Gvs — Investor Presentation 2024

Aug 8, 2024

• PRELIMINARY H1 2024 RESULTS PRESENTATION

• August 8th, 2024

H1 2024 Sales at €214.8m, +1.6% excluding FX vs. H1 2023, in line with Q1 performance

€52.0m adjusted EBITDA in H1 2024, +10.6% vs. previous year, with 24.2% margin (+210 bps vs. H1 2023)

25.0% Adjusted EBITDA margin in Q2 2024 – 260 bps accretion vs. Q2 2023

Adjusted Net Income(1) growing +12.3% YoY, reaching 10.5% margin at €22.5m

€241.6m Adjusted NFP(2) as of June 2024, on track with de-leverage targets, with Leverage Ratio(3) at 2.42x

(2) Adjusted NFP calculated considering the €75.0m subordinated shareholder loan and related interests as equity (not financial liability)

(3) Leverage ratio calculated as Adjusted NFP /L12M Adjusted EBITDA

⁽¹⁾ Excluding FX impact on financial charges and related tax effects

H1 2024 Results At-a-Glance

Organic growth and deleverage on-track with targets, rising profitability

• H1 2024 organic sales growing +1.6%, led by Safety and Healthcare divisions
• Adj. EBITDA growing +10.6% YoY to €52.0m, with 210 bps of margin accretion thanks to profitability recovery actions
• Adjusted NFP continuing its de-leverage trend at €241.6m, with leverage ratio at 2.42x and approx. €48m of reduction in the last 12 months

(1) Adjusted NFP calculated considering the €75.0m subordinated shareholder loan and related interests as equity (not financial liability)

(2) Leverage ratio calculated as Adjusted NFP /L12M Adjusted EBITDA

Sales – H1 2024 vs. H1 2023

+1.6% YoY organic growth, supported by pricing and volume recovery

4

Sales – H1 2024 Performance by Division

Healthcare back to growth, strong Safety order momentum continues

• Growing Healthcare sales (+1.0% organic excluding FX, -0.1% reported) across all the 3 segments, with Air & Gas confirming the positive momentum (+6.0% organic, +5.5% reported), stable growth for Liquid (+0.5% organic, -0.9% reported) and Labs fully recovering the weak Q1 performance (+0.5% organic, -0.2% reported)
• Safety division organic sales up +9.7% YoY (+9.4% reported), supported by the strong order momentum
• Mobility division (-4.1% organic, -4.6% reported) gradually recovering from client de-stocking

Adj. EBITDA Margin – Q-on-Q Evolution Q-on-Q profitability recovery continues

ADJ. EBITDA MARGIN – Q3 2022 – Q2 2024 QUARTERLY EVOLUTION

• Continuous Q-on-Q EBITDA % recovery from Q3 2022 lows
• Margin accretion driven by pricing and industrial efficiencies
• 910 bps of overall margin accretions since Q3 2022

€m

Adj. EBITDA – H1 2024 vs. H1 2023 +11.5% YoY organic growth excl. FX

ADJ. EBITDA – H1 2023 TO H1 2024 BRIDGE

Adj. Net Income – H1 2024 vs. H1 2023

+12.3% YoY growth excl. FX impact

• Adjusted Net Income is impacted by FX gains and losses, mostly non-cash items related to the mark-to-market of USD denominated intercompany loans
  • H1 2023 Adjusted Net Income includes € .7m of F losses
  • H1 2024 Adjusted Net Income includes € .0m of F gains
• Net Profitability, excl. FX impact on financial charges and related tax effects, growing 12.3% Y-o-Y, reaching 10.5% margin

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Adj. Net Financial Position – H1 2024 vs. FY 2023

€m

Limited NWC absorption, extraordinary Capex for the new Chinese plant

ADJUSTED NET FINANCIAL POSITION – FY 2023 TO H1 2024 BRIDGE

54.4 (1. ) ( .2) (1 .2) ( .4) (1.3) 0.0 (4. ) (241.6) (252.1) Adj. NFP 0 era ng ash Flo elta N a es a e Net Financ. osts elta Funds thers easing ene al Adj. NFP 0 0 0 2.65x ADJUSTED LEVERAGE RATIO 2.42x • Limited NWC absorption (€ .7m) thanks to the tight control of inventory and receivables • € 9. m ca e including € . m extraordinary investments related to the new Chinese plant

Volume recovery to accelerate in Q3 2024, guidance revised upwards 2024 Outlook and Guidance

CURRENT TRADING AND 2024 OUTLOOK Q3 2024: expected high-single digit sales growth vs. Q3 2023, thanks to a significant sales volume acceleration Profitability recovery to continue, supported by pricing, operating leverage and efficiency actions in progress

FY 2024 GUIDANCE UPDATE	SALES	Low-to-mid single digit growth vs. FY 2023	Confirmed
	Adj. EBITDA %	150-250 bps of margin accretion vs. FY 2023 (previous: 100-200 bps)	REVISED UPWARDS
	Adj. Leverage Ratio (x)	In the region of 2x	Confirmed

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 om any'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.