ASM Group S.A. — Investor Presentation 2022

May 13, 2022

First Quarter 2022

Consolidated results, May 13th, 2022

Index

2. MISSION

• 1. COMPANY OVERVIEW IVS AT A GLANCE
• 1. COMPANY OFFICERS
• 1. GROUP STRUCTURE
• 1. HIGHLIGHTS
• 1. CONSOLIDATED INCOME STATEMENT
• 1. TREND PER QUARTER
• 1. SIGNIFICANT AND SUBSEQUENT EVENTS
• 1. ADJUSTED CONSOLIDATED INCOME STATEMENT 2022
• 1. CGU PERFORMANCE
• 1. VENDING PERFORMANCE
• 1. COIN DIVISION PERFORMANCE
• 1. M&A
• 1. CAPEX
• 1. NET FINANCIAL POSITION
• 1. CASH FLOW STATEMENT
• 1. ANNEX
• 1. DISCLAIMER

Company Overview - IVS at a glance

IVS Group S.A. is the market leader in the Italian vending machine operators' sector (~14% Italian market share in value; 11% in volumes)(1), and the only player with a nationwide presence. Second player in Europe (5% market share) and the only public listed vending company.

Owned by its active managers and founding shareholders, which control ~ 62% of the shares, while the rest is on the market.

Italian leader in vending, second in Europe and Spain(1) solid base for growth.

Leadership position in a highly fragmented European and Italian market (>10,000 players)

Margin and pricing power track record: Best in class logistic and operations

Well-regarded management team with strong industry experience Worldwide leader in vending technologies and contact payments

Over 2,680 employees,

86 branches in Italy, Spain, France and Switzerland of which 10 Coinservice Division (Italian leader in coins management)

Over 650 million vends and over 360 million sales in 2021

n.229.5 thousand Vending Machines installed (~121.4K Automatic + ~108.1K OCS)

Continuous investments in new services and models of Vending Machines

Value of European vending market) (1): ~10-12 billion, with > 10,000 players (mostly very small and family owned)

(1) Data year 2020

Consolidated Results First Quarter 2022 4

Vending Machines

Automatic Vending Machines (AVMs) 52.9% (121.4K)

(000)

*Of which n. 27.0 thousand (11.8%) arising from Italian business leased in Sicilia region (€/thousands)

+25.8% +14.3% Ebitda Adjusted 17,046 13,553 Ebitda Reported 16,046 14,038 Total Revenues 92,420 79,473 1Q22 1Q21 (Restated) Vending Revenues +16.6% 81,760 70,117 +16.3%

Acquisitions +0 Revenues 0.0 1Q21 +2 0.1 (€/million) 1Q22 Branches 86 Italy / France / Spain / Switzerland Employees Vs '21 -5.1% 2,683 2,826 1Q22 1Q21 1Q22 1Q21 1,124 1,022 Working hours used Vs '21 +10.0% 1Q19 2,911 1Q19 1,368

CONSOLIDATED INCOME STATEMENT

(in thousands of Euro)	31/03/2022 Reported	Inc.%	31/03/2021 Reported	Inc.%	Variation	Var.%
Revenue from sales and services	86,488	93.6%	74,091	93.2%	12,397	16.7%
Other revenues and income	5,932	6.4%	5,382	6.8%	550	10.2%
Total revenues	92,420	100.0%	79,473	100.0%	12,947	16.3%
Cost of raw materials, supplies and consumables	(22,652)	(24.5%)	(19,210)	(24.2%)	(3,442)	17.9%
Cost of services	(10,786)	(11.7%)	(8,484)	(10.7%)	(2,302)	27.1%
Personnel costs	(27,231)	(29.5%)	(24,295)	(30.6%)	(2,936)	12.1%
Other operating income / (expenses), net	(15,736)	(17.0%)	(13,213)	(16.6%)	(2,523)	19.1%
Gains/(losses) from disposal of fixed assets, net	31	0.0%	(233)	(0.3%)	264	(113.3%)
EBITDA	16,046	17.4%	14,038	17.7%	2,008	14.3%
(1) EBITDA Adjusted	17,046	18.4%	13,553	17.1%	3,493	25.8%
Depreciation and amortization	(14,276)	(15.4%)	(14,942)	(18.8%)	666	(4.5%)
EBIT	1,770	1.9%	(904)	(1.1%)	2,674	(295.8%)
Financial income/(expenses), net	(3,419)	(3.7%)	(3,645)	(4.6%)	226	(6.2%)
Foreign exchange differ. and var. in derivatives fair value, net	(13)	(0.0%)	10	0.0%	(23)	(230.0%)
Result of companies valued at net equity	36	0.0%	6	0.0%	30	500.0%
Profit / (loss) before tax	(1,626)	(1.8%)	(4,533)	(5.7%)	2,907	(64.1%)
Income taxes	1,651	1.8%	2,299	2.9%	(648)	(28.2%)
Net profit/(loss) for the period	25	0.0%	(2,234)	(2.8%)	2,259	(101.1%)
Net profit/(loss) for the period Adjusted (1)	766	0.8%	(2,487)	(3.1%)	3,253	(130.8%)
Net profit/(loss) attributable to non-controlling interests	105	0.1%	(10)	(0.0%)	115	(1150.0%)
Net profit/(loss) attributable to owners of the parent	(80)	(0.1%)	(2,224)	(2.8%)	2,144	(96.4%)
Net Financial Position(2)	(317,623)		(337,725)		20,102	(6.0%)
Operative Capex	8,149		4,705		3,444	73.2%
Free Cash Flow (FCF)	(8,770)(4)		19,800(3)		(28,570)	(144.3%)

(1) All the Adjusted figures of this presentation don't include items considered exceptional in nature, non-cash charges and start-up cost detailed in slide 14.

(2) Net financial position as of December 31st,2021 was equal to EUR -301,441 thousand.

(3) After positive changes in working capital of EUR 12.2M. Adjusted FCF, excluding EUR 0.3M related to M&A price paid in the period, is equal to EUR +20.1M.

(4) After negative changes in working capital of EUR -6.6M. Adjusted FCF, excluding EUR 10.3M related to M&A price paid in the period, is equal to EUR +1.5M.

TREND PER QUARTER (P/L Adjusted (1))

(in thousands of Euro)	1Q 2021	Inc.%	2Q 2021	Inc.%	3Q 2021	Inc.%	4Q 2021	Inc.%	1Q 2022	Inc.%
Vends	153,197		163,104		159,147		177,057		166,535
Vending revenues	75,285		82,695		84,825		93,561		87,403
Coin revenues Intra-sector eliminations Total revenues	4,965 (777) 79,473	100.0%	6,087 (1,168) 87,614	100.0%	6,704 (1,043) 90,486	100.0%	11,172 (1,811) 102,922	100.0%	6,107 (1,090) 92,420	100.0%
Cost of raw materials, supplies and consumables	(19,210)	(24.2%)	(20,873)	(23.8%)	(21,830)	(24.1%)	(23,323)	(22.7%)	(22,652)	(24.5%)
Gross Margin	60,263	75.8%	66,741	76.2%	68,656	75.9%	79,599	77.3%	69,768	75.5%
Personnel costs	(23,917)	(30.1%)	(25,174)	(28.7%)	(24,870)	(27.5%)	(28,679)	(27.9%)	(26,716)	(28.9%)
Other operating income (services, redevances, gain/losses from disposal)	(22,793)	(28.7%)	(20,564)	(23.5%)	(24,606)	(27.2%)	(31,909)	(31.0%)	(26,006)	(28.1%)
EBITDA Adjusted	13,553	17.1%	21,003	24.0%	19,180	21.2%	19,011	18.5%	17,046	18.4%
EBIT Adjusted	(1,389)	(1.7%)	5,966	6.8%	4,127	4.6%	4,424	4.3%	2,770	3.0%
Profit/(loss) before tax Adjusted	(4,533)	(5.7%)	382	0.4%	2,008	2.2%	983	1.0%	(626)	(0.7%)
Net profit/(loss) for the period Adjusted	(2,234)	(2.8%)	5,936	6.8%	2,966	3.3%	1,648	1.6%	766	0.8%
Cash Flow	18,692		6,904		5,387		(9,030)		(10,925)
Free Cash Flow (CF from Operating activities net of CF Investing activities)	19,800		15,626		4,637		14,733		(8,770)
Net Financial Position (NFP)	(337,725)		(328,279)		(325,796)		(301,441)		(317,623)
NFP quarterly variation	16,030		9,446		2,483		24,355		(16,182)

(1) The Adjustments includes items considered exceptional in nature, non-cash charges and start-up cost. Explanations are available in the following slide.

SIGNIFICANT and SUBSEQUENT EVENTS (1/2)

• o On February 11th , 2022 through its subsidiary MAN 24 S.r.l., the Group acquired the H24 business of Shop 24 S.r.l.s and Open 24h S.r.l.s. The consideration transferred paid by IVS H24 S.r.l. for these new business units is equal to EUR 135 thousand.
• o On February 2022 IVS Holland B.V. has been liquidated.
• o On March 14th , 2022, the Group, through one of its Italian subsidiaries, acquired the vending business unit of Spina Distributori S.r.l. active in Calabria region for a provisional consideration transferred of EUR 224 thousand.
• o After the first quarter, the subsidiary CSH S.r.l. concluded an agreement with the British N-AND GROUP Ltd, which operates in the IoT-Internet of Things sector, specialized in technologies applied to payment and touch-screen systems, that are rapidly developing in the vending market and for other applications. In accordance with this agreement, N-AND GROUP Ltd resolved a capital increase reserved for CSH S.r.l. (that obtained a minority stake of 20% in N-AND GORUP Ltd) and Venpay S.p.A. (a subsidiary of CSH S.r.l.), leased its digital payment systems business unit to a fully owned Italian subsidiary of N-AND.
• o The Board of Directors of IVS Group S.A. in the exercise of the powers of attorney conferred by the Extraordinary Shareholders' Meeting of December 13, 2017 has resolved to approve a rights offering addressed to the Company's existing shareholders consisting of (i) an offer of preferential subscription rights (the "Preferential Subscription Rights") to be assigned to the existing Shareholders of the Company for the subscription of new shares of the Company and (ii) in the event that the Preferential Subscription Rights are exercised only partially during the Rights Offering, those rights will be offered on the market Euronext Milan from June 1, 2022 to June 3, 2022. Moreover resolved to approve a paid share capital increase, within the limits of the authorized capital, up to a maximum amount of EUR 185,720,415.36 (including share premium), by issuing a maximum number of 52,168,656 new shares, with regular enjoyment and having the same features as the ordinary shares of the Company outstanding on the date of issue, to be offered as Preferential Subscription Rights to those entitled to an issuance price per new share of EUR 3.56 (the "Issuance Price"), in the ratio of 24 New Shares for every 17 Option Rights exercised. The net proceeds of the offering will be used by the Company to fund the the business combination between the IVS Group, Liomatic Group and GeSA as announced to the market on October 22, 2021 and January 5, 2022, respectively, aimed at creating a single group, that will strengthen the leadership of the each party in the regions of original presence and at national level, in the automatic distribution business (vending). The issuance price of the new shares incorporates a 25.5% discount compared to the reference price of the shares of IVS Group S.A. at the close of the Euronext Milan on May 4, 2022 and 12.8% compared to the theoretical "ex rights" price ("TERP").
• o On May 5 th , 2022 CSSF (Commission de Surveillance du Secteur Financier) has approved the prospectus related to an offering of preferential subscription rights addressed to the exsisting shareholders of IVS Group S.A. in the context of the capital increase of the company.

SIGNIFICANT and SUBSEQUENT EVENTS (2/2)

COVID-19: The restrictions imposed by the authorities to face Covid-19 emergency since the last week of February 2020 significantly impacted the Company's organization, the market volumes and revenues of all IVS Group CGUs (see business division comments for more details). The economic impact arising from this crisis affected materially the entire last twenty-four months and it is expected it will materially affect the 2022 trend. The range of the impact are highly uncertain and cannot be predicted, including new information about the return to pre-Covid consumers' behavior. On April 1 st 2022 the emergency status ceased but it will take longer to return to have a pre COVID trend.

In connection with the Covid-19 outbreak, the Group has identified precautionary measures to address this risk, aiming to reduce the economic impact of this outbreak and protect Group finance and P&L, monitoring: Cash management:

• o Assessment of available cash at bank: to date EUR 81.6 million; with a increase of EUR 0.9 million respect the last presentation (March 4 th , 2022) partially affected by the payment finalized during the first four months of 2022, also in connection with the business combination for the acquisition of Liomatic Group and GeSa Group. From the end of March 2020 the available cash at bank increased of around EUR 29.6 million.
• o Assessment of the available credit lines: considering the relevant cash in hand and the prospective of pandemic spread showing a significant reduction the Group chose to modify its credit line policy: so during the second half of 2021 the Group cancelled the residual existing unused senior line and refinance the residual senior credit facility reducing to EUR 70 million the outstanding amount (and so reimbursing EUR 20 million), entirely drawn.
• o Optimization of cash expenditures: the Group cut or stopped the investments not strictly necessary (see capex slide).

Cost optimization:

• o Labour cost: the Group took advantage during last two years from the concessions granted by the various measure issued by the Governments to reduce personnel costs. An effective use of this measure has been critical to protect the Group efficiency and profitability. The facilitations substantially ends at the end of the year 2021.
• o Redevances: on the basis of the legal assessment of term and conditions of the "redevance" agreements with the clients, the Group is generally entitled to obtain a rebalancing of economic terms of the service contracts (see laws and regalements issued by E.U. states Governments: inter alia article 28-bis of Italian law 77/2020, that mandates the rebalancing of the economic terms of the redevance agreements entered between public administrations and vending companies): therefore, considering negotiations ongoing with clients, the charge for redevances has been equally reduced of EUR 2,171 thousand, corresponding to 16.0% of the contractual fees.

ADJUSTED CONSOLIDATED INCOME STATEMENT 1Q2022 (1/4)

		March 31st, 2022				March 31st, 2021
(in thousand of Euro)	Notes Adjusted	Reported	Adjs(1)	Adjusted	Inc.%	Reported	Adjs(1)	Adjusted	Inc.%
Revenue from sales and services		86,488	-	86,488		74,091	-	74,091
Other revenues and income		5,932	-	5,932		5,382	-	5,382
Total revenues		92,420	-	92,420	100.0%	79,473	-	79,473	100.0%
Cost of raw materials, supplies and consumables		(22,652)	-	(22,652)	(24.5%)	(19,210)	-	(19,210)	(24.2%)
Cost of services Personnel costs Other operating income/(expenses), net	(A) (B) (C)	(10,786) (27,231) (15,736)	(407) (515) (78)	(10,379) (26,716) (15,658)	(11.2%) (28.9%) (16.9%)	(8,484) (24,295) (13,213)	671 (312) 126	(9,155) (23,983) (13,339)	(11.5%) (30.2%) (16.8%)
Gains/(losses) from disposal of fixed assets, net		31	-	31	0.0%	(233)	-	(233)	(0.3%)
EBITDA		16,046	(1,000)	17,046	18.4%	14,038	485	13,553	17.1%
Depreciation and amortisation		(14,276)	-	(14,276)	(15.4%)	(14,942)	-	(14,942)	(18.8%)
EBIT		1,770	(1,000)	2,770	3.0%	(904)	485	(1,389)	(1.7%)
Financial income/(expenses)		(3,419)	-	(3,419)	(3.7%)	(3,645)	-	(3,645)	(4.6%)
Foreign exchange differences and variations in derivatives fair value, net		(13)	-	(13)	(0.0%)	10	-	10	0.0%
Result of companies valued at net equity		36	-	36	0.0%	6	-	6	0.0%
Profit/(loss) before tax		(1,626)	(1,000)	(626)	(0.7%)	(4,533)	485	(5,018)	(6.3%)
Income taxes	(D)	1,651	259	1,392	1.5%	2,299	(232)	2,531	3.2%
Net profit/(loss) for the period		25	(741)	766	0.8%	(2,234)	253	(2,487)	(3.1%)
Net profit/(loss) attributable to non-controlling interests		105	(5)	110	0.1%	(10)	(68)	58	0.1%
Net profit/(loss) attributable to owners of the parent		(80)	(736)	656	0.7%	(2,224)	321	(2,545)	(3.2%)

(1) The Adjustments includes items considered exceptional in nature, non-cash charges and start-up cost. Explanations are available in the following slide.

ADJUSTED CONSOLIDATED INCOME STATEMENT 1Q2022 (2/4)

Explanation of revenues variations

Vending Revenues: the increase by EUR 11,643 thousand (+16.6%) is related to the gradual easing of restrictions due to Covid-19 pandemic event in all market served by the Group (Italy, France, Spain and Switzerland), while in the same quarter of the past year they were strongly or partially present.

Compared to the correspond period of the year 2021, the volumes in vending business increased by 8.7% and compared with 2019 decreased by 24.6%.

The variation in vending revenues arising from the increase of volumes is equal to: EUR 4.2M in Italy and 1.9M in France. Price effect in 2022 was positive for EUR 5.1M, net of the effects of acquisitions of business units.

ADJUSTED CONSOLIDATED INCOME STATEMENT 1Q2022 (3/4)

Explanation of cost variations

• o Cost of raw material and supplies and consumables: the increase by EUR 3,442 thousand is strictly related to the increase of the vending volumes (with a slight increase of 0.3 p.p. on revenues with respect to 2021).
• o Cost of services (net of adjustments) increased by EUR 1,224 thousand(1) (with a decrease in percentage on revenues of 0.3 p.p.): these costs increased in all CGUs except in Spain. They increased in Italian CGU by EUR 587 thousand, in French CGU by EUR 94 thousand, in Swiss CGU by EUR 42 thousand and in COIN CGU by EUR 566 thousand. In Spanish CGU they decreased by EUR 222 thousand.
• o Personnel costs (net of adjustments) increased by EUR 2,733 thousand (+11.4%) with respect to the same period of 2021 (with a decrease in percentage on revenues of 1.3 p.p.). The increase in the Italian CGU (+13.7% equal to EUR 2,377 thousand) is mainly related to the greater use of benefit arising from "Cassa Integrazione" plan in 2021 compared to 2022 (EUR 2,826 thousand), The decrease in Spain is equal to EUR 264 thousand (-11.2%), while in France and in Switzerland we register an increase respectively of EUR 282 thousand (+12.3%) and of EUR 49 thousand (+28.0%).
• o Other Operating Income/Expenses (net of adjustments) increased by EUR 2,319 thousand (+17.4%) compared to the same period of 2021. The variation is largely due to the increase on vending machines positioning fees (redevance) of EUR 1,808 thousand. The Group, as done in the previous year because of the legal assessment of term and conditions of the redevances agreements, is generally entitled to obtain a rebalance of economic term of the contracts. Therefore, considering negotiations ongoing with clients, the charge for redevances has been equally reduced of EUR 2,171 thousand, corresponding to 16.0% of the contractual fees (in addition to the natural variation of the variable redevances linked to the turnover). We also reported an increase in fuel costs (EUR 493 thousand) due to the increase in prices (68%) and also in volumes (32%).
• o Income taxes (net of adjustment) decreased compared to 2021 by EUR 1,139 thousand. The 2021's tax rate is comparable with 2021 in term of increasing of benefits arising from some Italian tax holiday: "Industry 4.0" measure and "ACE-Aiuto alla Crescita Economica". Deferred tax assets are recognized on the tax benefit arising from the alignment of the assets (mainly goodwill) under the Decree Law 104/2020, art.110, as well as on tax losses to the extent that it is probable that taxable profit will be available against unused tax losses can be utilized.

(1) Net of intra-sector eliminations (EUR 157 thousand).

ADJUSTED CONSOLIDATED INCOME STATEMENT 1Q2022 (4/4)

Explanation of adjustment

The adjustments column of the Financial Statements contains certain items considered by IVS management to be exceptional in nature. In particular, 2022 adjustments mainly includes the following:

• (A)EUR 407 thousand detailed as follow: EUR 416 thousand related to taxes reimbursement net of notarial and legal fees (mainly related to the acquisition activity of subsidiaries and business units) and a positive effect of EUR 7 thousand related to the application of the amendments to IFRS 16 and of EUR 2 thousand as a public incentive.
• (B)EUR 515 thousand detailed as follow: EUR 515 thousand related to the termination benefit and other related cost paid during the reported period, large part of them is consequentially to the acquisitions finalized in current and previous year.
• (C)EUR 78 thousand detailed as follow: EUR 299 thousand (expenses) related to taxes, notarial and legal fees (mainly related to the acquisition activity of subsidiaries and business units) and EUR 221 thousand (income) related to the tax reimbursement from the Italian Authority (Agenzia delle Entrate) regarding indirect taxes.
• (D) EUR -259 thousand reflect the negative tax effect of the above-mentioned adjustments.

2021 adjustments mainly included:

• Moneynet start-up costs for EUR 89 thousand;
• EUR 87 thousand related to legal fees;
• A positive adj. for EUR 1,022 thousand related to the application of IFRS 16 amendments;
• EUR 193 related to the termination benefit and other related cost paid during the reported period (taxes, notarial and legal fees largely due to the acquisitions finalized in current and previous year and other minor cost);
• A positive adj. for EUR 70 thousand related to a write off for a provision for risk on France CGU;
• EUR 232 thousand related to tax positive adjustments mainly arising from agreement on the patent box regime.

CGU PERFORMANCE

March 31st, 2022 (thousands of Euro)	Italy	France	Spain	Switzerland	Coin	Intra-sector eliminations	Total
Total Revenues	71,225	9,836	6,883	624	6,107	(2,255)	92,420
Redevances	(7,840)	(2,036)	(747)	(46)	-	-	(10,669)
Total Net Revenues	63,385	7,800	6,136	578	6,107	(2,255)	81,751
Other operating costs	(48,905)	(6,955)	(5,158)	(444)	(5,498)	2,255	(64,705)
EBITDA Adjusted	14,480	845	978	134	609	-	17,046
Income/(expenses) non-recurr. and except. in nature	(942)	(31)	(33)	1	5	-	(1,000)
Non-cash charges	-	-	-	-	-	-	-
EBITDA	13,538	814	945	135	614	-	16,046
% EBITDA Adj (EBITDA Adj /Total Revenues)	20.3%	8.6%	14.2%	21.5%	10.0%	-	18.4%
% EBITDA Adj (EBITDA Adj /Total Net Revenues)	22.8%	10.8%	15.9%	23.2%	10.0%	-	20.9%
% EBITDA Adj ex Group Management & Royalties Fees/Total Net Revenues	22.4%	12.2%	17.9%	24.4%	10.3%	-	20.9%
Depreciation and amortization	(11,505)	(1,234)	(923)	(132)	(482)	-	(14,276)
EBIT	2,033	(420)	22	3	132	-	1,770
%EBIT/ Total Revenues	2.9%	(4.3%)	0.3%	0.5%	2.2%	-	1.9%
March 31st, 2021 (thousands of Euro)	Italy	France	Spain	Switzerland	Coin	Intra-sector eliminations	Total
Total Revenues	62,448	6,590	7,097	585	4,965		79,473
						(2,212)
Redevances	(7,360)	(724)	(733)	(44)	-	-	(8,861)
Total Net Revenues	55,088	5,866	6,364	541	4,965	(2,212)	70,612
Other Operating costs	(43,205)	(5,557)	(5,768)	(345)	(4,396)	2,212	(57,059)
EBITDA Adjusted	11,883	309	596	196	569	-	13,553
Income/(expenses) non-recurr. and except. in nature	796	47	(60)	2	(300)	-	485
Non-cash charges	-	-	-	-	-	-	-
EBITDA	12,679	356	536	198	269	-	14,038
% EBITDA Adj (EBITDA Adj /Total Revenues)	19.0%	4.7%	8.4%	33.5%	11.5%	-	17.1%
% EBITDA Adj (EBITDA Adj /Total Net Revenues)	21.5%	5.3%	9.4%	36.2%	11.5%	-	19.1%
% EBITDA Adj ex Group Management & Royalties Fees/Total Net Revenues	20.5%	9.7%	13.9%	37.5%	11.8%	-	19.1%
Depreciation and amortization	(12,006)	(1,176)	(1,125)	(142)	(493)	-	(14,942)
EBIT	673	(820)	(589)	56	(224)	-	(904)

VENDING PERFORMANCE

	Italy		France		Spain		Switzerland		Total
	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021
Sales (Euro thousand)	65,353	56,843	9,124	5,901	6,680	6,803	603	570	81,760	70,117
ASP (Euro cent)	47.38	44.79	69.82	59.40	45.40	43.81	72.65	69.94	49.09	45.77
Vends (Thousand)	137,923	126,920	13,067	9,934	14,715	15,528	830	815	166,535	153,197

	First quarter
	2022		2021		Variation
	Thousands	%	Thousands	%	Thousands	%
Vends	166,535		153,197		13,338	8.7%
Total revenues	87,403	100.0%	75,285	100.0%	12,118	16.1%
Operating costs	(70,966)	(81.2%)	(62,301)	(82.8%)	(8,665)	13.9%
EBITDA Adjusted	16,437	18.8%	12,984	17.2%	3,453	26.6%
Other non-recurring income/(expenses)	(1,005)	(1.1%)	785	1.0%	(1,790)	(228.0%)
EBITDA	15,432	17.7%	13,769	18.3%	1,663	12.1%
Depreciation and amortization	(13,794)	(15.8%)	(14,449)	(19.2%)	655	(4.5%)
EBIT	1,638	1.9%	(680)	(0.9%)	2,318	(340.9%)

COIN DIVISION PERFORMANCE

(in thousands of Euro)	March 31st,2022	March 31st, 2021	March 31st,2022	March 31st, 2021	March 31st,2022	March 31st, 2021	March 31st,2022	March 31at 2021	Total March
	Metal Coin Business (Coinservice)		Business (Venpay)	Digital Money	Digital Payment Business (Moneynet)			Intercompany Elimination	31st, 2022	Total March 31st, 2021	Var.	Var. %
Total revenues	4,005	3,185	707	601	1,395	1,034	-	145	6,107	4,965	1,142	23.0%
Operating costs	(3,097)	(2,643)	(754)	(580)	(1,649)	(1,034)	2	(139)	(5,498)	(4,396)	(1,102)	25.1%
Ebitda Adjusted	908	542	(47)	21	(254)	-	2	6	609	569	40	7.0%
% Ebitda Adj./Total Revenues	22.7%	17.0%	(6.6%)	3.5%	(18.2%)	-	-	-	10.0%	11.5%	(1.5%)	-
Income/(expenses) non-recurr. and except. in nature	5	22	-	5	-	(386)	-	59	5	(300)	305	(101.7%)
EBITDA	913	564	(47)	26	(254)	(386)	2	65	614	269	345	128.3%
Depreciation and amortization	(376)	(403)	(76)	(59)	(30)	(36)	-	5	(482)	(493)	11	(2.2%)
EBIT	537	161	(123)	(33)	(284)	(422)	2	70	132	(224)	356	158.9%
% Ebit/ Total Revenues	13.4%	5.1%	(17.4%)	(5.5%)	(20.4%)	(40.8%)	-	-	2.2%	(4.5%)	6.7%	-

• Coin Service CGU total sales at 31st March 2022 increased from EUR 4,965 thousand to EUR 6,107 thousand (+23.0%) compared to 2021; total Adjusted EBITDA increased from EUR 569 thousand to EUR 609 thousand (+7.0%).

• Metal Coin business (Coinservice) revenues increased by around 25.7%, from EUR 3,185 thousand to EUR 4,005 thousand. In more detail, 1Q 2022 showed a progressive monthly increase, with lower sales and margins in January and February, that were still affected by the business restrictions caused by new wave of Omicron-Covid virus, and with a strong acceleration that started in March and Adj EBITDA in 1Q 2022 increased by around 68% vs. 1Q 2021.
• Digital Money business (Venpay) registered a strong increase of CoffeecApp registered and active users (that reached more than 0.7 million and 0.2 million respectively), whilst the sales of new appliances and components, although grown (+17.6% vs 1Q 2021) are still quite weak if compared to pre Covid levels, being linked with an overall still low capex strategy of clients (vending companies). Additional R&D and other operating costs, aimed at developing the digital and IoT business competences, determine a small negative EBITDA.
• The Digital Payments business (Moneynet) is increasing its sales (+34.9%) and reducing operating losses (-34%), as a result on the ongoing restructuring and development plans, that should bring to a substantial break-even in the last part of the year (when the company makes the largest part of its revenues).

M&A

During the first quarter of 2022 the IVS Group finalized two acquisitions of business units and subsidiaries, all located in Italy, for a total enterprise value of EUR 359 thousand.

The contribution of the new businesses to the Group revenues, from the date of the acquisition, is equal to EUR 21 thousand. During 2022, IVS Group paid EUR 10,266 thousand for acquiring new business units (of which EUR 10,195 thousand for current year acquisition, mainly related to the business combination with Liomatic Group and GeSA).

(in thousands of Euro)	Italy		Total
Number of Vends (thousand)	34		34
Vending Revenues	21	100%	21	100%
Cost of sales /services	(10)	(48%)	(10)	(48%)
Gross margin	11	52%	11	52%
Personnel Cost	0	0%	0	0%
Redevances/Other operating costs	0	0%	0	0%
Net	11	52%	11	52%

CAPEX

Ordinary capex in 1Q 2022 were higher in comparison to the same period of previous year (the increase is equal to EUR 3,444 thousand).

The Italian subsidiaries enjoyed in the year 2022 a tax benefit of EUR 828 thousand (EUR 873 thousand in 2021), due to capex eligible for Italian Industry 4.0. tax benefit (progressive total eligible investments amount to EUR 54,178 thousand).

8,149 The consolidated average benefit for the next 7 year due to these investments will be more than EUR 1.8 million per year. The data above reported do not include the extraordinary capex arising from M&A (EUR 395 thousand). The impact on assets of IFRS 16, adopted by the Group since January 2019 as of March 31st , 2022 is equal to EUR 51,108 thousand, of which EUR 10,820 related to financial leases and EUR 496 thousand related to increases of the current period.

NET FINANCIAL POSITION

(in thousands of Euro)	31st, 2022 March	December 31st, 2021
Cash	102,031	120,288
Cash equivalents(1)	49,714	42,382
Other current financial assets	3,422	6,336
Liquidity	155,167	169,006
Current financial debt	(46,534)	(41,744)
Current portion of financial debt	(15,889)	(15,096)
Current financial indebtedness	(62,423)	(56,840)
Net current financial indebtedness	92,744	112,166
Non-current financial debt	(113,250)	(115,847)
Debt instruments	(297,974)	(297,855)
Non-current trade and other payables	(816)	(1,517)
Non-current financial indebtedness	(412,040)	(415,219)
Total financial indebtedness(2)	(319,296)	(303,053)
Non-current Financial Assets (Investments - fixed income)	544	544
Non-current Financial Assets (Other)	695	595
Other non-current assets (financing)	434	473
Net financial position	(317,623)	(301,441)

Net Financial Position (NFP) trend is still influenced by the effects of COVID-19 impact to the worldwide economy. As of March 31st 2022, the Group register a negative variation of EUR 16,182 thousand in comparison with the Net Financial Position as of December 31st , 2021 also due to negative changes in working capital for EUR 6,561 thousand and the effects of the deposit of EUR 10,000 thousand in connection to the business combination of the period.

The NFP as of March 31st , 2022 includes also EUR 46,395 thousand of debt related to operating lease in according to IFRS16 accounting.

• (1) of which around EUR 30,905 thousand related to coin management performed by Coin Division (i.e. cash on banks and coins stored, corresponding to the coins collected from clients, whose value has to be paid in the short term).
• (2) Pursuant to ESMA update of the Guidelines on disclosure requirements under the Prospectus Regulation with reference to "Commission Delegated Regulation (EU) No 2019/980 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council implementing Prospectus Directive".

CASH FLOW STATEMENT

(in thousands of Euro)	Notes	March 31st , 2022	March 31st , 2021
Cash flows from operating activities before tax, financial items and changes in working capital		15,507	14,342
Changes in Working Capital Inventories Trade receivables Other current assets	(1)	(6,561) (1,263) 1,343 (4,663)	12,151 880 1,879 6,016
Trade payables Other Liabilities Net financial expense paid Tax paid		(460) (1,518) (585) 57	3,342 34 (1,193) 45
A) Cash flows from operating activities Investments in assets (net of proceeds from disposal)	(2)	8,418 (9,736)	25,345 (6,184)
Acquisitions, net of cash Changes in financial assets B) Cash flows from investing activities: Changes in financial items		(10,266) 2,814 (17,188) (2,147)	(317) 956 (5,545) (1,034)
Dividend distribution		-	-
C) Cash flows from financing activities: D) Exchange rate differences and other changes:		(2,147) (8)	(1,034) (74)
E) Change in cash and cash equivalents (A+B+C+D):		(10,925)	18,692

Notes disclosure

The restrictions imposed by the authorities to face COVID-19 emergency since the last week of February 2020 significantly impacted the changes in working capital too.

(1) The variation is mainly due to the increase in the VAT recevaibles (EUR 2,796 thuosand) in the quarter.

(2) The variation include the deposit of Eur 10 million in connection to the business combination of the period.

Consolidated Statement of Financial Position - Assets

(in thousands of Euro)		March 31st, 2022	December 31st 2021 Restated(*)
ASSETS
Non-current assets
Intangible assets		41,736	43,271
Goodwill		403,307	403,099
Property, plant and equipment		212,214	216,770
Equity Investments		3,163	3,127
Non-current financial assets		1,239	1,139
Deferred tax assets		32,435	30,560
Other non-current assets		593	633
TOTAL NON-CURRENT ASSETS	A	694,687	698,599
Current assets
Inventories		39,634	38,371
Trade receivables		24,924	26,257
Tax assets		4,067	5,068
Other current assets		30,508	15,805
Current financial assets		3,422	6,336
Cash and cash equivalents		151,744	162,670
TOTAL CURRENT ASSETS	B	254,299	254,507
TOTAL ASSETS	A+B	948,986	953,106

Shareholders' Equity and Liabilities

(in thousands of Euro)		March 31st, 2022	December 31st 2021 Restated(*)
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Share capital		364	364
Share premium reserve		325,798	325,798
Other reserves		10,441	10,441
Treasury shares		(20,916)	(17,988)
Cash Flow Edge Reserve		(167)	(307)
Retained earnings / (losses)		(11,241)	(16,630)
Net profit (loss) for the year		(80)	5,361
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT		304,199	307,039
Share capital and reserves attributable to non-controlling interests		12,869	12,365
Net profit/(loss) for the year attributable to non-controlling interests		105	494
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		12,974	12,859
TOTAL SHAREHOLDERS' EQUITY	C	317,173	319,898
Non-current liabilities
Due to Bond holders		297,974	297,855
Non-current financial liabilities		114,066	117,364
Employee benefits		11,935	12,303
Provisions for risks and charges		1,397	1,358
Deferred tax liabilities		22,635	22,704
TOTAL NON-CURRENT LIABILITIES	D	448,007	451,584
Current liabilities
Due to Bond holders		3,528	1,282
Current financial liabilities		58,648	54,924
Derivative financial instruments		247	634
Trade payables		91,593	93,831
Tax liabilities		38	48
Provisions for risks and charges		48	48
Other current liabilities		29,704	30,857
TOTAL CURRENT LIABILITIES	E	183,806	181,624
TOTAL LIABILITIES	F=D+E	631,813	633,208
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	C+F	948,986	953,106

(*) Some amounts reported in this column do not match those of the 2021 Financial Statements as described in Disclaimer slide

Consolidated Income Statement

(in thousands of Euro)	March 31st, 2022	March 31st,2021 Restated(*)
Revenue from sales and services	86,488	74,091
Other revenues and income	5,932	5,382
Total revenues	92,420	79,473
Cost of raw materials, supplies and consumables	(22,652)	(19,210)
Cost of services	(10,786)	(8,484)
Personnel costs	(27,231)	(24,295)
Other operating income/(expenses), net	(15,736)	(13,213)
Gains/(losses) from disposal of fixed assets, net	31	(233)
Depreciation and amortisation	(14,276)	(14,942)
Operating profit / (loss)	1,770	(904)
Financial expenses	(3,482)	(3,719)
Financial income	63	74
Foreign exchange differences and variations in derivatives fair value, net	(13)	10
Result of companies valued at net equity	36	6
Profit/(loss) before tax	(1,626)	(4,533)
Income taxes	1,651	2,299
Net profit/(loss) for the period	25	(2,234)
Net profit/(loss) for the period attributable to non-controlling interests	105	(10)
Net profit/(loss) for the year attributable to owners of the parent	(80)	(2,224)
Earnings per share (in unit of Euro)
Base	(0.00)	(0.06)
Diluted	(0.00)	(0.06)

(*) Some amounts reported in this column do not match those of the 2021 Financial Statements as described in Disclaimer slide

Consolidated Statement of Comprehensive Income

(in thousands of Euro)	March 31st, 2022	March 31st, 2021 Restated(*)
Net profit/(loss) for the period	25	(2,234)
Items of other comprehensive income that will be reclassified in profit and loss Net (loss)/gain on cashflow hedge	- - 183	- - 200
Tax impact	(44)	(48)
Exchanges differences on translation of foreign operations	32	(112)
Total income (loss) in the statement of comprehensive income, net of taxes that will be reclassified in profit and loss	171	40
Items of other comprehensive income that will not be reclassified in profit and loss	-	-
Actuarial Gain/(Losses) on defined benefit plan	5	-
Tax impact	-	-
Total income (loss) in the statement of comprehensive income, net of taxes that will not be reclassified in profit and loss	5	-
	-	-
Total income (loss) in the statement of comprehensive income, net of taxes	201	(2,194)
Attributable to non-controlling interests	109	(21)
Attributable to owners of the parent	92	(2,173)

(*) Some amounts reported in this column do not match those of the 2021 Financial Statements as described in Disclaimer slide

Consolidated Statement of Cash Flow

	Restated(*)
A) Cash flows from operating activities
Profit (Loss) before tax 25	(2,234)
Adjustments for:
Income taxes (1,651)	(2,299)
Undistributed (profit) loss of equity-accounted investees (36)	(6)
Amortisation and depreciation 14,444	14,996
(Gains)/losses on disposal of non-current assets (31)	233
Changes in employee benefits and other provisions (509)	6
Reversal of financial expense 3,265	3,646
Cash flows from operating activities before tax, financial 15,507 income/expenses and change in working capital:	14,342
Changes in working capital (6,561)	12,151
Cash flows from operating activities before tax, financial 8,946 income/expenses:	26,493
Net financial expense paid (585)	(1,193)
Tax paid 57	45
Total A) 8,418	25,345
B) Cash flows from investing activities:
Investments in non-current assets:
Intangible assets (143)	(136)
Property, plant and equipment (7,980)	(4,572)
Change in unpaid capital expenditure (1,778)	(1,624)
Acquisition of subsidiaries and business units, net of cash (10,266)	(317)
Total investments (20,167)	(6,649)
Proceeds from disposal of net non-current assets 165	148
Changes in financial assets 2,814	956
Total divestitures 2,979	1,104
Total B) (17,188)	(5,545)
C) Cash flows from financing activities:
Proceeds from non-current loan -	-
Repayment of non-current loan liabilities (2,514)	(2,760)
Changes in current financial liabilities 3,295	2,223
Changes of non-controlling interests -	(497)
Acquisition of treasury shares (2,928) Dividend distribution -	- -
Total C) (2,147)	(1,034)
D) Exchange rate differences and other changes: (8) E) Change in cash and cash equivalents (A+B+C+D): (10,925)	(74) 18,692
F) Opening cash and cash equivalents: 162,670 Closing cash and cash equivalents (E+F) 151,745	140,717 159,409

Consolidated Statement of Changes in Consolidated Shareholders' Equity

	Shareholders'equity of the IVS Group S.A.
(in thousands of Euro)	Share capital	Share premium reserve	Treasury shares	Cash flow edge reserve	Other capital reserves	Retained earnings/(losse s brought forward)	Net income/(loss) for the period	Total	Attributable to non controlling interests	Total Shareholders' equity
31st 2021 December	364	325,798	(17,988)	(307)	10,441	(16,631)	5,361	307,038	12,859	319,897
Allocation of net income (loss)	-	-	-	-	-	5,361	(5,361)	-	-	-
Net result for the period	-	-	-	-	-	-	(80)	(80)	105	25
Other comprehensive income	-	-	-	140	-	32	-	172	4	176
Total comprehensive income/(loss)	-	-	-	140	-	32	(80)	92	109	201
Treasury shares:
Acquisition of treasury shares	-	-	(2,928)	-	-	-	-	(2,928)	-	(2,928)
Totale effect of Treasury shares	-	-	(2,928)	-	-	-	-	(2,928)	-	(2,928)
Incoproration of Breskui S.r.l.	-	-	-	-	-	-	-	-	1	1
Total other movements	-	-	-	-	-	-	-	-	1	1
Rounding	-	-	-	-	-	(3)	-	(3)	5	2
March 31st, 2022	364	325,798	(20,916)	(167)	10,441	(11,241)	(80)	304,199	12,974	317,173

ANNEX – COMPARABLE KPI (excluded by slide 6)

% Of Repetitive Failures
-0.2 p.p.
2021
10.6%

% Of Technical Calls Resolved Within 4 Hours -4.6 p.p.
2022	2021
70.7%	75.3%

(In hours)	+14.1%		Average time Of failures Resolution
2022 3:38		2021 3:11

% Of Technical Calls Resolved Within 8 Hours -2.6 p.p.
2022	2021
91.7%	94.3%

DISCLAIMER

This presentation is being shown to you solely for your information and may not be reproduced, distributed to any other person or published, in whole or in part, for any purpose.

The information in this presentation could include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments. Including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statements.

In this document, we present certain measures, including EBITDA, EBITDA Adjusted, EBIT, EBIT Adjusted, Net Financial Indebtedness and Net Financial Position, Net profit/(loss) for the period Adjusted and Gross Margin. Certain of these financial measures are, or may be, considered Alternative Performance Measures ("APMs") as defined by ESMA Guidelines on Alternative Performance Measures and are better detailed in section "Alternative Performance Measures" of the Annual Report 2021.

In addition, the 2021 figures have been restated in order to reflect the finalization of Purchase Price Allocation provisionally accounted in previous Consolidation Financial Statements.