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Gvs — Earnings Release 2025
Mar 26, 2026
4164_rns_2026-03-26_ca674ed2-be0f-45d5-a5ca-34e4668f9810.pdf
Earnings Release
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teleborsa
| Informazione Regolamentata n. 2251-4-2026 | Data/Ora Inizio Diffusione 26 Marzo 2026 13:10:16 | Euronext Milan |
|---|---|---|
Societa': GVS
Utenza - referente : GVSN03 - Bala Rozemaria
Tipologia : 1.1
Data/Ora Ricezione : 26 Marzo 2026 13:10:16
Oggetto : GVS - FY 2025 Consolidated Results Approval
Testo del comunicato
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GVS
CERTIFIED
GVS CONFIRMS REVENUE AND MARGIN GROWTH IN 2025
CONSOLIDATED REVENUES UP +2.0% AT CONSTANT FX TO EURO 424.7 MILLION
ADJUSTED EBITDA UP +3.0% TO EURO 107.0 MILLION, WITH MARGIN EXPANDING TO 25.2%
ADJUSTED NET PROFIT +5.9% YEAR-ON-YEAR TO EURO 47.4 MILLION
GVS FY2025 Results Highlights
Consolidated revenues of Euro 424.7 million, +2.0% at constant FX compared to 2024
Adjusted EBITDA of Euro 107.0 million, +3.0% year-on-year; adjusted EBITDA margin at 25.2%, +95 bps vs. FY 2024
Adjusted net profit, excluding FX gains/losses, of Euro 47.4 million, with margin increasing to 11.2% from 10.4% in the prior year
Net financial debt of Euro 240.1 million and post M&A leverage ratio of 2.2x
Zola Predosa (BO), 26 March 2026 - The Board of Directors of GVS S.p.A. (the "Company" or the "Group"), a leading provider of advanced filtration solutions for highly critical applications, met today and approved the Draft Financial Statements and Consolidated Financial Statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS international accounting standards.
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GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
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017-1308
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GVS
CERTIFIED
ANALYSIS OF THE GROUP'S ECONOMIC PERFORMANCE
In FY 2025, GVS reported consolidated revenues of Euro 424.7 million, up +2.0% year-on-year at constant FX and down -0.9% at current FX.
The Healthcare & Life Sciences division, accounting for 67.1% of total revenues, reported revenues of Euro 285.0 million, up +1.5% at constant FX (-1.1% at current FX) compared to the prior year, supported by the contribution from the acquisition of Haemonetics' Whole Blood business. Division revenues were negatively impacted by lower sales in the hemodialysis business in the US market, amounting to Euro 10.0 million at constant FX (Euro 11.1 million at current FX).
The Energy & Mobility division, representing 13.4% of total revenues, reported a decrease of -7.5% at constant FX (-10.5% at current FX), with revenues of Euro 56.8 million.
The Safety division, representing 19.5% of total revenues, reached Euro 82.9 million, up +11.9% at constant FX (+7.7% at current FX) compared to the prior year.
Adjusted EBITDA increased by +3.0% compared to FY 2024, with a margin of 25.2%, up 95 basis points from 24.3% in 2024, supported by the Group's profitability recovery initiatives.
Adjusted EBIT, with a margin of 17.9%, amounted to Euro 75.8 million (Euro 75.6 million in the prior year), as EBITDA growth was offset by higher adjusted depreciation and amortization.
Adjusted net financial expenses, excluding FX losses of Euro 20.4 million in 2025 and FX gains of Euro 3.9 million in 2024, decreased from Euro 14.2 million in FY 2024 to Euro 10.2 million in FY 2025, mainly driven by the reduction in outstanding debt in line with amortization schedules and contractual interest rates.
Adjusted net profit, excluding FX gains/losses and related tax effects, amounted to Euro 47.4 million, up +5.9% compared to 2024, with margin increasing to 11.2% from 10.4% in the prior year.
Net financial debt as of December 31, 2025 stood at Euro 240.1 million. The increase of Euro 20.3 million compared to December 31, 2024 was mainly driven by the acquisition of Haemonetics' Whole Blood business, for which the Group paid Euro 40.5 million at closing and recognized an earn-out liability of Euro 4.1 million, payable by February 2028. Excluding this transaction, extraordinary investments of Euro 8.7 million and share buybacks of Euro 10.3 million, net financial debt decreased by Euro 43.3 million compared to December 31, 2024.
PROPOSED ALLOCATION OF NET PROFIT
The Board of Directors, in submitting the statutory financial statements for approval, resolved to propose to the Shareholders' Meeting to allocate the net profit of Euro 889,173 to retained earnings.
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GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
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GVS
CERTIFIED
SIGNIFICANT EVENTS AFTER YEAR-END
On January 7, 2026, GVS entered into a loan agreement with Banca Sella for a total amount of Euro 20 million, maturing on January 7, 2031. The loan provides for 10 semi-annual installments starting from July 7, 2026. The interest rate is variable and equal to 6-month Euribor plus a spread of 0.8%.
On January 16, 2026, GVS entered into a loan agreement with Banca Monte dei Paschi di Siena for Euro 20 million, maturing on June 30, 2031. The loan includes three semi-annual grace period installments and seven repayment installments starting from June 30, 2028. The interest rate is variable and equal to 6-month Euribor plus a spread of 0.6%.
On February 16, 2026, GVS entered into a bullet financing agreement with Mediobanca for Euro 40 million, maturing on February 10, 2031. The interest rate is variable and linked to 6-month Euribor plus a margin based on the Group's net financial debt/EBITDA ratio.
With reference to the recent deterioration of the international geopolitical environment, following the escalation of the conflict in Iran, which has evolved since early March 2026 into a particularly critical phase characterized by large-scale military operations, the GVS Group is closely monitoring the current situation on a daily basis to assess potential direct and indirect future impacts. These include, in particular, the potential strengthening of inflationary dynamics in raw material procurement markets and energy costs, as well as a possible decline in sales in the affected regions.
As of today, while direct impacts are considered not material, also considering the Group's limited exposure to the countries involved in the conflict, potential indirect effects on the supply chain and raw material costs cannot be excluded and may result in pressure on margins. The Directors will continue to monitor developments in the current scenario and will take appropriate actions aimed at preserving the Group's profitability
BUSINESS OUTLOOK
In 2026, the GVS Group will continue its path of improving financial and operating performance, focusing on the following strategic actions:
- MedTech: Establish new subdivisions to sharpen commercial focus on higher-growth segments and maximise M&A synergies
- Transfusion Medicine: new TM platform build-out completed with the full integration of Whole Blood business; focus now on driving business growth and accelerating new product development
- Safety: continue business expansion, supported by the ramp-up of new products across all geographies
- Life Sciences: drive revenue growth through validations with pharmaceutical customers and new distribution agreements
- Mobility: stabilize revenues, continuing the growth of EV-related solutions and recovering volumes in agricultural vehicle applications.
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GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
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CERTIFIED
GVS
Based on the above actions, GVS expects to achieve in FY 2026:
- low single-digit consolidated revenue growth at constant FX vs. FY 2025, with progressive acceleration over the course of the year;
- adjusted EBITDA margin expansion of 20-50 basis points vs. FY 2025;
- leverage ratio of approximately 1.8x as of December 31, 2026.
DECLARATION PURSUANT TO ARTICLE 154-BIS, PARAGRAPH 2, T.U.F.
The Manager responsible for preparing the company's financial reports, Emanuele Stanco, declares, pursuant to Article 154-bis, second paragraph of Legislative Decree 58/98, that the accounting information contained in this press release corresponds to the results in the Company's documents, books and accounting records.
The 2025 Annual Financial Report has been made available to the Board of Statutory Auditors and the Independent Auditors and will be made available to the public at the registered office, on the Company's website www.gvs.com, and on the authorised storage mechanism eMarket Storage, managed by Teleborsa Srl, together with the reports of the Board of Statutory Auditors and the Independent Auditors, in compliance with the terms set out in Legislative Decree no. 58/98 (Consolidated Law on Finance - TUF).
CONFERENCE CALL
Financial results for 2025 will be presented on Thursday, 26 March 2026 at 16:00 CET during a webinar/conference call held by the Group's Senior Management.
The event can be followed in webinar or telephone mode by registering at the link below:
[CLICK HERE TO REGISTER FOR THE CONFERENCE CALL & WEBINAR]
The presentation given by the Senior Management will be available before the beginning of the conference call on the authorised storage mechanism eMarket Storage, managed by Teleborsa Srl, as well as on the Company's website www.gvs.com (in the section Investor Relations/Financial Presentations).
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GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
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eMarkET SDIR, a company of CERTIFIED
This press release is available on the regulated information dissemination system eMarket SDIR, managed by Teleborsa Srl, as well as on the Company's website www.gvs.com (in the Investor/Press releases section).
Contacts
Investor Relations GVS S.p.A.
Guido Bacchelli
Head of Strategy, Corporate Development and IR
DISCLAIMER
This press release contains forward-looking statements concerning future events and operating, economic and financial results of GVS. These forecasts have by their very nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may deviate even significantly from those announced in relation to a multitude of external factors not necessarily under GVS's control.
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GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
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GVS S.p.A.
GVS
CERTIFIED
Consolidated and Separate Financial Statements as at 31 December 2025
Consolidated Financial Statements as at 31 December 2025
Consolidated Income Statement
| (In thousands of Euro) | Period of 12 months ended 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Revenue from contracts with customers | 424,662 | 428,542 |
| Other revenue and income | 8,527 | 7,815 |
| Total revenue | 433,189 | 436,357 |
| Purchases and consumption of raw materials, semi-finished and finished products | (129,571) | (133,281) |
| Personnel costs | (132,194) | (134,910) |
| Services Cost | (62,789) | (59,308) |
| Other operating costs | (6,076) | (7,663) |
| EBITDA | 102,559 | 101,195 |
| Net write downs of financial assets | (240) | (696) |
| Amortisation, depreciation and write downs | (45,311) | (44,291) |
| EBIT | 57,008 | 56,208 |
| Financial income | 1,111 | 7,262 |
| Financial costs | (32,322) | (20,506) |
| Profit before income tax | 25,797 | 42,964 |
| Income taxes | (7,384) | (9,589) |
| Net profit | 18,414 | 33,375 |
| Group's share | 18,431 | 33,370 |
| Minority share | (17) | 5 |
| Basic net result per share (in Euro) | 0.10 | 0.19 |
| Diluted net result per share (In Euro) | 0.10 | 0.19 |
Analysis of Reclassified Income Statement
| (In thousands of euro) | Period of 12 months ended 31 December | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | of which non-recurring | 2025 | 2024 | of which non-recurring | 2024 | ||
| Adjusted | % | Adjusted | |||||
| Revenues from sales and services | 424,662 | - | 424,662 | 100.0% | 428,542 | - | 428,542 |
| Other revenues and income | 8,527 | 798 | 7,729 | 1.8% | 7,815 | 1,137 | 6,678 |
| Total revenue | 433,189 | 798 | 432,391 | 101.8% | 436,357 | 1,137 | 435,220 |
| Costs for purchase of raw materials and change in inventories | (129,571) | - | (129,571) | -30.5% | (133,281) | - | (133,281) |
| Service provisions | (62,789) | (1,322) | (61,467) | -14.5% | (59,308) | (787) | (58,521) |
| Other operating expenses | (6,076) | (1,155) | (4,921) | -1.2% | (7,663) | (2,038) | (5,625) |
| Added value | 234,753 | (1,679) | 236,432 | 55.7% | 236,105 | (1,688) | 237,793 |
| Labour cost | (132,194) | (2,778) | (129,416) | -30.5% | (134,910) | (1,041) | (133,869) |
| EBITDA | 102,559 | (4,457) | 107,016 | 25.2% | 101,195 | (2,729) | 103,924 |
| Depreciation and amortisation | (45,311) | (14,388) | (30,923) | -7.3% | (44,291) | (16,650) | (27,641) |
| Provisions and write-downs | (240) | - | (240) | -0.1% | (696) | - | (696) |
| EBIT | 57,008 | (18,845) | 75,853 | 17.9% | 56,208 | (19,379) | 75,587 |
| Financial income and expenses | (31,211) | (628) | (30,583) | -7.2% | (13,244) | (2,947) | (10,297) |
| Pre-tax result | 25,797 | (19,473) | 45,270 | 10.7% | 42,963 | (22,326) | 65,290 |
| Income taxes | (7,384) | 5,967 | (13,351) | -3.1% | (9,589) | 7,978 | (17,567) |
| Group and minorities' net profit | 18,414 | (13,506) | 31,919 | 7.5% | 33,375 | (14,348) | 47,723 |
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ISO 9001 - ISO 14001
000 001
Cert. No. 9105422433
IONET
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01 29001 1418522433
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GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
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GVS
CERTIFIED
Consolidated Balance Sheet
| (In thousands of Euro) | As of December 31, 2025 | As of December 31, 2024 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 434,345 | 472,940 |
| Right of use assets | 25,244 | 23,389 |
| Property, plant and equipment | 163,602 | 133,756 |
| Deferred tax assets | 1,370 | 859 |
| Non-current financial assets | 1,252 | 3,422 |
| Derivative financial instruments | 607 | 1,877 |
| Total non current assets | 626,420 | 636,243 |
| Current assets | ||
| Inventories | 90,399 | 80,542 |
| Trade receivables | 50,770 | 55,368 |
| Contract assets | 2,435 | 1,561 |
| Income tax receivables | 11,015 | 10,768 |
| Other current assets and receivables | 11,870 | 11,893 |
| Current financial assets | 2,929 | 30,985 |
| Derivative financial instruments | 522 | - |
| Cash and cash equivalents | 78,692 | 102,991 |
| Total current assets | 248,632 | 294,108 |
| Total assets | 875,052 | 930,351 |
| EQUITY AND LIABILITIES | ||
| Share capital | 1,892 | 1,892 |
| Reserves | 416,834 | 415,917 |
| Profit for the period | 18,431 | 33,370 |
| Group shareholders' equity | 437,157 | 451,179 |
| Non-controlling interests | 25 | 52 |
| Total equity | 437,182 | 451,231 |
| Non-current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | 3,902 | 8,245 |
| Non-current borrowings | 177,735 | 246,021 |
| Non-current lease liabilities | 13,321 | 14,138 |
| Deferred tax liabilities | 32,321 | 29,937 |
| Employee benefit obligations | 2,833 | 2,924 |
| Provisions for risks and charges | 1,318 | 6,648 |
| Total non-current liabilities | 231,431 | 307,913 |
| Current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | 6,770 | 19,346 |
| Current borrowings | 111,247 | 57,221 |
| Current lease liabilities | 8,981 | 8,034 |
| Provisions for risks and charges | 500 | 500 |
| Current derivative financial instruments | - | 382 |
| Trade payables | 42,630 | 42,542 |
| Contract liabilities | 6,868 | 5,868 |
| Income tax payables | 3,719 | 10,159 |
| Other current liabilities | 25,725 | 27,155 |
| Total current liabilities | 206,440 | 171,207 |
| Total equity and liabilities | 875,052 | 930,351 |
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GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
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GVS
CERTIFIED
Consolidated Cash Flow Statement
| (In thousands of Euro) | Period of 12 months ended 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Profit before income tax | 25,797 | 42,964 |
| - Adjustments: | ||
| Depreciation and amortization | 45,311 | 44,291 |
| Capital loss / (gain) from disposal of assets | (310) | (258) |
| Net financial expenses | 31,211 | 13,244 |
| Other non-monetary movements | 11,481 | 8,748 |
| Cash flow from operating activities before changes in net working capital | 113,490 | 108,989 |
| Changes in inventory | (13,392) | 3,190 |
| Changes in trade receivables | (1,555) | (1,204) |
| Changes in trade payables | 7,215 | 4,822 |
| Changes in other assets and liabilities | (6,993) | 791 |
| Uses of employee benefit obligations and provisions for risks and charges | (9,341) | (4,457) |
| Income tax paid | (14,529) | (15,004) |
| Net cash flow provided by / (used in) operating activities | 74,895 | 97,128 |
| Investments in property, plant and equipment | (54,117) | (29,200) |
| Investments in intangible assets | (9,508) | (8,153) |
| Disposal of property, plant and equipment | 1,947 | 524 |
| Investments in financial assets | (404) | (75,131) |
| Disposal of financial assets | 28,591 | 47,500 |
| Business combination cash out (net of cash acquired) | (20,085) | (19,457) |
| Net cash flow provided by / (used in) investing activities | (53,577) | (83,917) |
| Proceeds from long term borrowings | 40,480 | 208 |
| Repayment of long term borrowings | (53,128) | (79,475) |
| Repayment of lease liabilities | (8,885) | (7,890) |
| Finance costs paid | (12,354) | (18,192) |
| Finance income received | 1,111 | 3,372 |
| Treasury shares | (10,281) | (301) |
| Net cash flow provided by / (used in) financing activities | (43,057) | (102,278) |
| Total cash flow provided / (used) in the year | (21,739) | (89,068) |
| Cash and cash equivalents at the beginning of the year | 102,991 | 191,473 |
| Total cash flow provided / (used) in the year | (21,739) | (89,068) |
| Exchange differences from translation of cash and cash equivalents | (2,560) | 586 |
| Cash and cash equivalents at the end of the year | 78,692 | 102,991 |
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GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
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Consolidated Net Financial Position
| (In thousands of euro) | As of 31 December 2025 | As of 31 December 2024 | |
|---|---|---|---|
| (A) | Cash on hand | 78,692 | 102,991 |
| (B) | Cash equivalents | - | - |
| Fixed-term deposits | - | 28,460 | |
| Securities held for trading | 2,637 | 2,401 | |
| Financial receivables for leasing | 292 | 124 | |
| (C) | Other current financial assets | 2,929 | 30,985 |
| (D) | Cash and cash equivalents (A)+(B)+(C) | 81,621 | 133,976 |
| Financial debt to parent company | - | 2,041 | |
| Financial payables to other companies in GVS Group for leases | 4,052 | 2,402 | |
| Financial payables for leases | 4,929 | 5,632 | |
| Derivatives | (460) | - | |
| Other Financial Payables | 7,549 | 20,729 | |
| (E) | Current financial payables | 16,071 | 30,804 |
| (F) | Current portion of non-current payables | 110,468 | 53,797 |
| (G) | Current financial debt (E) + (F) | 126,538 | 84,601 |
| (H) | Net current financial debt (D) - (G) | (44,918) | 49,375 |
| Non-current bank payables | 176,902 | 245,480 | |
| Other financial payables | 4,736 | 8,786 | |
| Financial payables to other companies in GVS Group for leases | 4,504 | 2,250 | |
| Non-current payables for leasing | 8,817 | 11,888 | |
| (I) | Non-current financial payables | 194,959 | 268,404 |
| Derivative financial instruments with negative values | - | - | |
| (J) | Debt obligations | - | - |
| (K) | Commercial and other non-current debt | 224 | 757 |
| (L) | Non-current financial debt (I) + (J) + (K) | 195,183 | 269,161 |
| (M) | Total net financial debt (H)-(L) | (240,101) | (219,786) |
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ISO 9001
Cert. N. 9101:2001
Cert. N. 9104:2003
IQNET
CERTIFIED
MAQD MANAGEMENT SYSTEM
Q1: 1001
-733917-9101:2001
GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
kiva
CERTIFIED
MAQD MANAGEMENT SYSTEM
Q1: 1001 - 0111001
ISO 9001:2001
Cert. N. 9101:2001
Cert. N. 9104:2003
C
CISQ
Cert. N. 9101:2004
ew
CERTIFIED
Annual Separate Financial Statements as at 31 December 2025
Profit and Loss Account
| (In Euro) | Year ended December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Revenue from contracts with customers | 160,408,403 | 91,506,921 |
| Other income | 9,329,796 | 6,666,705 |
| Total revenue | 169,738,199 | 98,173,626 |
| Raw materials, work in progress and finished goods | (57,579,860) | (33,044,816) |
| Personnel expenses | (49,781,368) | (29,989,152) |
| Cost of services | (26,135,250) | (17,611,095) |
| Other operating costs | (4,248,954) | (4,813,276) |
| EBITDA | 31,992,767 | 12,715,287 |
| Net impairment losses on financial assets | - | - |
| Depreciation, amortization and impairment losses | (14,310,625) | (6,648,155) |
| EBIT | 17,682,142 | 6,067,132 |
| Finance income | 10,536,442 | 24,743,976 |
| Finance costs | (37,756,008) | (23,784,860) |
| Income/(costs) from investments | 7,899,040 | 833,859 |
| Profit before income tax | (1,638,384) | 7,860,107 |
| Income tax expense | 2,527,557 | 2,224,365 |
| Net profit | 889,173 | 10,084,472 |
| Net result per share | 0.01 | 0.06 |
| Diluited Net result per share | 0.01 | 0.06 |
IMQ
CERTIFIED
MAQY ANAUDERGY 27350
011 9001 - 031 1480
04-04-02-0001
021 0248
Cert. No. 9105-22431
Cert. No. 9135-22432
IQNET
ACCOUNTING
DEPARTMENT
02-0031
17-23017-9105-22431
GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
kliwa
KLIWA
CERTIFIED
MAQY ANAUDERGY 27350
011 9001 - 031 1480
04-04-02-0001
021 0248
Cert. No. 9105-22431
Cert. No. 9135-22432
IQNet
ACCOUNTING
DEPARTMENT
02-0031
17-23017-9105-22431
ewarket
sdir storage
CERTIFIED
Balance Sheet
| (In Euro) | As of December 31, | |
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Non current assets | ||
| Intangible assets | 198,490,164 | 3,887,242 |
| Right of use assets | 14,957,517 | 2,395,734 |
| Property, plant and equipment | 51,374,211 | 28,092,478 |
| Investments | 125,250,155 | 382,428,509 |
| Deferred tax assets | 666,397 | 294,821 |
| Non current financial assets | 155,725,642 | 140,513,701 |
| Non current derivative financial instruments | 607,445 | 1,876,933 |
| Total non current assets | 547,071,531 | 559,489,418 |
| Current assets | ||
| Inventories | 20,833,265 | 7,022,889 |
| Trade receivables | 41,036,072 | 27,557,849 |
| Contract assets | 1,441,725 | 84,687 |
| Income tax receivables | 7,370,435 | 7,424,774 |
| Other current assets and receivables | 22,814,684 | 6,340,966 |
| Current financial assets | 16,911,376 | 57,265,263 |
| Current derivative financial instruments | 522,254 | - |
| Cash and cash equivalents | 37,940,170 | 62,279,717 |
| Total current assets | 148,869,981 | 167,976,145 |
| TOTAL ASSETS | 695,941,512 | 727,465,564 |
| EQUITY AND LIABILITIES | ||
| Share capital | 1,891,777 | 1,891,777 |
| Reserves | 293,892,890 | 267,026,022 |
| Profit for the period | 889,173 | 10,084,472 |
| Group shareholders' equity | 296,673,840 | 279,002,271 |
| Non current liabilities | ||
| Non current borrowings | 200,065,527 | 270,453,280 |
| Non current lease liabilities | 8,099,987 | 1,197,011 |
| Deferred tax liabilities | 23,678,448 | 838,296 |
| Employee benefit obligations | 2,808,607 | 2,098,542 |
| Non-current provisions for risks and charges | 270,538 | 3,450,310 |
| Total non current liabilities | 234,923,107 | 278,037,439 |
| Current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | - | 19,345,884 |
| Current borrowings | 111,777,201 | 123,793,146 |
| Current lease liabilities | 3,311,422 | 1,342,145 |
| Current provisions for risks and charges | 500,000 | - |
| Current derivative financial instruments | - | 381,927 |
| Trade payables | 24,052,377 | 10,950,481 |
| Contract liabilities | 3,089,320 | 1,168,431 |
| Income tax payables | 2,600,461 | 757,351 |
| Other current liabilities | 19,013,785 | 12,686,489 |
| Total current liabilities | 164,344,566 | 170,425,854 |
| TOTAL EQUITY AND LIABILITIES | 695,941,512 | 727,465,564 |
IMQ
CERTIFIED
MANAGEMENT SYSTEM
ISO 9001 - ISO 14001
ISO 15001
Cert. N. 9105-25001
Cert. N. 9105-25933
IQNET
ACCREDITED
CERTIFIED
ISO 9001
IT-25017-9105-2501
GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
kiva
CERTIFIED
MANAGEMENT SYSTEM
QUALITY MANAGEMENT
SYSTEM
UNI EN ISO 9001
Cert. N. 7826-5
Cert. N. 7826-1
C
C
ISO 14001
OQ
ISO 25001
OQ 90001
GVS
CERTIFIED
Cash Flow Statement
| (In Euro) | Year ended December 31, | |
|---|---|---|
| 2025 | 2024 | |
| EBITDA | (1,638,384) | 7,860,107 |
| - Adjustments: | ||
| Depreciation and amortization | 14,310,625 | 6,648,155 |
| Capital loss / (gain) from disposal of assets | (38,000) | (127,000) |
| Net financial expenses | 27,219,566 | (959,116) |
| Income/costs from investments | (7,899,040) | (833,859) |
| Other non-monetary movements | 3,387,001 | 3,329,354 |
| Cash flow from operating activities before changes in net working capital | 35,341,768 | 15,917,641 |
| Changes in inventory | (6,176,095) | 1,141,779 |
| Changes in trade receivables | 6,227,067 | (7,043,857) |
| Changes in trade payables | 5,515,203 | 1,602,121 |
| Changes in other assets and liabilities | 94,097 | 3,444,892 |
| Uses of employee benefit obligations and provisions for risks and charges | (1,556,934) | (800,312) |
| Income tax paid | (6,811,845) | (4,226,981) |
| Net cash flow provided by / (used in) operating activities | 32,633,262 | 10,035,283 |
| Investments in property, plant and equipment | (11,191,000) | (6,061,000) |
| Investments in intangible assets | (3,397,000) | (1,479,263) |
| Disposal of property, plant and equipment | 101,000 | 240,000 |
| Investments in financial assets | (43,080,642) | (76,031,527) |
| Disposal of financial assets | 43,488,813 | 82,712,647 |
| Investments | (27,735,266) | (19,351,025) |
| Dividends from subsidiaries | 7,603,218 | 7,345,720 |
| Net cash flow provided by / (used in) investing activities | (34,210,878) | (12,624,449) |
| Proceeds from long term borrowings | 20,519,000 | 6,859,650 |
| Repayment of long term borrowings | (56,648,000) | (74,156,000) |
| Changes in current financial liabilities | 19,960,000 | 17,708,600 |
| Repayment of lease liabilities | (3,801,297) | (1,492,596) |
| Net financial expenses paid | (14,565,432) | (19,255,652) |
| Finance income received | 10,581,746 | 17,271,502 |
| Treasury shares | (10,281,302) | (301,173) |
| Net cash flow provided by / (used in) financing activities | (34,235,285) | (53,365,670) |
| Total cash flow provided / (used) in the year | (35,812,902) | (55,954,836) |
| Cash and cash equivalents at the beginning of the period | 62,279,717 | 118,234,553 |
| Total cash flow provided / (used) in the year | (35,812,902) | (55,954,836) |
| Total cash from Haemotronic SpA merger | 11,473,354 | - |
| Cash and cash equivalents at the end of the period | 37,940,170 | 62,279,717 |
IMQ
CERTIFIED
MAQY ANABISMOTIC CO. 9001 - 011 1481
ISO 9001:2008
ISO 14001
Cert. N. 9101:2003
IQNet
QS-9001
IT-23017-9105:2001
GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
kiva
CERTIFIED
MAQY ANABISMOTIC
CO. 9001 - 011 1481
ISO 9001:2008
Cert. N. 9101:2003
IQNet
QS-9001
IT-23017-9105:2001
CSQ
Cert. N. 9101:2003
GVS
CERTIFIED
Net Financial Position
| | GVS SpA Net financial debt
(In thousands of euro) | As at 31 December | |
| --- | --- | --- | --- |
| | | 2025 | 2024 |
| | Cash on hand | 6 | 10 |
| | Cash equivalents | 37,934 | 62,270 |
| | Fixed-term deposits | - | 28,460 |
| (A) | Liquidity | 37,940 | 90,740 |
| | Current financial receivables from subsidiaries | 16,911 | 26,389 |
| | Other financial receivables | - | 2,416 |
| (B) | Current financial receivables | 16,911 | 28,805 |
| (C) | Current bank payables | - | - |
| (D) | Current portion of non-current payables | (111,214) | (52,057) |
| | Financial payables to parent company | - | (2,041) |
| | Financial payables to subsidiaries | (563) | (69,696) |
| | Financial payables to other companies in the GVS Group for leases | (964) | (933) |
| | Financial payables for leases | (2,347) | (409) |
| | Derivatives | 460 | - |
| | Other Financial Payables | - | (19,345) |
| (E) | Total other current financial debt | (3,414) | (92,424) |
| (F) | Current financial debt (C)+(D)+(E) | (114,629) | (144,481) |
| (G) | Net current financial debt (A)+(B)+(F) | (59,777) | (24,936) |
| | Non-current bank payables | (177,736) | (242,863) |
| | Non-current financial payables from subsidiaries | (22,330) | (27,590) |
| | Financial payables to other companies in the GVS Group for leases | (541) | (692) |
| | Non-current payables for leasing | (7,559) | (505) |
| | Other Financial Payables | (224) | (757) |
| (H) | Non-current financial debt | (208,390) | (272,407) |
| (I) | Total net financial debt (G)+(H) | (268,167) | (297,344) |
IMQ
CERTIFIED
MAQD MANAGEMENT SYSTEM
Q1: 1001 - 0111001
ISO 9001
Cert. N. 0100-22431
OJT 12498
Cert. N. 0100-22433
IQNET
ACCREDITED
CERTIFIED
ISO 9001
77-25017-0100-22431
GVS S.p.A.
Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy
Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com
Cap. Soc. € 1.891.776,93 int. vers. - C.F. 03636630372 - P. Iva 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048
Iciva
CERTIFIED
MAQD MANAGEMENT SYSTEM
Q1: 1001 - 0111001
ISO 9001
Cert. N. 0100-22431
C
Iciva Cert. N. 0100-22433
OJT 12498 Cert. N. 0100-22433
| Fine Comunicato n.2251-4-2026 | Numero di Pagine: 15 |
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