Gvs — Investor Presentation 2022

May 10, 2022

GVS SPA

10.05.2022

Agenda

1	YTD Mar 2022 Outlook
2	Company Presentation
	Appendix: Additional Materials

YTD Mar 2022 GVS Performance Highlights

Sales: 81,1 M€ +5% on the normalized Q4 2021.

• HC&LS Stable on Q4 level.
• E&M +28% on the last quarter of 2021.
• H&S below the Q4 2021 due to the seasonability of RPB business.

Adjusted EBITDA: 20,8 M€ 26% of Adjusted EBITDA Margin

• Q1 2022 Adj EBITDA Margin at 25,6%, reflecting the growth of the organizational structure.

NFP: 166 M€ of Net Financial Position.

• 20 M€ of net operative cash generation.
• STT Acquisition in February 2022 for 68,5 M€ (60,8 cash + 7,7 of future earn out).
• Right of Use about 11 M€.

Leverage KPI: Debt/Equity 0,5 e NFP/EBITDA 1,9 (Just one month of STT)

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

YTD Mar 2022 Evolution of Main Financials

• Q1 2022 impacted by the addition of RPB acquisition and STT acquisition for just one month.
• Q4 2021 impacted by the addition of RPB acquisition and a residual part of the Covid related extraordinary sales
• Q1 2021 impacted by the extraordinary sales generated by the Covid 19 needs.
• Normalization: Sales and EBITDA less the extraordinary impact generated by Covid 19.

YTD Mar 2022 Evolution of Sales

TOTAL Normalized SALES YTD Mar 2022: 81,1 M€ +5% vs Q4 2021 and +17% vs Q1 2021

The Healthcare & Lifesciences division is stable on last quarter of the previous year trend considering the slow down of the Air&Gas business and the growth of Liquid business.

The Energy & Mobility division increases 28% on Q4 2021, recovering the postponement of POs of the end of the past year.

The Health & Safety division reflects the seasonability of the blasting business with 2M€ less than Q4 2021 in the SAR product Family (RPB business).

Normalized Sales

Key Financial Highlights — EBITDA and EBIT

Adjusted EBITDA:

• Q1 2022 adjusted EBITDA slightely reduced vs the Q4 2021 due to:
• Positive management of price increase and improvement of variable cost incidence, as a reference Q1 2020 had the same raw material incidence of Q1 2022.
• Flat values of service costs and other operating expenses.
• Labor cost incidence decreasing in terms of Direct cost but increased in terms of commercial and managerial structure costs to face the business growth for the future.

Adjusted EBIT:

• EBIT has been adjusted for PPA related amortization, increased by the RPB and STT additions, other than non-recurring income and costs already adjusted in the EBITDA.

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;

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

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

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

(€M) KEY COMMENTS % on LTM Sales

• About 3,5 M€ as Capex, net of extraordinary activities, with a trend slightly lower than the normal ongoing activity of the Group and expectations (historical average 6% of turnover).
• TWC is increasing in value on year end 2021, also considering it net of the last acquisition contribution (about 9 M€), with a consequent increase of the incidence on LTM sales due to the inventory management strategy to face the supply chain risks and to prevent inflactionary impact.
• R&D expenses are increasing YoY about 10%.

Key Financial Highlights — Net Financial Position

NFP increased up to 166,1M€ due to the last STT acquisition Leverage on 1,9x level Final Cash Conversion rise up to 83% and in line with the normal trend.

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

Key Financial Highlights — Net Financial Position

NET FIN. INDEBTEDNESS (€M) BRIDGE 2021 VS 2020

KEY COMMENTS

NFP has increased due to the last STT acquisition up to 166,1M€:

• STT Acquisition 60,8M€ cash + 7,7 M€ as future earn-out.
• Operative Cash flow generation about 20 M€ in the period with partial absorption from TWC for short term inventories policies (net of the STT impact).

• About 1,4 M€ of Equity cash out due to the end of the buyback process in January.

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

VISIBILITY ON FUTURE PERFORMANCE AND Q2 FOCUS

GVS is on track with the long term vision.

The stand alone forecasts confirm the 2022 expectations with a level near to the one reached in 2021, with a slight growth in sales and a small diluition in terms of EBITDA margin.

Three main topics under focus for the next quarter:

Agenda

1	YTD Dec 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 37 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 37 years in GVS

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

Luca Querzè Research & Development VP 24 years in GVS

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

Bologna, Italy

Naples

Mario Saccone CFO

26 years in GVS

Matteo Viola COO 13 years in GVS

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

Luca Zanini VP Healthcare & Life Sciences 22 years in GVS

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

• MSc in Economics from University Federico II,

Paola Musuraca Corporate HR Director 1 year in GVS

• Master's degree in Management Engineering – Bologna University
• More than 10 years experiece in HR development and management

Pierre Dizier VP Health & Safety 8 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 2021

The Head Office and 3 manufacturing facilities are based in Italy

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

16 M&A TRANSACTIONS SINCE 2009

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

Strong M&A team with track-record of execution and successful integration

Divisions and Products Line

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.

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.

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. "

		WE BRIDGE RELIABILITY WITH TOMORROW'S TECHNOLOGY FOR A SUSTAINABLE FUTURE

Agenda

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

Key Financial Highlights — Income Statement

E-MARKET SDIR
CERTIFIED

Q1 2022 (€m)	YTD Mar 2021A	Q4 2021A	YTD Mar 2022A	YoY Var. %	Var. % Q1 22 vs Q4 21
Healthcare & Life Sciences	44,9	44,1	44,2	-1,4%	0,3%
Energy & Mobility	19,7	15,7	20,1	2,3%	28,1%
Health & Safety	4,6	17,4	16,7	265,2%	-3,6%
Normalized Revenues	69,1	77,2	81,1	17,32%	5,07%
Covid related mask	33,9	2,9		-100,0%	-100,0%
Revenues from contracts with customers	103,0	80,1	81,1	-21,28%	1,26%
Other Income	2,4	1,4	0,5
Total Revenues	105,5	81,5	81,6	-22,60%	0,19%
Raw Materials	(23,6)	(27,9)	(24,3)
Personnel	(27,6)	(22,3)	(27,6)
Cost of Services	(9,3)	(9,0)	(9,3)
Other Costs	(1,8)	(1,1)	(1,1)
EBITDA	43,1	21,3	19,2	-55,4%	-9,8%
Margin (%)	41,9%	26,6%	23,7%
Non recurring costs (income)	(0,2)	0,6	1,5
Adjusted EBITDA	42,9	21,9	20,8	-51,6%	-5,3%
Margin (%)	41,7%	27,4%	25,6%
D&A and w rite-offs	(5,1)	(7,9)	(7,3)
o/w PPA related amortization	(1,0)	(2,6)	(2,3)
EBIT	38,1	13,4	11,9	-68,8%	-11,5%
Margin (%)	36,9%	16,8%	14,7%
Adjusted EBIT	38,8	16,7	15,7	-59,4%	-5,6%
Margin (%)	37,7%	20,8%	19,4%
Net Financial Expenses net of FX gains/(losses)	(0,5)	(1,2)	(0,9)
o/w Non recurring financial expenses		0,6	0,4
FX gains/(losses)	3,9	4,1	6,3
EBT	41,5	16,3	17,3	-58,2%	6,4%
Margin (%)	40,3%	20,4%	21,4%
Taxes	(10,1)	(5,1)	(4,3)
o/w Non recurring inc./cost tax effect	(0,1)	0,7	(0,9)
Net Income	31,4	11,2	13,0	-58,6%	15,7%
Margin (%)	30,5%	14,0%	16,0%
Adjusted Net Income	32,1	15,2	16,4	-49,0%	7,5%
Margin (%)	31,1%	19,0%	20,2%

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

Key Financial Highlights — Adjustments Overview

Q1 2022 (€m)	YTD Mar 2021A	YTD Mar 2022A		Q1 2021 Normalized by Covid & M&A	Q4 2021 Normalized by Covid & M&A	O Nor b
EBITDA	43,1	19.2	Adjusted EBITDA	42,8	21.9
Capital gains from sale processes and leaseback	(2,2)
Start-up costs
Write-off of tax receivables
Personnel reorganization costs
Provisions to restructuring fund	0,9	1.1
Valuation of inventory at fair value		0,5
Transaction costs
M&A addition					(3,0)
Covid Related Normalization				(17,0)	(1,6)
IPO costs	1,0
Adjusted EBITDA	42,8	20,8	Normalized EBITDA	25,8	17,3
Margin (%)	41,7%	25,6%	% on Organic Sales	37,5%	25,8%	2
EBIT	38.1	11.9

Non recurring costs
(income)

EBIT	38.1	11.9
Non recurring costs (income)	(0,2)	1.5
PPA related amortization	1.0	2.3
Adjusted EBIT	38.8	15,7
Margin (%)	37,7%	19.4%

Group Net Income	31,4	13.0
Non recurring costs (income)	(0,2)	1.5
PPA related amortization	1,0	2,3
Non-recurring interest expenses (gains)	0,0	0.4
Fiscal impact of non-recurring interest expenses (gains)
Fiscal impact of amortization of intangible assets recorded under the PPA method & non recurring	(0,1)	(0.9)
Alignment of tax rates due to fiscal reforms
Adjusted Group Net Income	32.1	16,4
Margin (%)	31.1%	20.2%

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

Key Financial Highlights — Balance Sheet

Q1 2022 (€m)	2021	YTD Mar 2022A
Property Plant & Equipment	77,6	83,7
Intangible Assets	227,7	286,0
Right of use	10,4	9,7
Financial Fixed Assets	1,3	2,3
Net Fixed Assets	317,1	381,6
Inventories	72,4	83,4
Trade Receivables	53,0	56,4
Trade Payables	(23,8)	(22,6)
Working Capital Trade	101,5	117,3
Other Current / Assets (Liabilities)	(2,4)	(6,3)
Net Working Capital	99,2	111,0
Other / (Liabilities) Assets	(4,0)	(5,8)
Funds and Provisions	(9,0)	(10,0)
Net Invested Capital	403,2	476,8
Shareholders' Equity	295,3	311,2
Financial Debt	241,5	223,7
Lease Liabilities	11,5	11,2
equivalents1 (Cash & cash )	(145,2)	(69,2)
Net Financial Indebtedness	107,8	165,6
/ Net Financial Indebtedness Adjusted LTM EBITDA	1x	1,93x

Total Sources 403,2 476,8

1 Includes also the item Current Financial Assets.

Q1 (€m) 2022	2021	YTD Mar 2022A
Net Profit	67 6 ,	13 0 ,
D&A	24 0 ,	7 3 ,
Cash Operative Flow	91 6 ,	20 3 ,
Δ Trade Working Capital	(16 0) ,	(6 4) ,
Other Current Δ Liabilities	(24 3) ,	0 2 ,
Operating Cash Flow	51 3 ,	14 1 ,
Capex	(23 2) ,	(3 5) ,
Free Cash Flow	28 1 ,	10 6 ,
M&A Invest	(148 2) ,	(68 5) ,
Cash Flow of extraordinary activities net	(120 1) ,	(57 8) ,
Dividends	(22 7) ,	-
IPO	-	-
BuyBack	(3 4) ,	(1 4) ,
Others	6 8 ,	1 0 ,
Change in debt net	(139 4) ,	(58 2) ,
NFP Before of Period	31 6 ,	(107 8) ,
of NFP End Period	(107 8) ,	(166 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

DISCLAIMER

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., Emanuele Stanco, declares that the accounting information contained herein correspond to document results, books and accounting records.

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.

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, in Italy pursuant to Section 1, let t) letter (t) of Legislative Decree no. 58 of February 24, 1998, or in any other country or state.

The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. The reader should consult any further disclosures GVS may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange