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Antares Vision — Earnings Release 2025
Mar 23, 2026
4255_rns_2026-03-23_ec29aa02-a1a2-467a-833d-3c62dbd75a02.pdf
Earnings Release
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ANTARES VISION GROUP
TINFO BIRTHDATE
COMUNICATO STAMPA
THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS OF DECEMBER 31, 2025
FY25 REVENUES: €204M, -2% Y/Y (FLAT EX. FX), MAINLY DUE TO A SLOWDOWN IN LIFE SCIENCE ORDERS FROM Q2 2025
ADJ. EBITDA: €33.4M (+6% Y/Y), EBITDA MARGIN 16.4% VS. 15.3% FY24
OPERATING CASH FLOW: €30.1M VS. €38.6M IN 2024
NET FINANCIAL POSITION IMPROVED TO €76.8M VS. €83.7M AT YE24, THANKS TO CONTINUED WORKING CAPITAL MANAGEMENT AND PROFITABILITY
NET FINANCIAL POSITION / ADJ. EBITDA RATIO AT 2.3x VS. 2.6x FY24
Travagliato (Brescia), 23 March 2026 – The Board of Directors of Antares Vision S.p.A. (EXM, AV:IM), Italian multinational, leading provider of Track & Trace and quality control systems, which guarantee the safety of products and the transparency of supply chains through integrated data management – met today and approved the draft separate and consolidated financial statements as at 31 December 2025.
Fabio Forestelli, CEO of Antares Vision Group, commented: "The final results for FY 2025 confirm our ability to adapt to a dynamic macroeconomic environment and demonstrate the effectiveness of the organizational transformation we have undertaken. We responded with agility to the slowdown in the Life Science sector by rebalancing our commercial mix and focusing decisively on internal process efficiency. Despite the slight decline in revenues - essentially flat at constant exchange rates - the effectiveness of our efficiency initiatives allowed us to close the year with an Adj. EBITDA of €33.4 million and improved margins (16.4% of revenues). The company that emerges from this process is therefore leaner, more dynamic, and focused on value creation."
Emidio Zorzella, Chairman of Antares Vision Group, added: "The Group's industrial strength is clearly reflected in the significant strengthening of its financial structure. We closed 2025 with a Net Financial Position and a PFN/Adj. EBITDA ratio in clear improvement. These figures represent both the culmination of a consolidation phase and, at the same time, the launchpad for our next growth cycle. With these solid financial foundations, we are ready to accelerate the integration of digital solutions to drive long-term growth: our technological leadership and our role as a strategic partner in supply chain digitalization will be key to addressing evolving global market needs and ensuring sustainable long-term growth for all our stakeholders."
ANTARES VISION GROUP
COMUNICATO STAMPA
ANALYSIS OF 2025 ANNUAL RESULTS
ORDERS COLLECTED
In FY 2025, Antares Vision Group recorded a +19% increase in orders Y/Y (+21% Y/Y excl. FX), increasing at a faster pace than the figure recorded in FY 24 (+7% Y/Y).
The acceleration with respect to 2024 is mainly due to SCT (Supply Chain Transparency) contracts, +136% Y/Y), above all, thanks to the renewal of long-term agreements. Excluding SCT contracts, the growth in orders was flat.
In geographic terms, in FY 25, the rise in orders was driven by the Americas, with an increase of +61% Y/Y, while Europe grew by +6% Y/Y. Italy (-4% Y/Y) and Asia & Oceania (-7% Y/Y) recorded a slight drop in orders. Lastly, the Africa & Middle East area recorded a decrease of -40% Y/Y.
As regards the Cash Generating Units (CGU), we draw attention to the increase in Fast-Moving Consumer Goods (+8% Y/Y), while the Life Science & Cosmetics continued on its negative trend, recording a fall of -10% Y/Y. Strong growth in Supply Chain Transparency (+137% Y/Y corresponding to high single-digit annual growth), compared to +65% in the first nine months of the year.
CONSOLIDATED TURNOVER
Revenues in FY 2025 were €204 million and recorded a fall of 2% compared to last year (flat excluding FX); this result is in line with the guidance provided when the results for 9M25 were published.
The table below shows sales based on the organisation structured into four CGUs (Cash Generating Units).
Revenues by CGU – FY 2025 vs. FY 2024 (Euro m)
| Revenues by CGU (€m) | FY 2025 | % | FY 2024 | % | Changes % |
|---|---|---|---|---|---|
| Life Science & Cosmetics | 95.9 | 47% | 97.9 | 47% | -2.1% |
| FMCG | 69.8 | 34% | 71.3 | 34% | -2.1% |
| SCT | 34.8 | 17% | 33.5 | 16% | 4.0% |
| Other | 3.6 | 2% | 4.8 | 2% | -25.1% |
| Antares Vision Group | 204.1 | 100% | 207.5 | 100% | -1.6% |
Source: Antares Vision Group
In FY 2025, the "LS&C" (Life Science & Cosmetics) CGU recorded a -2% decrease compared to the same period of last year, due mainly to a fall of 16% in 4Q; nevertheless, it continues to be the most important reference sector in terms of percentage of total turnover (47%).
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COMUNICATO STAMPA
The "FMCG" (Fast-Moving Consumer Goods) CGU also recorded a -2% decrease Y/Y in FY 2025, due to a -12% fall in 4Q 2025.
The "SCT" (Supply Chain Transparency) CGU, which encompasses all of the Group's Level 4 and Level 5 software solutions, recorded an increase of +4% Y/Y, (+7% in 4Q). It should be noted that, in the period under review, the L5 business did not generate revenue, following the conclusion in 2024 of the long-term contract with Bahrain.
Lastly, in FY 2025, the "Other Business" CGU recorded a decrease of -25% Y/Y. This performance was mainly due to the completion of the ASL Naples project, which had made a large contribution to results in 2024.
Revenues by Business Unit – FY 2025 vs. FY 2024 (Euro m)
| Revenues by BU (€m) | FY 2025 | % | FY 2024 | % | Changes % |
|---|---|---|---|---|---|
| Life Science & Cosmetics | 61.7 | 30% | 67.7 | 33% | -8.9% |
| FMCG | 53.6 | 26% | 55.1 | 27% | -2.7% |
| SCT | 34.8 | 17% | 33.5 | 16% | 4.0% |
| SERVICE | 50.5 | 25% | 46.5 | 22% | 8.6% |
| Other | 3.6 | 2% | 4.8 | 2% | -25.1% |
| Antares Vision Group | 204.1 | 100% | 207.5 | 100% | -1.6% |
Source: Antares Vision Group
With regard to revenues by Business Unit, here the Services are separated from the Life Science & Cosmetics and FMCG CGUs and combined in a single business area, which in FY 2025 recorded a +9% increase Y/Y.
Summing recurring revenues (Services + Supply Chain Transparency), they result in a growth in terms of revenues of +7% Y/Y and represent 42% of total turnover in FY 2025, against 39% recorded in the same period of the previous year.
Revenues by Geographic Area – FY 2025 vs. FY 2024 (Euro m)
| Revenues by Geography (€m) | FY 2025 | % | FY 2024 | % | Changes % |
|---|---|---|---|---|---|
| Italy | 35.0 | 17% | 43.7 | 21% | -20.0% |
| Europe | 65.0 | 32% | 63.6 | 31% | 2.1% |
| America | 76.7 | 38% | 77.2 | 37% | -0.7% |
| Asia & Oceania | 14.5 | 7% | 15.0 | 7% | -3.8% |
| Africa & Middle East | 13.0 | 6% | 7.9 | 4% | 64.5% |
| Antares Vision Group | 204.1 | 100% | 207.5 | 100% | -1.6% |
Source: Antares Vision Group
In terms of growth of revenues by geography, Europe (excluding Italy) made a positive contribution with an increase of +2% Y/Y. The Italian market recorded a fall of -20% Y/Y in FY25, mainly due to
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COMUNICATO STAMPA
the postponement of the entry into force of legislation on serialization. The latter envisages a stabilization period of 24 months, during which operators may continue to use the previous system, leading to a temporary slowdown in supplies regulated by this legislation.
The Americas market, the second most important region, recorded a slight contraction (-1% Y/Y) in FY25, while the Africa & Middle East area recorded double-digit growth in percentage terms (+64% Y/Y), confirming the validity of the strategic decision to develop the Life Science & Cosmetics ("LS&C") business. More specifically, the growth of the inspection machines business in the Middle East is worth noting, which drove the overall performance of the area, even in the face of a complex geopolitical scenario.
On the contrary, Asia and Oceania posted a lower turnover (-3% Y/Y), due to the strategic decision, taken in 2024, to stop supplying inspection machines to some Asian markets. Although it led to a fall in the area's revenues, this decision had a positive impact on overall profitability, in keeping with the objectives to rationalize and improve the commercial mix.
CONSOLIDATED INCOME STATEMENT
The Consolidated Income Statement as at 31 December 2025 is shown below, reclassified according to management criteria.
"Revenues," amounting to €204.1 million as of December 31, 2025, decreased by €3.4 million compared to the same period of the previous year (1.63%). The result was not affected by changes in scope. Foreign exchange had an overall negative impact of €4 million, mainly due to the depreciation of the U.S. dollar (-€3.5 million) and the Brazilian real (-€0.4 million). Excluding the negative impact from exchange rate fluctuations, revenues were broadly in line with the previous year, showing an increase of €0.8 million (+0.4%).
The "Value of Production", which was €211.3 million as at 31 December 2025, recorded a 3.05% decrease against last year, when it amounted to €218 million. The decrease, greater than that of revenues, is attributable to a lower amount of capitalized development costs (€4.1 million in 2025 vs. €6.4 million in 2024), partly offset by operating grants and other income.
The "Cost of Goods Sold (COGS)", which was €41.8 million as at 31 December 2025, recorded an 15.3% decrease against last year, when it amounted to €49.4 million, and represented a 20.5% lower percentage of turnover, thanks to the better performance of after-sales services, a price adjustment and the standardisation of production processes.
Consequently, the "First Margin" and the "Added Value" stood at €165.6 million (unchanged with respect to 31 December 2024) and €126.6 million (€124.7 million as at 31 December 2024, +0.11%) respectively, resulting in an improvement of the profit margin.
The "Adjusted Gross Operating Profit (Adjusted EBITDA)" stood at €33.4 million as at 31 December 2025 (€31.5 million as at 31 December 2024), with an increase in absolute value of €1.8 million (5.9%), and representing 16.4% of turnover (4.9% as at 31 December 2024). This result was affected
ANTARES VISION GROUP
COMUNICATO STAMPA
by the decrease in labour costs, which accounted for for €93.1 million in 2025 against €93.1 million in 2024.
The "Adjusted Operating Result (Adjusted EBIT)" stood at €10.8 million as at 31 December 2025 (€4.6 million as at 31 December 2024), with an increase in absolute value of €0.5 million (4.6%), and representing 5.2% of turnover (5.1% as at 31 December 2024). This result reflects the higher amortisation linked to the capitalisation of development costs and rights of use for the various company offices, was well as higher prudential allocations to the Bad debt provision and to the Product warranty fund.
"Financial Proceeds and Charges", amounting to €7.3 million.
"Pre-Tax Profit (EBT)" stood at €22.1 million as at 31 December 2025 (€17 million as at 31 December 2024), with an increase in absolute value of €5.5 million. This, net of tax and of the minority share of the loss, led to a "Net Result" of €21.2 million (€19 million as at 31 December 2024).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
"Net invested capital", which was €206.5 million as at 31 June 2025 (€243.7 million as at 31 December 2024), is comprised by Total Fixed Assets of €193.7 million (€225.2 million as at 31 December 2024), Net Working Capital of €25.6 million (€28 million as at 31 December 2024) and by the severance fund (TFR) and Provisions for risks and charges of €12.7 million (€9.5 million as at 31 December 2024).
"Total Fixed Assets" (€193.7 million) showed an overall decrease €31 million against 31 December 2024 (14%), mostly due to the combined effect of the following factors:
- net decrease of €3 million in financial assets, driven by the adjustment of investments in associates and joint ventures, as well as the disposal of the Isinnova investment for the Group's share of equity;
- net decrease of €4 million in property, plant and equipment, reflecting depreciation for the year of €4.8 million, a negative foreign exchange effect of €1.1 million, impairments of €1.9 million, and capital expenditures net of disposals of €3.7 million;
- net decrease of €24 million in intangible assets, mainly due to amortization for the year of €17.8 million, a negative foreign exchange effect of €13 million, goodwill impairment of €1 million, and capital expenditures of €6 million.
The "Adjusted Net Financial Position" was €76.8 million (€83.7 million as at 31 December 2024). For more details, see the paragraph below.
"Shareholders' Equity" amounted to €129.7 million (€160 million against 31 December 2024), influenced by a negative result for the year of €21.2 million.
ANTARES VISION GROUP
COMUNICATO STAMPA
NET FINANCIAL POSITION
The "Consolidated Net Financial Position" stood at negative €78.9 million as of December 31, 2025 (negative €86.5 million as of December 31, 2024), while the "Consolidated Net Financial Position (Adjusted)", i.e., including non-current positive derivative financial instruments, amounted to negative €76.8 million (negative €83.7 million as of December 31, 2024). It should be noted that, as of December 31, 2025, the Consolidated Net Financial Position does not include any financial liabilities related to warrants, as they expired on April 19, 2024.
The change in the Consolidated Net Financial Position (Adjusted) compared to the previous year is mainly attributable to the combined effect of the following factors:
- positive Adjusted EBITDA of €33.4 million;
- positive change in net working capital of €6.7 million, mainly due to improved inventory management (decrease of €3.3 million), enhanced collection of trade receivables (down €13.6 million), and risk provisions of €3 million, which together offset weaker supplier management (€3.8 million) and a decrease in customer advances (€9.8 million);
- capital expenditures in property, plant and equipment and intangible assets of €10 million;
- payment of non-recurring operating expenses amounting to €12.7 million;
- payment of interest expenses of €3.6 million;
- payment of taxes of €4 million;
- lastly, but not least, a positive foreign exchange effect on cash and cash equivalents of €2.2 million, along with a negative change in debt hedging derivatives of €0.8 million.
OUTLOOK FOR BUSINESS OPERATIONS
On February 9, 2026, the Board of Directors of Antares Vision approved the 2026 budget and, consequently, the update of the stand-alone industrial plan. The plan takes into account the slowdown in order intake within the Life Science business (which still shows no signs of reversal), the current euro-US dollar exchange rate, ongoing geopolitical uncertainties, and the positive contribution from the L5 business. The updated plan shows that the financial targets set out in the 2025-2027 Industrial Plan, published on April 7, 2025, are no longer current. That plan projected a revenue CAGR of 7–9% for the period 2025–2027.
The updated projections now anticipate, on a stand-alone basis, a mid-single-digit revenue CAGR for the period 2025–2028, although growth will be supported by the start-up of several government projects (L5), which were not included in the 2025–2027 Industrial Plan. In addition, for the period 2025–2028, the plan foresees a progressive improvement in Adjusted EBITDA, reaching a margin of 19–20% by 2028. Finally, with respect to the net financial position and cash generation, the plan estimates a Net Financial Position / Adjusted EBITDA ratio below 1x by year-end 2028.
ANTARES VISION GROUP
COMUNICATO STAMPA
Despite a context characterized by volatility and uncertainty, the Group confirms the solidity of its financial and capital position. Furthermore, the Company reiterates its ability to pursue the long-term objectives outlined in the Industrial Plan, continuing to invest in innovation, digitalization, and skills development, while maintaining balanced and sustainable management.
EVENTS AFTER THE END OF THE PERIOD
12 January 2026 – Calendar of Corporate Events 2026 – Antares Vision S.p.A. hereby announces the calendar of corporate events planned for 2026, approved by the Board of Directors on today's date: antaresvisiongroup.com/calendario-finanziario-2024/
15 January 2026 – Acceleration of long-term incentive plans (LTI) following the launch of the mandatory totalitarian tender offer by Crane NXT Inspection and Tracking Technologies S.p.A. – Following the launch of the mandatory totalitarian tender offer by Crane NXT Inspection and Tracking Technologies S.p.A. (the "IPO"), the Board of Directors of Antares Vision S.p.A. (EXM, AV:IM) ("Antares Vision" or the "Company"), which met today, following the approval of the Committee for Appointments and Remuneration, resolved to bring forward the existing incentive plans, namely the long-term incentive plan approved by the Shareholders' Meeting on 10 July 2024 (the "2024 Plan") and the long-term incentive plan approved by the Shareholders' Meeting on 7 May 2025 ("2025 Plan").
22 January 2026 – Collection of rfxcel tax credit for $7.7M – Following the restatement of Antares Vision's 2021 and 2022 financial statements, Management worked with the Internal Revenue Service (IRS) to review rfxcel's tax returns for the years 2021 and 2022. With the restatement of those years, Antares Vision recorded a tax credit of $6.6M. In 2024, the Company's Management filed a claim to collect this credit. In August 2025, the claim was approved. On January 22, 2026, the IRS issued a total payment of $7.7M, of which approximately $1.1M related to interest.
2 February 2026 – Report of the Board of Statutory Auditors of Antares Vision S.p.A. – Antares Vision S.p.A. hereby announces, as required by CONSOB, that it has made the report of the Board of Statutory Auditors (the "Report") available to the public, pursuant to art. 2408 of the Italian Civil Code, on the Company's website www.antaresvisiongroup.com, Sezione Investitori/Governance/Documenti Societari. This report follows the complaint pursuant to art. 2408 of the Italian Civil Code submitted on 9 October 2025 by the shareholders Amber Capital Italia SGR S.p.A., Amiral Gestione Kairos Partners SGR S.p.A. – who manage, directly and indirectly, an interest corresponding to approximately 5.2% of the Company's share capital – concerning a number of matters, which, in their opinion, may constitute management irregularities or infringements of the law, potentially harming the Company and the minority shareholders. The Board of Statutory Auditors, with reference to the facts and circumstances contained in said complaint, did not find any management irregularities such as to prejudice the Company or its shareholders.
4 February 2026 – Approval of the offer document by CONSOB – With reference to the mandatory public tender offer (the "Offer"), promoted by Crane NXT Inspection and Tracking Technologies S.p.A.
ANTARES VISION GROUP
COMUNICATO STAMPA
(the "Offeror"), pursuant to and for the purposes of articles 102, 106, paragraph 1, and 109 of Legislative Decree no. 58 of February 24, 1998, as subsequently amended and supplemented (the "TUF"), as well as the applicable implementing provisions contained in the Issuers' Regulation, concerning the ordinary shares of Antares Vision, the Offeror has announced that CONSOB, by resolution no. 23859 of February 4, 2026, pursuant to article 102, paragraph 4, of the TUF, approved the offer document relating to the Offer.
09 February 2026 – Update of the 2025-2027 Business Plan – The Board of Directors of Antares Vision S.p.A., which met on today's date, examined several preliminary management data relating to the year ending 31 December 2025, approved the 2026 budget and consequently, updated the stand-alone business plan. The Plan takes into account the slowdown in the acquisition of orders in the Life Science business (which to date is not showing signs of an inversion of the trend), as well as the current euro-dollar exchange rate, the continuing geo-political uncertainties, and the positive contribution of the L5 business.
12 February 2026 - Approval of the Issuer's Statement - The Board of Directors, meeting on this date, approved the statement prepared pursuant to Article 103, paragraphs 3 and 3-bis, of the TUF (Consolidated Law on Finance) and Article 39 of the Issuers' Regulation. Following the meeting, the Board of Directors, by unanimous vote of those present, deemed the Offer price to be fair from a financial perspective. For the purposes of its evaluation, the Board took note of the Offer and its terms and conditions as described in the offer document approved by Consob on February 4, 2026. The Board of Directors also took into account the opinion issued on this date by the Company's independent directors pursuant to Article 39-bis of the Issuers' Regulation and referred to the fairness opinion issued by Lazard S.r.l., acting as financial advisor appointed by said independent directors. In both the independent directors' opinion and the Lazard S.r.l. fairness opinion, the Offer price was deemed fair from a financial point of view.
March 6, 2026 – Disclosure pursuant to a request from CONSOB Article 114, Paragraph 5 of the Consolidated Law on Finance (TUF) – Antares Vision, in compliance with Consob's request pursuant to Article 114, Paragraph 5 of Italian Legislative Decree No. 58/1998 ("TUF") received on March 4, 2026, has disclosed the information specified in the press release available on the Company's website: https://antaresvisiongroup.b-cdn.net/wp-content/uploads/2024/01/AV-Comunicato-stampa_114-comma-5-TUF_ITA.pdf
March 14, 2026 – Disclosure of the total number of voting rights – Further to its announcement on January 15, 2026, Antares Vision has disclosed the new composition of its share capital (fully subscribed and paid up) and the total number of voting rights.
ALLOCATION OF THE RESULT FOR THE YEAR OF ANTARES VISION S.P.A.
The Board of Directors resolved to submit a proposal to the Company's Shareholders' Meeting to carry forward the result for the year, resulting from the Company's financial statements for the year ending 31 December 2025, and corresponding to a loss of €17.2 million.
ANTARES VISION GROUP
COMUNICATO STAMPA
OTHER RESOLUTIONS PASSED BY THE COMPANY'S BOARD OF DIRECTORS
Sustainability reporting pursuant to Italian Legislative Decree 125/2024
The Board of Directors approved the consolidated sustainability reporting (the "Sustainability Reporting") relating to the year ended on 31 December 2025, prepared pursuant to Italian Legislative Decree no. 125/2024 implementing the Corporate Sustainability Directive (CSD), included in a specific section of the Report on operations. Sustainability Reporting includes the information required to understand the Group's impact on sustainability issues, as well as the information required to understand how sustainability issues influence the Group's performance, its results and its situation.
Approval of the Report on Corporate Governance and Ownership Structure as at 31 December 2025 and of the Report on remuneration policy and compensation paid
The Board of Directors approved the Report on corporate governance and ownership structure, drawn up pursuant to art. 123-bis of Italian Legislative Decree no. 58 of 24 February 1998, as amended (TUF), and the Report on remuneration and compensation paid, drawn up according to art. 123-ter of the TUF, which will be made available within the terms of the law at the Company's head office, the authorised storage mechanism, info available at https:///PORTALE and on the Company's website www.antaresvisiongroup.com, section "Investors – Investor relations – Shareholders’ Meeting".
Proposal for the authorization to purchase and dispose of treasury shares
The Board of Directors has approved the proposal to submit to the Shareholders' Meeting the authorization to purchase and dispose of treasury shares. For further information regarding the proposed authorization to purchase and dispose of treasury shares, please refer to the explanatory report prepared pursuant to Article 125-ter of the Consolidated Finance Act (TUF) and Article 73 of the Issuers' Regulation, which will be made available to the public at the Company's registered office, on the Company's website at www.antaresvisiongroup.com, and on the authorized storage mechanism "" available at https:///PORTALE, within the time limits set by applicable regulations.
CALL OF THE SHAREHOLDERS' MEETING
The Board of Directors also resolved to call an Ordinary and Extraordinary Shareholders' Meeting of the Company, to be held exclusively appointed representative, pursuant to the applicable legislation and regulations, on 11 May 2026, with a single call, to discuss the approval of the Company's financial statements as at 31 December 2025, the allocation of the result for the year, the report on remuneration policy and compensation paid, the approval of a share-based incentive plan, authorisation to purchase and dispose of own shares, as well as share capital increases to fund the incentive plans.
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COMUNICATO STAMPA
The notice of call will be made available to the public, together with the explanatory reports on the agenda items of the Shareholders' Meeting and further documentation pertinent to the meeting, within the terms and in accordance with the procedures established by law.
FINANCIAL REPORT ON WEBSITE
The annual financial report will be made available to the public in accordance with the terms and procedures envisaged by law. The relative documentation will be available at the same time on the website www.antaresvisiongroup.com (Investors/Investor Relations section) and on ().
The Draft Annual Financial Statements of Antares Vision S.p.A. and the Consolidated Financial Statements of Antares Vision Group as of December 31, 2025, approved by the Board of Directors today, will be available to the public within the prescribed regulatory deadlines at the Company's registered office in Travagliato (BS), Via del Ferro 16, as well as published on the Company's website at www.antaresvisiongroup.com. For the transmission and storage of the Regulated Information, Antares Vision S.p.A. has chosen to make use of the " SDIR" and " storage" platforms managed by Computershare S.p.A, Via Lorenzo Mascheroni n. 19, 20145 Milan.
FINANCIAL REPORTING MANAGER
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. Moreover, note that the data contained in this press release may be subject to further changes, as the independent audit of the accounts has not yet been completed.
FORWARD-LOOKING STATEMENT
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
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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.
ABOUT ANTARES VISION GROUP
Antares Vision Group is an Italian multinational listed since 2021 on the Euronext STAR Milan segment (EXM, AV:IM), which ensures product safety and supply chain transparency through innovative technologies for quality control, traceability, and integrated data management. It operates in the Life Science sectors (Pharmaceuticals, Medical Devices, Hospitals), Cosmetics, and FMCG (Fast-Moving Consumer Goods), supporting companies in digitalizing processes to improve efficiency, productivity, and visibility. Antares Vision Group is a global leader in pharmaceutical traceability, supplying the world's top producers (over 50% of the top 20 multinational Companies) and numerous Government authorities. With a presence in over 60 countries, more than 1,200 employees, and a network of around 40 international partners. It achieved revenues of €208 million in 2024, with a 15.3% EBITDA margin. www.antaresvisiongroup.com
FURTHER INFORMATION
Issuer
Antares Vision Group
Alessandro Baj Badino
Head of IR & Corporate Communication
+39 030 72 83 500
[email protected]
Davide Antonioli
Corporate Communication, ESG & IR Senior
+39 030 72 83 500
[email protected]
Press Office
AxelComm
Federica Menichino
+39 3496976982
[email protected]
ANTARES VISION
GROUP
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RICLASSIFIED CONSOLIDATED INCOME STATEMENT
| Consolidated Key Figures (IU/000) | 01/01/2022-31/10/2024 | 01/01/2024-31/12/2024 | Change | % Change |
|---|---|---|---|---|
| Revenue | 204.110 | 207.491 | -3.381 | -1.63% |
| Capitalisation of development costs | 4.098 | 5.427 | -2.329 | -36.24% |
| Operating grants and other income | 2.699 | 3.156 | -457 | -14.48% |
| Tax credit | .399 | .913 | -674 | -54.30% |
| Value of production | 211.306 | 217.947 | -6.641 | -3.05% |
| Changes in inventories of raw materials and finished goods | .654 | .763 | 109 | -14.28% |
| Purchases of materials | -39.983 | -45.427 | 3.444 | -11.96% |
| Changes in inventories of work in progress | -1.205 | -2.216 | 2.005 | -62.46% |
| Cost of sales | -41.842 | -49.400 | 7.558 | -15.30% |
| % of sales | -20.50% | -23.81% | ||
| Commissions | -2.699 | -2.292 | -467 | 17.76% |
| Installation costs | -1.147 | .823 | -324 | 39.37% |
| Gross profit | 165.618 | 165.432 | 186 | 0.11% |
| % of sales | 81.14% | 79.73% | ||
| Leases and rentals | -1.441 | -1.198 | -243 | 20.28% |
| Operating costs | .194 | .206 | 13 | -5.83% |
| Service costs | -37.394 | -39.336 | 1.936 | -4.92% |
| Value added | 126.589 | 124.698 | 1.891 | 1.52% |
| % of sales | 62.02% | 60.10% | ||
| Labour | -93.183 | -93.152 | -31 | 0.03% |
| Employees | -85.269 | -88.456 | 1.191 | -1.38% |
| Collaborators | -7.918 | -8.696 | -1.222 | 18.25% |
| Adjusted EBITDA | 33.406 | 31.546 | 1.860 | 5.90% |
| % of sales | 16.37% | 15.20% | ||
| Write-down of receivables & Other Costs | -2.511 | -3.785 | 1.274 | -33.66% |
| Stock Option Plan & Stock Grants | -6.519 | -2.980 | -3.539 | 118.76% |
| Amortisation and depreciation | -13.568 | -14.450 | 882 | -6.10% |
| Intangible assets | -8.976 | -9.475 | 499 | -5.27% |
| Property, plant and equipment | -4.592 | -4.975 | 383 | -7.70% |
| Adjusted EBIT | 10.808 | 10.331 | 477 | 4.62% |
| % of sales | 5.55% | 4.98% | ||
| Financial (charges) Income | -7.337 | -4.595 | -2.732 | 59.46% |
| Extraordinary income (and expenses) - Normalisations | -12.918 | -11.907 | -1.011 | 8.49% |
| Capital gains and (losses) on fixed assets and intangible | -1.962 | .586 | -1.376 | 234.81% |
| (Write-down)/Write-up of investments in associates | -1.719 | .223 | -1.496 | 670.89% |
| PPA amortisation | -7.976 | -8.313 | 337 | -4.05% |
| Goodwill impairment | -1.000 | -1.323 | 325 | -24.53% |
| Profit (loss) before taxes (EBT) | -22.094 | -16.618 | -5.476 | 32.95% |
| % of sales | -823.83% | -1248.59% | ||
| Income taxes | .638 | -2.096 | 2.734 | -130.44% |
| Profit/(loss) attributable to non-controlling interests | .256 | .92 | 311 | -586.79% |
| Net interest of any year (annualised to full year) (consumers' shareholders) | 1.171 | 1.141 | 4.631 | 10.91% |
| % of sales | 19.38% | 9.04% |
ANTARES VISION
GROUP
COMUNICATO STAMPA
RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Consolidated Key Figures (C000) | 31/12/2025 | 31/12/2024 | % Difference 2025 vs 2024 |
|---|---|---|---|
| Financial assets | 5 398 | 8 436 | -25.97% |
| Property, plant and equipment, net | 32.740 | 36.870 | -11.20% |
| Intangible assets, net | 155.558 | 179.945 | -13.55% |
| Total fixed assets | 193.696 | 225.245 | -14.01% |
| % of net invested capital | 93.79% | 92.42% | 1.48% |
| Raw materials | 18.932 | 20.681 | -8.46% |
| Work in progress | 8.906 | 8.797 | 1.24% |
| Finished products | 11.259 | 12.930 | -12.92% |
| Total inventories | 39.097 | 42.408 | -7.81% |
| Trade receivables | 44.953 | 60.937 | -26.23% |
| Trade payables | -23.629 | -27.386 | -13.72% |
| Advances from customers | -17.979 | -27.401 | -35.86% |
| Net trade working capital | 42.846 | 48.558 | -11.76% |
| % of net invested capital | 20.75% | 19.92% | — |
| Other assets | 21.946 | 23.045 | -4.77% |
| Other liabilities | -39.232 | -43.659 | -10.14% |
| Net working capital | 25.560 | 27.944 | -8.53% |
| % of net invested capital | 12.38% | 11.47% | — |
| Severance indemnities | -8.264 | -8.219 | 0.55% |
| Provision for risks and charges | -4.420 | -1.261 | 354.48% |
| Net invested capital | 206.523 | 243.785 | -15.26% |
| % of net invested capital | 100.00% | 100.00% | — |
| Shareholders' equity | -129.678 | -160.041 | -18.97% |
| Shareholders' equity | -129.678 | -160.041 | -18.97% |
| % of net invested capital | 62.79% | 65.67% | — |
| Adjusted Net Financial Position | -76.844 | -83.668 | -8.16% |
| % of net invested capital | 37.21% | 34.33% | — |
| Total sources of funds | 206.523 | 243.785 | 84.74% |
| % of net invested capital | 100.00% | 100.00% | — |
ANTARES VISION
GROUP
COMUNICATO STAMPA
CONSOLIDATED IFRS INCOME STATEMENT
| (€/000) | Notes | 31/12/2025 | 31/12/2024 |
|---|---|---|---|
| Revenue | 27 | 204.110 | 207.491 |
| of which with related parties | 1.832 | 1.534 | |
| Other income | 28 | 3.326 | 4.073 |
| Changes in finished and semi-finished products | 29 | -1.012 | -3.810 |
| Raw materials and consumables | 30 | -42.424 | -47.942 |
| of which with related parties | -2.403 | -3.394 | |
| Personnel costs | 31 | -94.419 | -90.675 |
| Amortisation and depreciation | 32 | -26.027 | -26.144 |
| Impairment of non-current assets | 33 | -1.000 | -1.325 |
| Capitalised development costs | 34 | 6.000 | 6.427 |
| Sales and marketing costs | 35 | -5.326 | -5.395 |
| Service costs | 36 | -52.434 | -49.268 |
| of which with related parties | -865 | -1.141 | |
| Other operating expenses | 37 | -3.841 | -5.233 |
| Operating profit/(loss) | -13.048 | -11.802 | |
| Financial charges | 38 | -5.961 | 0 |
| Financial income | 39 | 3.142 | 2.877 |
| Foreign exchange gains and losses | 40 | -4.509 | 389 |
| Income (charges) on investments | 41 | -1.719 | -223 |
| Profit/(loss) before tax | -22.094 | -16.618 | |
| Income taxes | 42 | 638 | -2.096 |
| Profit/(loss) for the period | -21.456 | -18.714 | |
| Profit/(loss) attributable to minority interests | -258 | 53 | |
| Total comprehensive profit/(loss) after tax | -21.198 | -18.767 | |
| Earnings per share | |||
| - Basic, result for the period attributable to the ordinary shareholders of the parent | 0 | -0.27 | |
| - Diluted, result for the period attributable to the ordinary shareholders of the Parent Company | 0 | -0.27 |
ANTARES VISION
GROUP
COMUNICATO STAMPA
CONSOLIDATED IFRS STATEMENT OF FINANCIAL POSITION
| (€/000) | Notes | 31/12/2025 | 31/12/2024 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment and right-of-use assets | 1 | 32.740 | 36.870 |
| Goodwill | 2 | 90.892 | 99.231 |
| Other intangible assets | 3 | 64.666 | 80.713 |
| Investments | 4 | 5.398 | 8.430 |
| Non-current financial assets | 5 | 2.385 | 3.113 |
| Deferred tax assets | 6 | 10.648 | 8.788 |
| Other non-current assets | 7 | 2 | 6.262 |
| Total non-current assets | 206.730 | 243.407 | |
| Current assets | |||
| Inventories | 8 | 39.361 | 43.061 |
| Trade receivables | 9 | 44.966 | 60.955 |
| of which with related parties | 1.708 | 2.421 | |
| Other receivables | 10 | 12.381 | 7.067 |
| Other current financial assets | 11 | 3.008 | 7.723 |
| Cash and banks | 12 | 50.309 | 57.564 |
| Total current assets | 150.024 | 176.369 | |
| Assets held for sale | |||
| Total assets | 356.754 | 419.776 | |
| Total shareholders' equity and liabilities | |||
| Total shareholders' equity | |||
| Share capital | 13 | 173 | 173 |
| Other reserves | 13 | 194.722 | 243.419 |
| FTA reserve | 13 | -15.251 | -15.251 |
| Retained earnings | 13 | -28.727 | -49.732 |
| Profit/(loss) for the year | 13 | -21.198 | -18.767 |
| Shareholders' equity attributable to the Group | 129.706 | 159.843 | |
| Capital and reserves attributable to minority interests | 13 | 230 | 146 |
| Profit/(loss) attributable to minority interests | 13 | -258 | 53 |
| Total shareholders' equity attributable to minority interests | -28 | 199 | |
| Total shareholders' equity | 129.678 | 160.041 | |
| Non-current liabilities | |||
| Non-current loans and borrowings | 14 | 93.270 | 114.700 |
| Non-current lease liabilities | 15 | 12.459 | 13.550 |
| Other non-current financial liabilities | 16 | 0 | 215 |
| Retirement benefit obligations | 17 | 8.264 | 8.219 |
| Deferred tax liabilities | 18 | 9.905 | 12.902 |
| Other non-current liabilities | 19 | 137 | 586 |
| Total non-current liabilities | 124.035 | 150.172 | |
| Current liabilities | |||
| Current loans and borrowings | 20 | 23.078 | 19.919 |
| Current lease liabilities | 21 | 3.387 | 3.377 |
| Other current liabilities | 22 | 63 | |
| Current provisions for risks and charges | 23 | 4.470 | 1.262 |
| Trade payables | 24 | 23.629 | 27.386 |
| of which with related parties | 1.411 | 1.881 | |
| Advances | 25 | 17.575 | 27.401 |
| Other payables | 26 | 30.839 | 30.217 |
| Total current liabilities | 103.041 | 109.563 | |
| Liabilities related to assets held for sale | 0 | 0 | |
| Total shareholders' equity and liabilities | 356.754 | 419.776 |
ANTARES VISION
GROUP
COMUNICATO STAMPA
INCOME STATEMENT – ANTARES VISION S.P.A.
| Income Statement | Notes | 2025 | 2024 |
|---|---|---|---|
| Revenue | 26 | 86.985 | 90.083 |
| of which with related parties | 19.225 | 22.080 | |
| Other income | 27 | 2.312 | 3.114 |
| Changes in finished and semi-finished | 28 | -2.331 | -2.394 |
| Raw materials and consumables | 29 | -20.613 | -25.647 |
| of which with related parties | -4.508 | -6.404 | |
| Personnel costs | 30 | -41.028 | -35.300 |
| Amortisation and depreciation | 31 | -9.276 | -12.919 |
| Capitalised development costs | 32 | 4.490 | 2.860 |
| Sales and marketing costs | 33 | -2.783 | -2.219 |
| Service costs | 34 | -32.875 | -31.223 |
| of which with related parties | -4.666 | -5.129 | |
| Other operating expenses | 35 | -983 | -1.058 |
| Operating profit/(loss) | -16.102 | -14.704 | |
| Financial charges | 36 | -6.262 | -8.243 |
| of which with related parties | -837 | -1.435 | |
| Write-down of financial receivables from group companies | 37 | -73 | -737 |
| Financial income | 38 | 3.980 | 3.294 |
| of which with related parties | 654 | 425 | |
| Foreign exchange gains and losses | 39 | -1.445 | 684 |
| Income (charges) on investments | 40 | 1.282 | -6.917 |
| Profit from continuing operations before tax | -18.620 | -26.622 | |
| Income taxes | 41 | 1.432 | 1.098 |
| Net profit/(loss) from continuing | -17.188 | -25.524 |
ANTARES VISION
GROUP
COMUNICATO STAMPA
STATEMENT OF FINANCIAL POSITION – ANTARES VISION S.P.A.
| Statement of financial position | Notes | 31.12.2025 | 31.12.2024 |
|---|---|---|---|
| Asset | |||
| Non-current assets | |||
| Property, plant and equipment and right-of-use assets | 1 | 18.930 | 22.132 |
| Goodwill | 2 | 12.322 | 12.322 |
| Other intangible assets | 3 | 16.290 | 16.606 |
| Partecipation | 4 | 217.931 | 219.366 |
| Non-Current financial receivables from group companies | 5 | 2.597 | 5.727 |
| Non-current financial assets | 6 | 2.103 | 2.866 |
| Deferred tax assets | 7 | 5.371 | 5.378 |
| Total non-current assets | 275.544 | 284.398 | |
| Current assets | |||
| Inventories | 8 | 18.839 | 22.053 |
| Trade receivables | 9 | 23.253 | 47.555 |
| of which with related parties | 0 | 20.224 | 33.875 |
| Current financial receivables from group companies | 10 | 10.975 | 8.271 |
| Other receivables | 11 | 4.055 | 5.937 |
| of which with related parties | 0 | 1.355 | 2.821 |
| Other current financial assets | 12 | 3.008 | 7.723 |
| Cash and banks | 13 | 28.439 | 32.201 |
| Total current assets | 88.569 | 123.739 | |
| Total assets | 364.113 | 408.137 | |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | |||
| Share capital | 14 | 173 | 173 |
| Other reserves | 14 | 228.405 | 224.412 |
| FTA reserve | 14 | -14.931 | -14.931 |
| Retained earnings | 14 | -20.083 | 4.197 |
| Profit/(loss) for the period | 14 | -17.188 | -25.524 |
| Total shareholders' equity | 176.376 | 188.327 | |
| Non Current Liabilities | |||
| Non-current loans and borrowings | 15 | 93.270 | 114.657 |
| Non-current lease liabilities | 16 | 5.229 | 7.422 |
| Other non-current financial liabilities | 17 | 0 | 215 |
| Retirement benefit obligations | 18 | 4.847 | 4.998 |
| Deferred tax liabilities | 19 | 1.359 | 1.330 |
| Total non-current liabilities | 104.705 | 128.621 | |
| Current Liabilities | |||
| Current loans and borrowings | 20 | 37.765 | 34.391 |
| Current lease liabilities | 21 | 2.576 | 1.704 |
| Current provisions for risks and charges | 22 | 4.739 | 531 |
| Trade payables | 23 | 15.213 | 25.996 |
| of which with related parties | 0 | 2.924 | 11.791 |
| Advance payments | 24 | 4.631 | 11.439 |
| Other Payables | 25 | 18.108 | 17.128 |
| Total Current Liabilities | 83.032 | 91.189 | |
| Total shareholders' equity and liabilities | 364.113 | 408.137 |
17