group, commented as follows: "The results of the first quarter of 2025 represent a solid starting point for the year, fully aligned with the growth path outlined in our 2025–2027 Business Plan. The 25% year-over-year increase in orders during the first three months is a clear early sign of the successful implementation of our new commercial organization and the strength of our integrated offering.

On the other hand, the decline in revenues can be attributed to different project delivery timing compared to the previous year and does not alter our outlook for 2025. Our perspective remains positive, supported by growing demand in our key sectors, particularly Pharma and Food.

Net Financial Position remains stable at €84 million, reflecting improved margins driven by continued strong focus on working capital management. We continue to invest in technological innovation and in strengthening our presence in international markets, in line with the objectives of our Business Plan.

Lastly, we confirm our guidance for FY 2025 and look ahead with determination, convinced that the combination of innovation, sustainability, and digitalization is the key driver to creating long-term value for all our stakeholders."

ANALYSIS OF RESULTS FOR 1Q 2025

ORDERS

In the first quarter of 2025, Antares Vision Group recorded a +25% increase in orders Y/Y, driven in terms of geography by Europe (+45% Y/Y and the Americas (+37% Y/Y).

In terms of orders by "CGU," there is a double-digit increase in Life Science & Cosmetics (+29% Y/Y) and triple-digit (+112% Y/Y) for SCT (Supply Chain Transparency), while the Other Business Area (Other) shows a 39% Y/Y growth. FMCG (Fast-Moving Consumer Goods), on the other hand, posted a negative performance (-8% Y/Y), mainly due to the Rigid Containers sector.

CONSOLIDATED TURNOVER

In the first three months of the year, the Group recorded net consolidated revenues of €40.3 million, down by -5% Y/Y. The delay recorded in the revenues of the first quarter (€2.3M) is mainly due to the effect of a different seasonality in the invoicing of the inspection machines and systems of the Life Science segment. In terms of Business Units, Services, instead, recorded positive performance (+22% Y/Y), with FMCG in line with 1Q 2024 and SCT up by 14% Y/Y.

(Ricavi da CGU (m)	10 2025	క్క	1Q 2024	0/0	Variazione %
Life Science & Cosmetics	16.9	42%	18.6	44%	-9%
FMCG	14.1	35%	14.3	34%	-2%
SCT	8.3	21%	7.3	17%	14%
Altre Attività	1.0	3%	2.4	6%	-56%
Antares Vision Group	40.3	100%	42.6	100%	-5%

Revenues by CGU 1Q 2025 vs. 1Q 2024 (Euro m)

Source: Antares Vision Group

The table shows sales based on the organization structured into four CGUs.

In particular, the Life Science & Cosmetics ("LS&C") CGU continues to be the most important benchmark in terms of percentage of total turnover (42%), despite a 9% Y/Y fall in revenues, mainly due to lower revenues from Pharma inspection machines, due to a different seasonality, which will be recovered in the next quarters.

The Fast Moving Consumer Goods ("FMCG") CGU was substantially flat (-2% Y/Y), impacted by a decrease in Rigid Containers (-16% Y/Y), partly offset by the very positive trend of inspection machines for the Food segment (+53% Y/Y).

The Supply Chain Transparency ("SCT") CGU, which encompasses the Group's software solutions, recorded an increase of 14% Y/Y, with a significant recovery of Life Science software (+30% Y/Y).

Lastly, the "Other Business" CGU posted a decrease of 56% Y/Y, as the first quarter of 2024 had benefitted from the ASL Naples project (Digital Healthcare solutions).

Revenues by BU 1Q 2025 vs. 1 Q 2024 (Euro m)

Ricavi da Business Unit	10 2025	196 1	10 2024	96 1	Variazione %
Life Science & Cosmetics	9.3	23%	13.1	31%	-29%
FMCG	10.1	25%	10.3	24%	-1%
SCT	8.3	21%	7.3	17%	14%
Servizi	11.6	29%	9.5	22%	22%
IAltre Attività	1.0	3%	2.4	6%	-56%
Antares Vision Group	40.3	100%	42.6	100%	-5%

Source: Antares Vision Group

With regard to revenues by Business Unit, here Services are separated from the Life Science & Cosmetics and FMCG CGUs and combined in a single business area, which in 1Q 2025 recorded a +22% increase Y/Y.

Summing recurring revenues (Services plus Supply Chain Transparency - SCT), they result in a growth of +18%Y/Y in 1Q 2025 and represent 49% of total turnover, against 39% recorded in the same period of the previous year.

Ricavi per Area Geografica (€m)	10 2025	8	10 2024	96	Variazione %
Iltalia	8.2	20%	9.7	23%	-16%
Europa	13.5	33%	10.8	25%	24%
Americhe	15.5	38%	17.8	42%	-13%
Asia e Oceania	2.2	6%	3.1	7%	-29%
IAfrica e Medio Oriente	0.9	2%	1.1	3%	-19%
Antares Vision Group	40.3	100%	42.6	100%	-5%

Revenues by Geography 1Q 2025 vs. 1Q 2024 (Euro m)

Source: Antares Vision Group

With regard to the growth in revenues by geography, the area that recorded the highest growth was Europe (+24% Y/Y). Italy recorded a slowdown with respect to the strong growth posted in the first quarter of 2024 (+56% against the first quarter of 2023), which had benefitted from the imminent change in pharmaceutical legislation. Europe, including Italy, continues to be the most important area for the Group, with turnover representing 59% of total sales.

The Americas, the second most important area for the Group, recorded a fall of 13% Y/Y, influenced mainly by the slowdown recorded both in the FMCG market (particularly Rigid Containers), and in the Life Science one; currently, this area accounts for 39% of the Group's sales.

Both Africa & the Middle East posted downtrends, recording a fall of 19% and 29% Y/Y respectively. Note that the absolute amount of this decrease is fairly contained.

EVENTS AFTER THE END OF THE PERIOD

Presentation of the 2025–2027 Business Plan – On April 7, the Company presented the strategic guidelines and financial targets of its 2025–2027 Industrial Plan. Gianluca Mazzantini commented: "In the first year of the plan under the new management team, the Group focused on efficiency, with the goal of improving profitability and generating cash to reduce the Net Debt/EBITDA ratio to a low of 3.3x. In 2024, both targets were exceeded, with an EBITDA margin of 15.3% compared to 6.2% in 2023, and a Net Debt/EBITDA ratio of 2.6x, down from 7.8x at the end of 2023. For the new 2025–2027 Business Plan, priorities have shifted to growing the top line, leveraging the positive operating leverage created through total cost control. The growth strategy will be implemented through three strategic pillars: 1) accelerating growth through a commercial excellence program; 2) continuing to improve efficiency in both direct and indirect costs; 3) maintaining a strong focus on cash generation. To support growth acceleration, we recently introduced the new role of CRO (Chief Revenue Officer) into the organization. Backed by the entire team, this role will coordinate revenue generation processes and ensure alignment with the Group's forecasting models. Having outlined our development strategy for the next three years (2025–2027), the Group now expects a revenue CAGR of +7–9%, outpacing the growth of our reference markets, combined with an EBITDA CAGR of 18–21%. This significant improvement in profitability will allow us to achieve a Net Debt/EBITDA ratio of below 1.0x by 2027."

Notice of Shareholders' Meeting and Availability of Related Documentation – On April 7, the Company published, also in excerpt form, the notice of call for the Ordinary and Extraordinary Shareholders' Meeting scheduled for May 7, 2025, and made available, in accordance with applicable laws and within the required timeframes, the documentation relating to the items on the agenda.

Delegated Share Capital Increase, Availability of the Updated Articles of Association, and Change in Share Capital and Total Voting Rights – On April 24, the Company announced the new composition of its share capital (fully subscribed and paid-in) and the total number of voting rights, following the partial execution of the share capital increase approved by the Shareholders' Meeting on February 22, 2021, and resolved by the Board of Directors on March 25, 2025, which took place on April 16, 2025. This capital increase was carried out with the exclusion of pre-emptive rights pursuant to Article 2441, paragraph 8, of the Italian Civil Code, for a maximum nominal amount of €674.62, through the issuance of up to 276,484 ordinary shares of the Company, reserved for subscription by Dr. Stefano De Rosa and Dr. Alessandro Cazzaniga, as beneficiaries of a stock-based incentive plan. The capital increase was partially subscribed and paid-in for a total nominal amount of €337.31, with 110,594 shares issued on April 15, 2025, and 27,648 shares issued on April 16, 2025. This was in accordance with the resolution of the Board of Directors dated March 25, 2025, as a partial execution of the authority granted under Article 2443 of the Italian Civil Code by the Extraordinary Shareholders' Meeting held on February 22, 2021.

Ordinary and Extraordinary Shareholders' Meeting – On May 7, the Company's Ordinary and Extraordinary Shareholders' Meeting was held under the chairmanship of Mr. Emidio Zorzella, with the participation of 64.16% of the ordinary share capital, representing 71.59% of the total voting rights, exclusively through proxies granted to Computershare S.p.A., the appointed representative pursuant to Article 135-undecies of Legislative Decree No. 58/1998. The Meeting approved: (i) the Company's financial statements as of December 31, 2024; (ii) the allocation of the net income; (iii) the remuneration report and compensation paid as of December 31, 2024; (iv) the new 2025–2029 longterm stock-based incentive plan; (v) a new authorization for the purchase and disposal of treasury shares; and (vi) share capital increases to support the stock-based incentive plans.

OUTLOOK FOR BUSINESS OPERATIONS

The reduction of the time-to-delivery achieved in 2024 and the 25% increase in orders recorded in the first quarter of 2025, enable the Group to confirm the guidance for FY 2025 announced on 7 April at the time of the presentation of the 2025-2027 Business Plan.

Over the course of the plan, the Group's top management will focus in particular on increasing revenues. These are the main financial and operational objectives:

• Revenue growth: the Group's target is to achieve a higher growth than the reference markets, with the support of a programme of commercial excellence - which entails the appointment of a CRO (Chief Revenue Officer), strengthening the commercial organisation in the geographical areas of most interest, mapping customer investments and adopting best practices at all branches. Lastly, each Business Unit has been assigned specific initiatives.
• Profitability and efficiency: the Group aims to further increase the EBITDA margin by 2027, thanks to price optimisation, operational improvements, excellence in purchasing and savings resulting from economies of scale;
• Financial solidity: the Group intends to maintain the disciplined management of working capital and liquidity achieved at the end of 2024, guaranteeing the continuous reduction of financial leverage over the course of the plan;
• ESG Strategy: in line with the business plan, the Group has developed an ESG strategy based on a double materiality matrix, with clearly defined targets and realistic initiatives.

At the end of Q1 2025, the Net Financial Position stood at €84M, in line with the figure recorded at the end of 2024. This result reflects an improvement in profitability (Q1 2025 vs. Q1 2024), supported by continued strong focus on working capital management.

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Lastly, the Group therefore confirms the Guidance for FY 2025 and, specifically, highlights that:

• as regards revenues, growth will be in the range of +7/9%;
• the Adjusted EBITDA Margin, instead, will be in the range of 16/18%;
• the Net Debt/EBITDA ratio is confirmed in a range between 2.2x and 2.0x.

CONFERENCE WITH INVESTORS AND ANALYSTS

The results as at 31 March 2025, approved today by the Board of Directors, will be presented by Emidio Zorzella - Chairman, Gianluca Mazzantini - CEO and General Manager, Stefano De Rosa - CFO, and Alessandro Baj Badino - Head of Investor Relations & Communication, during a conference call with the financial community planned for today, 14 May 2025, at 6 p.m.

Journalists may attend the presentation, in listening mode only, by connecting to the number reserved to them +39 02 8020927.

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The manager responsible for preparing the company's financial reports, Stefano De Rosa, hereby states, pursuant to and by effect of the provisions of article 154-bis, paragraph 2, of Italian Legislative Decree no. 58 of 1998, that the disclosures contained in this press release match the information reported in the documents, books and accounting records. Note that the turnover figures referred to in this press release have not been audited.

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This press release contains forward-looking statements. These statements are based on the current expectations and forecasts of Antares Vision Group as regards future events, and, by their nature, are subject to an intrinsic element of risk and uncertainty. They are statements that refer to events and depend on circumstances that may, or may not, take place or arise in the future and, as such, should not be unduly relied on. The actual results could significantly differ to those contained in said statements due to numerous factors, including the continuing volatility and a further deterioration of the capital and financial markets, changes in macroeconomic conditions and in economic growth, as well as changes in laws and regulations and in the institutional scenario (both in Italy and abroad), and numerous other factors, the majority of which are beyond the Company's control.

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