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Informazione Regolamentata n. 2251-35-2026	Data/Ora Inizio Diffusione 14 Maggio 2026 13:12:52	Euronext Milan

Societa': GVS

Utenza - referente : GVSN03 - Bala Rozemaria

Tipologia : REGEM

Data/Ora Ricezione : 14 Maggio 2026 13:12:52

Oggetto : GVS - Q1 2026 Consolidated Results Approval

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GVS

GVS CONFIRMS REVENUE AND MARGIN GROWTH IN Q1 2026

CONSOLIDATED REVENUES UP +3.9% AT CONSTANT EXCHANGE RATES TO €105.0 MILLION

ADJUSTED EBITDA UP +0.3% TO €25.9 MILLION, WITH MARGIN INCREASING TO 24.6%

ADJUSTED NET PROFIT OF €10.7 MILLION, WITH A 10.2% MARGIN

GVS Q1 2026 Results Highlights

Consolidated revenues of Euro 105.0 million, +3.9% at constant exchange rates compared to the first quarter of 2025

Adjusted EBITDA of Euro 25.9 million, +0.3% year-on-year. Adjusted EBITDA margin at 24.6%, up 57 basis points compared to the first quarter of 2025

Adjusted net profit, excluding foreign exchange gains and losses, of Euro 10.7 million, with a revenue margin of 10.2%

Net financial debt of Euro 249.8 million and leverage ratio of 2.3x

Zola Predosa (BO), 14 May 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 primarily in the healthcare sector, met today and approved the interim management report as of March 31, 2026, prepared in accordance with IFRS international accounting standards.

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

Divisione Italia - Stabilimenti produttivi:
Via Roma 48/50, 40069, Zola Predosa (BO) - Tel. +39 051 6176311
Via Guido Rossa 30, 40069, Zola Predosa (BO) - Tel. +39 051 6176311
Via Carreri 16, 41037, Mirandola (MO) - Tel. +39 0535 619611
Via Roncada 83/e, 46021, Borgocarbonara (MN) - Tel. +39 0386 807124
Via Tavernole 8, 83030, Manocalzati (AV) - Tel. +39 0825 676611

GVS

GROUP OPERATING PERFORMANCE REVIEW

During the first three months of 2026, GVS recorded consolidated revenues of Euro 105 million, up 3.9% year-on-year at constant exchange rates and down 2.1% at current exchange rates.

The Healthcare & Life Sciences division, which accounted for 68.7% of total revenues, generated revenues of Euro 72.1 million, up 3.5% at constant exchange rates (-1.8% at current exchange rates) compared to the same period of the previous year, with all three sub-divisions reporting revenue growth at constant exchange rates: MedTech +2.0% (-1.9% at current exchange rates), Transfusion Medicine +7.9% (-1.3%), Life Sciences +6.2% (-1.5%).

The Energy & Mobility division, representing 13.0% of total revenues, reported a 0.5% decline in revenues at constant exchange rates (-7.1% at current exchange rates) compared to the same period of the previous year, with sales of Euro 13.6 million and signs of stabilization compared to the performance recorded in recent years.

The Safety division, accounted for 18.4% of total revenues and reached Euro 19.3 million, up 8.6% at constant exchange rates (+0.5% at current exchange rates) compared to the same period of the previous year.

Adjusted EBITDA increased by 0.3% compared to the first three months of 2025, with a revenue margin of 24.6%, improving versus the 24.1% margin recorded in the first three months of 2025. The result for the period was supported by the contribution of the actions implemented by the Group aimed at restoring profitability.

Adjusted EBIT amounted to Euro 17.2 million, down 8.1% compared to the same period of the previous year (Euro 18.8 million) due to higher depreciation and amortization related to property, plant and equipment and right-of-use assets, with a revenue margin of 16.4%, compared to 17.5% recorded in 2025.

Adjusted net financial expenses, excluding foreign exchange gains of Euro 4.4 million in the first three months of 2026 and foreign exchange losses of Euro 8.3 million in the corresponding period of 2025, decreased during the period under review, from Euro 2.8 million for the period ended March 31, 2025 to Euro 2.7 million for the period ended March 31, 2026, mainly due to the reduction in contractually agreed interest rates.

Adjusted net profit, excluding foreign exchange gains and losses and the related tax impact, amounted to Euro 10.7 million, with a margin on revenue of 10.2%.

Net financial debt as of March 31, 2026 amounted to Euro 249.8 million. The increase in net financial debt compared to December 31, 2025, amounting overall to Euro 9.7 million, was mainly due to cash absorbed by changes in working capital of Euro 21.3 million, which, together with cash used for net investments in tangible and intangible assets during the period (equal to Euro 7.1 million), net financial expenses (Euro 2.8 million), tax payments (Euro 3.8 million), payments related to employee benefit provisions (Euro 1.1 million) and the signing/renewal of lease contracts (Euro 1.2 million), exceeded the cash generated from current operations, amounting to Euro 27 million.

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

GVS

EVENTS AFTER THE REPORTING PERIOD

On April 13, 2026, the Company announced its decision to launch a voluntary partial tender offer on its own shares. The transaction concerns up to 23,255,813 treasury shares, representing approximately 12.29% of the share capital, and is addressed equally to all shareholders, excluding the 1,717,199 treasury shares already held as of April 13, 2026 (0.91% of the share capital). GVS will pay a consideration of Euro 4.30 for each share tendered. The price incorporates a premium of 11.67% over the weighted average price of Euro 3.85 as of April 10, 2026. The offer is not subject to a minimum acceptance threshold; in the event that requests exceed the maximum number of shares subject to the offer, shares will be allocated on a pro-rata basis among all tendering shareholders.

The transaction aims to improve the Company's capital structure in terms of efficiency and flexibility and to create a treasury share portfolio to be used in transactions related to the Company's ordinary business activities or projects consistent with the strategic guidelines the Company intends to pursue, including extraordinary finance transactions, also involving the exchange or disposal of equity investments through swap transactions, contributions or other acts of disposal and/or use with third parties, including servicing convertible bonds into Company shares or bonds with warrants, or other uses deemed of financial, managerial and strategic interest for the Company. Treasury shares potentially purchased under the Offer may also be used to service compensation plans based on financial instruments pursuant to Article 114-bis of the Italian Consolidated Financial Act (TUF) in favor of directors, employees or collaborators of the Company and/or its subsidiaries, as well as free share allocation programs for the Company's shareholders.

The transaction is not aimed at delisting the shares. The main shareholder, GVS Group srl, has announced its intention not to tender shares into the offer. The Offer is not aimed at cancelling treasury shares, although the extraordinary shareholders' meeting of the Company may in the future resolve to cancel treasury shares potentially held in the Company's portfolio.

With a view to optimizing and improving the efficiency of its financial structure, GVS intends to meet the financial commitments necessary to pay the consideration to shareholders tendering into the voluntary partial tender offer through a new financing facility.

BUSINESS OUTLOOK

During fiscal year 2026, the GVS will continue along its path of continuous improvement in economic and financial performance, focusing on the implementation of the following strategic actions already communicated upon approval of the 2025 annual results:

MedTech: creation of new sub-divisions to strengthen commercial focus on higher-growth segments and maximize M&A synergies;
Transfusion Medicine: following the completion of the full integration of the Whole Blood business, focus is now on sales growth and new product development;
Life Sciences: revenue growth supported by validations with pharmaceutical customers and new distribution agreements;
Safety: consolidation of business expansion, supported by the gradual ramp-up of new products across all geographies;

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

GVS

Mobility: revenue stabilization, continuing the growth of solutions linked to electric and hybrid vehicles and recovering volumes in agricultural machinery applications.

With reference to recent developments in the international geopolitical environment and the continuation of the conflict in the Middle East, the Group notes that it continues to monitor the current situation on a daily basis in order to assess potential future effects, particularly in terms of strengthening inflationary dynamics in raw material procurement markets and energy costs, with the aim of promptly adopting appropriate measures to preserve the Group’s profitability.

Following the results achieved in the first three months and based on the current visibility on the effects of the geopolitical environment described above, the Company confirms the guidance for fiscal year 2026 results communicated upon approval of the 2025 financial statements, namely:

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, excluding the impact of the voluntary partial tender offer on its own shares announced by the Company on April 13, 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 interim management report as of March 31, 2026, approved by the Board of Directors today, 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.

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

GVS

CONFERENCE CALL

Q1 2026 results will be presented on Thursday, 14 May 2026 at 4:00 pm CET, via webinar / conference call hosted by Group Top 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).

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

[email protected]

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.

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

GVS

Consolidated Financial Statements as at 31 March 2026

Consolidated Income Statement

(In thousands of Euro)	Period of 3 months ended 31 March
	2026	2025
Revenue from contracts with customers	104,979	107,205
Other operating income	1,028	1,330
Total revenues	106,007	108,535
Purchases and consumption of raw materials, semi-finished and finished products	(31,153)	(31,950)
Personnel costs	(33,460)	(34,254)
Services Cost	(14,590)	(15,832)
Other operating costs	(1,303)	(1,418)
EBITDA	25,501	25,081
Net impairment losses on financial assets	(223)	(131)
Amortisation, depreciation and write downs	(11,502)	(11,033)
EBIT	13,776	13,917
Financial income	4,678	158
Financial expenses	(3,065)	(11,571)
Profit (loss) before tax	15,389	2,504
Income taxes	(3,970)	(631)
Net profit (loss)	11,419	1,873
Group's share	11,423	1,880
Minority share	(4)	(7)
Basic net result per share (in Euro)	0.06	0.01
Diluted net result per share (in Euro)	0.06	0.01

Analysis of Reclassified Income Statement

Period of 3 months ended 31 March
(In thousands of euro)	2026	of which non-recurring	2026	%	2025	of which non-recurring	2025	%
			Adjusted				Adjusted
Revenues from sales and services	104,979		104,979	100.0%	107,205		107,205	100.0%
Other operating income	1,028		1,028	1.0%	1,330	370	960	0.9%
Total revenue	106,007		106,007	101.0%	108,535	370	108,165	100.9%
Raw material purchase costs and changes in inventories	(31,153)		(31,153)	-29.7%	(31,950)		(31,950)	-29.8%
Services costs	(14,590)	(249)	(14,341)	-13.7%	(15,832)	(273)	(15,559)	-14.5%
Other operating costs	(1,303)	-	(1,303)	-1.2%	(1,418)	(263)	(1,155)	-1.1%
Added value	58,961	(249)	59,210	56.4%	59,335	(166)	59,501	55.5%
Personnel cost	(33,460)	(101)	(33,359)	-31.8%	(34,254)	(537)	(33,717)	-31.5%
EBITDA	25,501	(350)	25,851	24.6%	25,081	(703)	25,784	24.1%
Depreciation and amortisation	(11,502)	(3,108)	(8,394)	-8.0%	(11,033)	(4,136)	(6,897)	-6.4%
Provisions and write-downs	(223)		(223)	-0.2%	(131)		(131)	-0.1%
EBIT	13,776	(3,458)	17,234	16.4%	13,917	(4,839)	18,756	17.5%
Financial income and expenses	1,613	(127)	1,740	1.7%	(11,413)	(279)	(11,134)	-10.4%
Profit (loss) before tax	15,389	(3,585)	18,974	18.1%	2,504	(5,118)	7,622	7.1%
Income taxes	(3,970)	927	(4,897)	-4.7%	(631)	1,325	(1,956)	-1.8%
Groups and minority shareholders' net profit	11,419	(2,659)	14,078	13.4%	1,873	(3,793)	5,666	5.3%

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

GVS

Consolidated Balance Sheet

(In thousands of euro)	At 31 March 2026	At 31 December 2025
ASSETS
Non-current assets
Intangible assets	438.327	434.345
Right of use assets	24.494	25.244
Tangible assets	165.448	163.602
Deferred tax assets	1.358	1.370
Non-current financial assets	1.210	1.252
Non-current derivative financial instruments	2.224	607
Total non-current assets	633.061	626.420
Current assets
Inventories	98.573	90.399
Trade receivables	65.404	50.770
Assets from contracts with customers	1.142	2.435
Current tax receivables	8.637	11.015
Other receivables and current assets	12.908	11.870
Current financial assets	2.958	2.929
Current derivative financial instruments	606	522
Cash and cash equivalents	101.562	78.692
Total current assets	291.790	248.632
TOTAL ASSETS	924.851	875.052
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	1.892	1.892
Reserves	441.936	416.834
Net profit (loss)	11.423	18.431
Group net shareholders' equity	455.251	437.157
Shareholders' equity attributable to non-controlling interests	22	25
Total shareholders' equity	455.273	437.182
Non-current liabilities
Non-current payables for the purchase of equity investments and earn-outs	4.079	3.902
Non-current financial liabilities	254.164	177.735
Non-current leasing liabilities	12.561	13.321
Deferred tax liabilities	32.891	32.321
Provisions for employee benefits	2.893	2.833
Provisions for non-current risks and charges	889	1.318
Total non-current liabilities	307.477	231.431
Current liabilities
Current payables for the purchase of equity investments and earn-outs	-	6.770
Current financial liabilities	73.166	111.247
Current leasing liabilities	8.512	8.981
Provisions for current risks and charges	500	500
Current derivative financial instruments	73	-
Trade payables	44.364	42.630
Liabilities from contracts with customers	3.654	6.868
Current tax payables	3.813	3.719
Other current payables and liabilities	28.019	25.725
Total current liabilities	162.101	206.440
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	924.851	875.052

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

GVS

Consolidated Cash Flow Statement

(In thousands of euro)	Period of 3 months ended 31 March
	2026	2025
Profit (loss) before tax	15,389	2,504
- Adjustment for:
Amortisation, depreciation and write-downs	11,502	11,033
Capital losses / (capital gains) from sale of assets	(28)	(63)
Financial expenses / (income)	(1,613)	11,413
Other non-monetary changes	1,740	2,323
Cash flow generated / (absorbed) by operations before variations in net working capital	26,990	27,210
Change in inventories	(7,647)	(7,408)
Change in trade receivables	(13,283)	(11,838)
Change in trade payables	231	6,414
Change in other assets and liabilities	(590)	(426)
Use of provisions for risks and charges and for employee benefits	(1,125)	(1,471)
Taxes paid	(3,774)	(3,281)
Net cash flow generated / (absorbed) by operations	802	9,200
Investment in tangible assets	(4,305)	(6,462)
Investment in intangible assets	(2,843)	(1,685)
Disposal of tangible assets	32	64
Investment in financial assets	-	(485)
Disinvestment in financial assets	219	28,760
Fee for company business combinations net of cash and cash equivalents acquired	(6,929)	(50,625)
Net cash flow generated / (absorbed) by investment	(13,825)	(30,433)
New financial payables	82,592	(0)
Repayments of financial payables	(43,503)	(21,440)
Repayment of leasing payables	(2,539)	(2,111)
Financial expenses paid	(1,505)	(1,652)
Financial income collected	255	158
Treasury shares	-	(45)
Net cash flow generated/(absorbed) by financial assets	35,300	(25,091)
Total change in cash and cash equivalents	22,277	(46,325)
Cash and cash equivalents at the start of the period	78,692	102,991
Total change in cash and cash equivalents	22,277	(46,325)
Conversion differences on cash and cash equivalents	592	(590)
Cash and cash equivalents at the end of the period	101,562	56,076

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

GVS

Consolidated Net Financial Position

(In thousands of euro)		At 31 March 2026	At 31 December 2025
(A)	Cash on hand	101.562	78.692
(B)	Cash equivalents	-	-
(C)	Other current financial assets	2.958	2.929
(D)	Liquidity (A)+(B)+(C)	104.520	81.621
(E)	Current financial payables	8.351	16.071
(F)	Current portion of non-current payables	72.724	110.468
(G)	Current financial indebtedness (E) • (F)	81.076	126.538
(H)	Net current financial indebtedness (D)-(G)	23.444	(44.918)
(I)	Non-current financial payables	270.805	194.959
(J)	Debt instruments	-	-
(K)	Trade and other non-current payables	2.399	224
(L)	Non-current financial indebtedness (I) • (J) • (K)	273.204	195.183
(M)	Total net financial indebtedness (H)-(L)	(249.759)	(240.101)

GVS S.p.A.

Sede Legale - Corporate:
Via Roma 50, 40069, Zola Predosa (BO), Italy
Tel. +39 051 6176311 - [email protected] - gvs.com

Cap. Soc. € 1.891.776,93 int. vers.
Tax Code: 03636630372 - VAT Code: 00644831208
R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

Fine Comunicato n.2251-35-2026	Numero di Pagine: 11

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GVS S.p.A.

GROUP OPERATING PERFORMANCE REVIEW

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EVENTS AFTER THE REPORTING PERIOD

BUSINESS OUTLOOK

GVS S.p.A.

DECLARATION PURSUANT TO ARTICLE 154-BIS, PARAGRAPH 2, T.U.F.

CONFERENCE CALL

Contacts

DISCLAIMER

GVS S.p.A.

Consolidated Financial Statements as at 31 March 2026

Consolidated Income Statement

Analysis of Reclassified Income Statement

GVS S.p.A.

Consolidated Cash Flow Statement

Consolidated Net Financial Position

AI assistant

Gvs — Interim / Quarterly Report 2026

4164_rns_2026-05-14_e84b0ffa-cd17-426a-92b1-b0532b76041d.pdf

GVS CONFIRMS REVENUE AND MARGIN GROWTH IN Q1 2026

GVS S.p.A.

GROUP OPERATING PERFORMANCE REVIEW

GVS S.p.A.

EVENTS AFTER THE REPORTING PERIOD

BUSINESS OUTLOOK

GVS S.p.A.

DECLARATION PURSUANT TO ARTICLE 154-BIS, PARAGRAPH 2, T.U.F.

CONFERENCE CALL

Contacts

DISCLAIMER

GVS S.p.A.

Consolidated Financial Statements as at 31 March 2026

Consolidated Income Statement

Analysis of Reclassified Income Statement

GVS S.p.A.

Consolidated Cash Flow Statement

Consolidated Net Financial Position

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