Antares Vision — Management Reports 2025

Apr 7, 2025

ANTARES VISION GROUP PRESENTS THE 2025-2027 BUSINESS PLAN

REVENUES 2025-2027 CAGR: +7/9%, RECORDING A HIGHER GROWTH COMPARED TO THE REFERENCE MARKETS

ADJ. EBITDA 2025-2027 CAGR: +18/21%, REACHING A PROFIT MARGIN OF 20/21% IN 2027, AGAINST 15.3% ACHIEVED IN 2024

NET DEBT/EBITDA 2027 LOWER THAN 1x, COMPARED TO 2.6x FY24 AND 7.8x FY23

CAPEX 2025-2027: €14-16M OF INVESTMENTS PER YEAR

Travagliato (Brescia), 07 April 2025 – Antares Vision S.p.A. (EXM, AV:IM), Italian multinational, leading provider in Track & Trace systems and quality control, which guarantee product safety and supply chain transparency through integrated data management, today presented the strategic guidelines and the objectives of the 2025-2027 Business Plan.

Gianluca Mazzantini, CEO of Antares Vision Group, commented: "In the first year of the Plan under the new management, we focused on making the Group more efficient, to increase profit margins (Adj. EBITDA margin 11.5-14%), as well as on significant cash generation, to bring the Net Debt/EBITDA ratio to a minimum of 3.3x. In 2024, both objectives were exceeded, with an EBITDA margin of 15.3% against 6.2% in 2023, and a Net Debt to EBITDA ratio of 2.6x vs. 7.8x at the end of 2023.

For the new 2025-2027 Strategic Plan that we are presenting, the priorities changed to focus on developing the top line by taking advantage of the positive leverage effect generated by controlling total costs. The growth strategy will be implemented through three strategic pillars: 1) accelerating growth through a programme of commercial excellence; 2) continuing to focus on direct and indirect costs efficiency; 3) maintaining attention on cash generation.

In particular, as regards accelerating growth, we recently introduced the new position of CRO (Chief Revenue Officer), who will contribute to coordinating processes, supported by the whole organization, guaranteeing that revenue generation is aligned with the Group's forecasting process.

After having identified the development strategy for the next three years (2025-2027), the Group expects a CAGR for revenue growth of 7/9%, higher than its the reference markets, combined with an EBITDA CAGR of 18/21%. The sharp and further increase in profitability will allow to reach a Net Debt/EBITDA ratio under 1x in 2027.

STRATEGIC GUIDELINES OF THE 2025 - 2027 PLAN

2024 was a year in which management prioritized efficiency (by activating new processes and procedures, reorganising the workforce and containing costs) and cash generation. Thanks to the action taken, in 2024, the Group was able to achieve an EBITDA Margin of 15.3% (+9 p.p. against 2023) and a Net Financial Position of €83.7 million (Net Debt/EBITDA 2.6x against 7.8x in 2023). For the 2025-2027 period, the Group's top management has established a strategic plan more focused on growth.

These are the main financial and operational objectives:

Revenue growth: the Group's target is to achieve double the growth of the reference markets, with the support of a program of commercial excellence, which entails the appointment of a CRO, strengthening the commercial organization 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 optimization, operational improvements, excellence in purchasing and higher efficiency 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.

Please note that the 2025-2027 Strategic plan is based on the current scope, without considering new initiatives, M&A activity, and the revenues and profits generated by L5 business.

Over the next three years, the Group will continue to pursue its growth strategy, by following three strategic pillars:

1) ACCELERATING GROWTH THROUGH A PROGRAMME OF COMMERCIAL EXCELLENCE WHICH:

• Strengthens market leadership in the main sectors;
• Capitalizes on opportunities in emerging markets;
• Stimulates growth through the strategic levers identified;
• Optimizes price strategies to safeguard product value.

More specifically, the program of commercial excellence will entail:

• a) Accelerating and increasing penetration of the Life Science & Cosmetics market: growth will be driven by boosting deliveries (thanks to standardization) and by increasing commercial efforts in geographic areas with low penetration;
• b) Using Services to the full: the growth of Services will be accelerated by specific efforts to increase their presence in existing customers;

• c) Penetrating the FMCG market: growth will be guided by strengthening commercial efforts, by the impetus of technological progress, by the increase of penetration in the food market and in new geographic areas;
• d) New business model for the SCT CGU: growth will be sustained by the development of a new model based on consultancy, together with the increased drive of Services;
• e) Optimizing prices for the Life Science & Cosmetics and SCT CGUs: revision of the pricing model, by assessing current conditions and customer opinions;
• f) Increasing the revenues of the Digital Healthcare Division, replicating the success already achieved in the go-to-market of digital healthcare applications.

Finally, to accelerate growth, the new position of the CRO (Chief Revenue Officer) has recently been introduced into the organization, who will have a representative in each Business Unit that will report both to the General Manager of the BU and to the CRO. This new manager will be tasked with guaranteeing that revenue generation is aligned with the Group's forecasting process and will report directly to the CEO.

2) CONTINUING TO FOCUS ON COST EFFICIENCY THROUGH:

• a) Operational improvements, by developing projects to standardise inspection and track & trace machines, which will optimize deliveries and reduce direct costs, and by relying more on support from the Indian branch for SCT solutions for the Life Science & Cosmetics market;
• b) Excellence in purchasing: continuing to implement the programme of excellence for purchasing, aimed at reducing COGS regarding Track & Trace and Inspection Machines in the Life Science market and inspection systems for the Food market;
• c) Operating scale: obtaining efficiencies of scale in direct costs and in general and administrative expenses, which generate higher profit margins, increasing at a slower rate than revenues.

3) MAINTAINING ATTENTION ON CASH GENERATION

• Keeping the efficiency achieved in managing working capital, which will remain stable despite the expected growth in revenues (CAGR 7-9%);
• Disciplined capex and investment management, selectively investing in Research & Development, production plants, ESG & IT.

FINANCIAL OBJECTIVES 2024-2027

Over the period 2025-2027, Antares Vision Group envisages that consolidated revenues, on a likefor-like basis (namely only including the acquisitions completed to date and not considering any L5 revenue) will increase at an average rate (CAGR) of +7/9%, higher that of the expected evolution of the markets where the Group operates.

As regards profitability, at the end of 2027, management expects an Adjusted EBITDA Margin of between 20 and 21%, and of 16%/18% in 2025, compared to 15.3% recorded in 2024. Consequently, in the period 2025/2027, the Adjusted EBITDA is expected to grow at an average rate (CAGR) of between 18% and 21%, by fully exploiting the operational lever, thanks to careful total cost control.

Over the period of the plan, annual Capex of €14/16 million is expected, compared to €15.4 million invested in 2024. Lastly, in 2027, the Group expects the Net Debt/EBITDA ratio to be less than 1.0x vs. 2.6x at the end of 2024. Specifically at the end of 2025, Management estimates that this ratio could be between 2.2x and 2.0x.

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CONFERENCE WITH INVESTORS AND ANALYSTS

Antares Vision Group announces that the 2024-2026 Business Plan will be presented to the financial community today, Monday 7th April at 10 a.m. at Borsa Italiana (P.za degli Affari 6, Milan).

The event 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 & Corporate Communication.

To attend in person, please register by clicking this link:

Antares Vision Group 2025-2027 Business Plan – in person

To follow the event on line, please register by clicking this link:

Antares Vision Group 2025-2027 Business Plan – online

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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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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 €214 million in 2023, marking a 7% increase compared to 2022. www.antaresvisiongroup.com

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