Gvs — Investor Presentation 2023

Nov 9, 2023

• 9M 2023 RESULTS PRESENTATION

• November 9th, 2023

9M 2023 Sales up +14.5% YoY driven by Healthcare and Safety divisions

9M 2023 Adjusted EBITDA at € 69.1m, +21.4% vs. previous year

22.1% Adjusted EBITDA margin in 9M 2023 vs. 20.8% in 9M 2022

Continuous NFP decrease on the back of operating cash generation

9M 2023 Adjusted Leverage Ratio at 3.1x

GVS – 9M 2023 Results At-a-Glance Continuous sales growth, profitability recovery and NFP reduction

167.1 210.6 58.5 50.1 48.0 52.4 273.5 313.1 9M 2022 9M 2023 Healthcare&Life Sciences Energy&Mobility Health&Safety 56.9 69.1 20.8% 22.1% 9M 2022 9M 2023 EBITDA Adj. margin % SALES €m €m +14.5% +21.4% €m +9.3% -14.3% +26.0%

300.5 290.0 283.4 3.48x 3.37x 3.10x FY 2022 H1 2023 9M 2023 NFP Adj.(1) Leverage (2) Adjusted EBITDA and % Adjusted NFP and Leverage

• +14.5% sales growth, driven by Healthcare (+26.0%, including contribution of STT and Haemotronic) and Safety divisions(+9.3%)
• Organic sales (excl. FX) up 1.4% vs. 9M 2022 on LFL basis (3)
• FY 2023 Sales expected in the region of €425m
• Adj. EBITDA up 21.4% YoY, driven by M&A contribution and pricing, with significant margin accretion (22.1% vs. 20.8%)
• 9M 2023 Adj. EBITDA growing +7.6% on a LFL basis (3)

• FY 2023 Adj. EBITDA expected in the region of € 95m

• 9M 2023 Adjusted NFP(1) decreasing to €283.4m, driven by operating cash generation and NWC reduction

• Leverage ratio(2) at 3.10x, with significant room to the 4.0x covenant as of Dec 2023

• FY 2023 Adjusted NFP expected in the region of €270m

• (1) Adjusted NFP calculated considering the €75m subordinated shareholder loan as equity (not financial liability)

• (2) Leverage ratio calculated as Adjusted NFP /L12M Adjusted Pro forma EBITDA. i.e. including full contribution of 2022 acquisitions
• (3) 2022 LFL figures include the full contribution of STT and Haemotronic. STT and Haemotronic 2022 pro-forma financials are based on management accounts

Focus on Sales – 9M 2023 vs. 9M 2022 Organic sales (excl. FX) +1.4% vs. 9M 2022

SALES – 9M 2022 TO 9M 2023 BRIDGE

• 9M 2023 organic sales growing +1.4% vs. 9M 2022 pro-forma figures
• Including the negative FX impact (-2.2%), 9M 2023 sales are -0.8% vs. 9M 2022 pro-forma

Focus on Sales – 9M 2023 Performance by Division Healthcare and Safety leading organic growth, despite de-stocking

• Healthcare sales up +26% (+2.8% organic ex-FX on a LFL basis), driven by the Liquid segment growth (+38.1%, +4.4% organic LFL), partially offset by weaker Air & Gas (-5.1%, -3.8% organic) and Labs (-3.3%, -1.0% organic) performance
• Safety division constant quarterly growth (+14.7% vs. Q3 2022), leading to a strong +9.3% growth vs. 9M 2022 (+12.6% organic)
• Mobility division (-14.3%, -12.6% organic) still impacted by client de-stocking on Sports&Utility segment

Focus on Profitability – EBITDA 9M 2023 vs. 9M 2022 +7.6% like-for-like growth driven by pricing

Focus on Debt – NFP Adjusted 9M 2023 vs. FY 2022

Deleverage driven by operating cash generation

NET FINANCIAL POSITION ADJUSTED – FY 2022 TO 9M 2023 BRIDGE

Appendix – Support Material

9M 2023 Results – Financial Statements

9M 2022 and 9M 2023 P&L – Statutory Adjusted View

€ m	9M 2022	of which non-recurring	9M 2022 Adjusted	%	9M 2023	of which non-recurring	9M 2023 Adjusted	%
Revenues from sales and services	273.5	-	273.5	100.0%	313.1	-	313.1	100.0%
Other revenues and proceeds	2.5	-	2.5	0.93%	4.7	1.6	3.0	0.97%
Total revenues	276.0	-	276.0	100.0%	317.8	1.6	316.1	100.0%
Cost of raw materials, purchases and variations in inventories	(93.6)	(4.0)	(89.6)	-32.8%	(103.9)	-	(103.9)	-33.2%
Cost of labour	(90.9)	(2.6)	(88.3)	-32.3%	(98.1)	(0.9)	(97.2)	-31.0%
Services	(38.9)	(1.0)	(37.8)	-13.8%	(42.4)	(0.3)	(42.1)	-13.4%
Other operating costs	(3.4)	-	(3.4)	-1.2%	(6.2)	(2.3)	(3.9)	-1.2%
EBITDA	49.3	(7.6)	56.9	20.8%	67.3	(1.8)	69.1	22.1%
Provisions and writedowns	(0.3)	-	(0.3)	-0.1%	(0.6)	-	(0.6)	-0.2%
Amortisation and depreciation	(26.0)	(8.7)	(17.3)	-6.3%	(32.2)	(12.8)	(19.4)	-6.2%
EBIT	22.9	(16.4)	39.3	14.4%	34.4	(14.6)	49.0	15.7%
Financial proceeds	43.0	(1) -	(1) 43.0	15.7%	2.9	(2) -	(2) 2.9	0.9%
Financial charges	(5.4)	(1.6)	(3.8)	-1.4%	(16.3)	(2.3)	(14.0)	-4.5%
Pre-tax results	60.6	(17.9)	78.5	28.7%	21.1	(16.9)	38.0	12.1%
Income tax	(15.5)	4.1	(19.6)	-7.2%	(5.2)	4.0	(9.2)	-2.9%
Net profit	45.1	(13.9)	59.0	21.6%	15.8	(13.0)	28.8	9.2%

(1) 9M 2022 financial proceeds include €42.5m of FX gains

(2) 9M 2023 financial proceeds include €0.9m of FX gains

9M 2023 Results – Financial Statements

Reclassified Balance Sheet - FY 2022 – 9M 2023

€m	FY 2022	9M 2023
Net intangible fixed assets	494.8	484.3
Net usage rights	23.0	19.6
Net tangible fixed assets	120.4	125.0
Financial fixed assets	3.6	3.7
Other fixed assets	12.0	13.9
Fixed capital (A)	653.8	646.5
Net trade receivables	72.9	60.2
Inventories	106.9	98.7
Payables to suppliers	(57.9)	(34.8)
Net commercial working capital (B)	121.9	124.1
Other current assets	19.4	20.8
Other current liabilities	(32.1)	(37.1)
Total current assets/liabilities (C)	(12.7)	(16.3)
Net working capital (D)= (B) + (C)	109.3	107.8
Other non-current liabilities (E)	(46.1)	(41.0)
Employee termination indemnity and end of service indemnity (F)	(4.6)	(3.1)
Provisions for risks and charges (G)	(9.2)	(10.0)
Net invested capital (H) = (A+D+E+F+G)	703.1	700.2
Shareholders' equity	(327.7)	(341.9)
Consolidated shareholders' equity (I)	(327.7)	(341.9)
Short-term financial indebtedness)/Liquidity	(306.6)	58.8
(Net medium/long term financial indebtedness)	(68.9)	(417.2)
Net financial indebtedness (L)	(375.5)	(358.4)
Own funds and net financial indebtedness (M) = (I+L)	(703.1)	(700.2)

9M 2023 Results – Financial Statements

Cash Flow Statement – 9M 2022 – 9M 2023

€m	9M 2022	9M 2023
Pre-tax result	60.6	21.1
Amortisation, depreciation and writedowns	26.0	32.2
Capital losses / (capital gains) from sale of assets	0.0	0.1
Financial charges / (proceeds)	(37.6)	13.3
Other non-monetary variations	6.0	5.3
Cash flow generated operations before delta NWC	55.0	72.0
Variation in inventories	(19.3)	4.9
Variation in trade receivables	(3.1)	14.5
Variation in trade payables	1.1	(23.2)
Variation in other assets and liabilities	0.4	1.9
Risk and Employees funds utilisation	(1.7)	(5.2)
Taxes paid	(6.8)	(8.3)
Net cash flow by operations	25.6	56.6
Investments in tangible assets	(14.0)	(17.4)
Investments in intangible assets	(3.7)	(4.6)
Disposal of tangible assets	0.0	0.5
Investment in financial assets	(6.7)	(83.0)
Disinvestment in financial assets	6.5	22.3
Payment for purchase of businesses, net of cash on hand acquired	(236.0)	(0.0)
Net cash flow by investment	(253.9)	(82.3)
Opening of long-term financial payables	232.5	76.0
Repaymentof long-term financial payables	(37.5)	(52.1)
Repayment of leasing liabilities	(4.2)	(6.1)
Financial charges paid	(2.6)	(11.3)
Financial proceeds collected	1.3	0.6
Treasury shares	(1.4)	(0.1)
Net cash flow by financial assets	188.1	7.1
Total variation in cash on hand	(40.2)	(18.6)
Cash on hand at the start of the year	136.9	135.2
Total variation in cash on hand and conversion differences	(25.6)	(20.2)

Cash on hand at the end of the year 111.3 115.0

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.