Gvs — Investor Presentation 2021

Sep 10, 2021

GVS SPA

SEP 2021

STRICTLY PRIVATE & CONFIDENTIAL

DISCLAIMER

The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party.

This presentation does not constitute a recommendation regarding the securities of the Company.

This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by GVS S.p.A. or any of its subsidiaries.

This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on GVS S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of GVS S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price, and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. GVS S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at GVS S.p.A. declares that the accounting information contained herein correspond to document results, books and accounting records.

Agenda

1	YTD June 2021 Outlook
2	Company Presentation

Appendix: Additional Materials

Sales: 30% of growth on the previous year

• Q2 2021 weaker than the Q1 but in the overall trend H1 closed in line with the beginning expectation.
• FY2021 expected with a final closing in a range of 340-350 M€ including the last acquisition.

EBITDA: +30,4% of Adjusted EBITDA Margin on H1 2020

• H1 2021 Adjusted EBITDA at € 71,9 million mainly due to the sales increase.
• Adjusted EBITDA Margin at 37,9% slightly improving on H1 2020 (37,7%)

ADJ NET INCOME: +52,7% on H1 2020 with margins on Sales improvement

NFP: 30,1 M€ of Net Available Cash.

• 32 M€ of net operative cash generation
• No Extraordinary Operations in the H1 2021, the last acquisition was closed in August 2021.
• Right of Use about 10 M€

Leverage KPI: Debt/Equity and NFP/EBITDA under zero level

• The two key financial KPI are solid and coherent with expectations.

YTD Jun 2021 EVOLUTION OF SALES

TOTAL SALES YTD Jun 2021: 189,7 M€ +29,7% YoY

All the three GVS Main Divisions performed with a positive trend

First Half 2021 in line with expectations

The Healthcare & Lifesciences Division registered the higher trend of sales

The Health & Safety Division was still growing compared to the same period of the past year, despite Q2 2021 showed the beginning of the past Covid 19 transition

This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.

Key Financial Highlights — EBITDA and EBIT

ADJUSTED EBITDA¹

(€M) KEY COMMENTS

Adjusted EBITDA:

• H1 2021 adjusted EBITDA increased 30,4% vs the H1 2020, due to the mix of product.
• Adjustment for a residual cost for the IPO and the GVS China sale of the building facility due to the moving in the new location (Governement Agreement) plus accruals for UK and China relocation.

(€M)

Adjusted EBIT:

• Adjusted EBIT has been adjusted for PPA related amortization, other than nonrecurring income and costs already adjusted in the EBITDA.
• H1 2021 adjusted EBIT increased 31,7% vs the H1 2020.

Note: margins calculated on revenues from contracts with customers excluding other income. Please refer to Appendix for further details on adjustments

1. Adjusted for non recurring costs / income;

% on Sales

1. Adjusted for non recurring costs / income and PPA related amortization.

Key Financial Highlights — Net Income, Fin. Exp. & Taxes

NET FINANCIAL EXPENSES EXCL. FX GAINS/LOSSES (€M) TAXES (€M) % on Sales % EBT

ADJUSTED GROUP NET INCOME¹

% on Sales

(€M) KEY COMMENTS

• Net Financial expenses is reducing in 2021 as a result of the Gross Debt reduction and rediscussion in the second half of 2020.
• The tax rate (calculated as percentage of EBT) shows a reduction vs the same period of 2020, but the final effect will be defined only with the FY final tax declarations.
• Adjusted Group Net Income with a 52,7% improvement in profitability YoY.

Note: margins calculated on revenues from contracts with customers excluding other income. Please refer to Appendix for further details on adjustments

1. Adjusted for non-recurring costs / income and relative fiscal impact, PPA related amortization and related fiscal impact and alignment of tax rates due to fiscal reforms.

Key Financial Highlights — CapEx, TWC and R&D

• About 11,5 M€ as Capex related to the new production lines and maintenance, with a trend in line with the normal ongoing of the Group.
• TWC is increasing in value on year end 2020 but improving in term of sales percentage incidence.
• GVS is increasing the R&D investment are higher in value compared with the previous year even if the % incidence on sales is still low because of the sales level.

Note: Capex and R&D % of revenues calculated on revenues from contracts with customers excluding other income 1. Exclude investments in financial assets; 2 Includes R&D expenses included in income statement and capitalized costs

Key Financial Highlights — Net Financial Position

NFP stable on the 2020 year end level after the H1 2021 due to the dividend and tax payments:

• No Extraordinary activities in the H1 2021.
• Net Operative Cash flow about 32 M€ in the period.

Cash Conversion improved in the H1.

1. Cash conversion calculates as (Adjusted EBITDA- Ordinary Capex)/Adjusted EBITDA). Capex exclude M&A investments.

VISIBILITY ON FY 2021 PERFORMANCE

The actual expectation is to close in a range between 340 – 350 M€ including the addition of the last acquisition which will compensate part of the delay due to the Health & Safety transition which is slower than the initial previsions.

Note: Division and sub-division figures rounded to first decimal point

UPDATE ON GVS BUSINESS

Agenda

1	YTD June 2021 Outlook
2	Company Presentation
	Appendix: Additional Materials

BOARD OF DIRECTOR

Grazia Valentini Chairman

Massimo Scagliarini CEO

Marco Scagliarini VP Energy & Mobility

Matteo Viola COO

Mario Saccone CFO

Nadia Buttignol Indipendent Director

Arabella Caporello Indipendent Director

Alessandro Nasi Indipendent Director

Michela Schizzi Indipendent Director

KEY PEOPLE

Massimo Scagliarini CEO 36 years in GVS

• In GVS since 1985, started as Sales Manager and currently serves as CEO
• Holds a diploma in Accounting

Marco Scagliarini VP Energy & Mobility 36 years in GVS

• Held several managerial position in GVS
• Currently CEO of GVS Real Estate

Luca Querzè Research & Development VP 23 years in GVS

• In GVS since 1998 covering different managerial roles
• MSc Engineering from University of Bologna, MBA from Profingest, Bologna

Mario Saccone CFO 25 years in GVS

• MBA from Profingest Management School, Bologna, Italy
• MSc in Economics from University Federico II, Naples

Luca Zanini VP Healthcare & Life Sciences 21 years in GVS

Paola Musuraca

New Entry in GVS

Corporate HR

Director

• In GVS since 2000
• Previously a sales manager in Comar Condensatori and in SMS srl were he started his career

• Master'sdegree in Management Engineering – Bologna University

• More than10 years experiece in HR development and management

Matteo Viola COO 12 years in GVS

• In GVS since 2008, started as controller and currently serves as COO
• MSc in Economics from University of Parma

Pierre Dizier VP Health & Safety 7 years in GVS

• MSC in International Business and Finance from Université de la Méditerrannée (Marseille)
• 17 years experience in Personal Safety

GVS provides advanced filtration solution for critical application in Highly-regulated end markets

GVS economic and production improvement over the last 40 years

1979 1984 1989 1994 1999 2004 2009 2012 2015 2018 2019 2020

GVS evolved from a small healthcare components supplier into a global diversified filtration group

15 M&A TRANSACTIONS SINCE 2009

Adding capabilities and strengthening presence across China, the UK and North America

Divisions and Products Line

This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.

Diversified blue-chip client base

Over 4,600 customers, long-tenured relationship with top clients

1. Excluding €3.2m other income not attributable to single categories; 2. Most of them are GVS clients.

GVS's divisions differentiate for an integrated and highly synergistic business model

Our success is based on strong focus on innovation and customer satisfaction

QUALITY CERTIFICATION

GVS has obtained several Quality Certification, from several Certifiation Body

"

The ability to do business in an innovative and sustainable way, to facilitate the ecological transition and to enhance the value of people, are one of the pillars of GVS Group's strategy. "

STRATEGIC PILLAR	COMMITMENT	TARGET	$3$ $^{6000}_{}$
	INNOVATE TO PROMOTE SAFETY AND WELL-BEING	IMPROVE THE PROTECTION LEVEL OF OUR PPE AND PROMOTE AWARENESS AND BEST PRACTISES IN ALL WORK ENVIRONMENTS
INNOVATIVE AND SUSTAINABLE BUSINESS	WE BRING INNOVATION IN HEALTHCARE USING SCIENCE	DEVELOP AND DELIVER HEALTHCARE DEVICE AND COMPONENTS THAT COMBINE THE SAFETY OF SINGLE-USE WITH RESPONSIBLE CONSUMPTION OF NATURAL RESOURCES. DESIGN AND DEVELOP POLYMERIC MEMBRANES OBTAINED BY MORE ENVIRONAMENTAL FRIENDLY SOLVENT.	8 GOOD JOBS AND
	INNOVATION TO BRING THE ENERGY OF THE MOBILITY INTO THE FUTURE	DEVELOP EFFICIENT MEMBRANES AND SEPARATORS THAT SAVE ENERGY CONSUMPTION IN THE CUSTOMER'S APPLICATION	9 INDUSTRY, INNOVATION
FACILITATE THE ECOLOGICAL TRANSITION	CARBON NEUTRALITY BY 2040		RESPONSIBLE $\mathbf{Z}$ consumption AND PRODUCTION
ENHANCE THE VALUE OF PEOPLE	SAFE AND HEALTHY WORKPLACE	ALL PLANT 45001 CERTIFIED	13 GLIMATE
	INCLUSIVE WORKPLACE	NO DISCRIMINATION FOR DIVERSITY IN HIRING, REMUNERATION AND CAREER PATHS	Ery

Agenda

1	YTD June 2021 Outlook
2	Company Overview
	Appendix: Additional Materials

Key Financial Highlights — Income Statement

YTD Jun 21 (€m)	YTD Jun 2020A	YTD Jun 2021A	Var. %
Healthcare & Life Sciences	68.0	94.1	38,4%
Growth %
Energy & Mobility	30,9	39,0	26,2%
Growth %
Health & Safety	47,4	56,6	19,4%
Growth %
Revenues from contracts with customers	146,3	189,7	29,6%
Other Income	0,7	2,9
Total Revenues	147,0	192,7	31,0%
Raw Materials	(35,3)	(46, 6)
Personnel	(44,0)	(52, 9)
Cost of Services	(16, 8)	(18, 0)
Other Costs	(1,3)	(3,6)
EBITDA	49,7	71,6	44,1%
Margin (%)	34%	38%
Non recurring costs (income)	5,5	0,3
Adjusted EBITDA	55,1	71,9	30,4%
Margin (%)	37,7%	37,9%
D&A and write-offs	(9,2)	(10,6)
o/w PPA related amortization	(2,0)	(1, 8)
EBIT	40,5	61,0	50,6%
Margin (%)	28%	32%
Adjusted EBIT	47,9	63,1	31,7%
Margin (%)	32,8%	33,3%
Net Financial Expenses net of FX gains/(losses)	(1,9)	(1,1)
FX gains/(losses)	(2,7)	2,5
EBT	35,9	62,4	73,9%
Margin (%)	24,5%	32,9%
Taxes	(8,9)	(14,3)
o/w Non recurring inc./cost tax effect	(1,7)	(0, 3)
Net Income	27,0	48,2	78,3%
Margin (%)	18,5%	25,4%
Adjusted Net Income	32,8	50,0	52,7%
Margin (%)	22,4%	26,4%

Key Financial Highlights — Adjustments Overview

YTD Jun 21 (€m)	Y ID Jun 2020A	Y ID Jun 2021A
EBITDA	49,7	71,6
Capital gains from sale processes and leaseback		(2,1)
Start-up costs
Write-off of tax receivables
Personnel reorganization costs	0,2
Provisions to restructuring fund	0,2	1,4
Valuation of inventory at fair value
Transaction costs
IPO costs	5,0	1,0
Adjusted EBITDA	55,1	71,9
Margin (%)	37,7%	37,9%
EBIT	40,5	61,0
Non recurring costs (income)	5,4	0,3
PPA related amortization	2,0	1,8
Adjusted EBIT	47,9	63,1
Margin (%)	32,8%	33,3%
Group Net Income	27,0	48,2
Non recurring costs (income)	5,4	0,3
PPA related amortization	2,0	1,8
Non-recurring interest expenses (gains)

Non recurring costs (income)

סוטעוט וזפנ ווועטוופ	$\sim$ $\sim$	$-0.4$
Non recurring costs (income)	5,4	0,3
PPA related amortization	2.0	1,8
Non-recurring interest expenses (gains)
Fiscal impact of non-recurring interest expenses (gains)
Fiscal impact of amortization of intangible assets recorded under the PPA method & non recurring Alignment of tax rates due to fiscal reforms	(1,7)	(0,3)
Adjusted Group Net Income	32.8	50,0
Margin (%)	22.4%	26.4%

Note: margins calculated on revenues from contracts with customers excluding other income.

Key Financial Highlights — Balance Sheet

YTD Jun 21 ( $\epsilon$ m)	YTD Jun 2020A	YTD Jun 2021A
Property Plant & Equipment	62,5	73.1
Intangible Assets	98,8	92,7
Right of use	9.4	9,8
Financial Fixed Assets	0,5	1,1
Net Fixed Assets	171,3	176,7
Inventories	44,0	56,2
Trade Receivables	47,8	52,2
Trade Payables	(32, 6)	(24,2)
Trade Working Capital	59,2	84,1
Other Current Assets / (Liabilities)	(20,2)	(10, 9)
Net Working Capital	39,0	73,2
Other Assets / (Liabilities)	0,3	0,6
Funds and Provisions	(4,2)	(7,0)
Net Invested Capital	206,4	243,5
Shareholders' Equity	197,2	273,6
Financial Debt	140,2	84,2
Lease Liabilities	10,1	10,2
(Cash & cash equivalents 1 )	(141,1)	(124, 6)
Net Financial Indebtedness	9,2	(30,1)
Net Financial Indebtedness / Adjusted LTM EBITDA	0, 1x	$-0,2x$

Total Sources	כ החס

1 Includes also the item Current Financial Assets.

YTD Jun 21 (€m)	YTD Jun 2021A
Adjusted EBITDA	71,9
Taxes	(14,3)
∆ Net Working Capital	(27, 4)
Net Capex (incl. Financial assets)	(11,5)
Operating Cash Flow	18,7
Net financial results	(1,1)
Extraordinary items	2,2
$\Delta$ Funds and provisions	2,3
$\Delta$ Equity	(23,6)
Change in net debt	(1,5)
BoP	31,6
EoP	30.1

• Financial Overview slides present consolidated and division financial information of GVS S.p.A. and its reporting units
• The financial information has been prepared in accordance to IFRS
• Due to rounding, numbers expressed in millions throughout this section may differ from those expressed precisely to the totals
• EBITDA is defined as the sum of net income, taxes, net financial expenses, depreciation and amortization and net impairment losses on financial assets