Gvs — Investor Presentation 2025

Mar 24, 2025

• FY 2024 RESULTS PRESENTATION

• March 24th , 2025

FY 2024 Sales at €428.5m, +1.5% excluding FX vs. FY 2023

€103.9m adjusted EBITDA in FY 2024, +9.3% vs. previous year, with 24.3% margin (+190 bps vs. FY 2023)

Adjusted Net Income +52.0% YoY to €47.7m, increasing the margin to 11.1% from 7.4% of FY 2023

€219.8m NFP as of December 2024, with Leverage Ratio(1) further decreasing to 2.1x

FY 2024 Results At-a-Glance

Organic growth, profitability and deleverage on-track with FY2024 targets

• FY 2024 organic sales growing +1.5%, supported by Healthcare and Safety divisions
• Adj. EBITDA growing +9.3% YoY to €103.9m, with 190 bps of margin accretion
• Net Financial Position at €219.8m, confirming the de-leverage trend to 2.1x leverage ratio

Sales – FY 2024 vs. FY 2023 +1.5% YoY organic growth, supported by pricing

-2.7 0.3 6.2 428.5 424.7 Sales FY 2023 FX Effect Volume Effect Net Price Effect Sales FY 2024 • +1.5% organic growth (excl. FX) vs. FY 2023, supported by pricing €m SALES – FY 2023 TO FY 2024 BRIDGE Organic growth: +1.5%

Sales – FY 2024 Performance by Division

Organic growth led by Safety and Healthcare

• Healthcare sales growing 1.0% in FY2024 (organic excl. FX), with Air & Gas (+13.4% organic) as main contributor
• Mobility division performance (-4.4% organic) still negative affected by weak automotive sales, thermic vehicle engines in particular (Power&Drive -7.6% organic)
• Safety division continues its strong growth performance, with organic sales up +9.1% YoY on the back of the strong order momentum

Adj. EBITDA – FY 2024 vs. FY 2023 +10.0% YoY organic growth excl. FX

Adj. Net Income – FY 2024 vs. FY 2023

+13.1% YoY growth excl. FX impact, 10.4% margin (+110 bps YoY accretion)

• 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
  • FY 2023 Adjusted Net Income includes €10.7m of FX losses
  • FY 2024 Adjusted Net Income includes €3.9m of FX gains
• Net Profitability, excl. FX impact on financial charges and related tax effects, grows 13.4% YoY, increasing the margin from 9.3% to 10.4%

Net Financial Position – FY 2024 vs. FY 2023

€m

Deleverage driven by operating cash-flow and NWC reduction

NET FINANCIAL POSITION – FY 2023 TO FY 2024 BRIDGE

FY 2025 – Strategic Focus and Guidance

Focus on M&A integration, product launch and new Healthcare platform

FY 2025 GUIDANCE Mid-high single digit growth vs. FY 2024, in acceleration across the year thanks to the ramp-up of Whole Blood revenues 150-250 bps of margin accretion vs. FY 2024 Below 2x SALES Adj. EBITDA % Leverage Ratio (x) FY 2025 STRATEGIC FOCUS Full integration of Whole Blood business in the newly created Transfusion Medicine division and tailored marketing strategy to increase market share in the US blood collection market New products launch / ramp-up across the 3 divisions Implementation of the new organizational structure within Healthcare and Life Science division, to fully capture the market growth potential of the different end-markets Further increase in profitability supported by pricing power and industrial efficiency actions

Healthcare & Life Sciences - Organizational Changes

A new set-up to fully capture the market growth potential

• MedTech will incorporate previous Liquid and Air & Gas segments + the membrane business, to focus on a tailored and product-oriented offering of medical technologies for a sophisticated, mostly B2B client base
• Transfusion Medicine segment will include the newly acquired Whole Blood Business and STT product lines, allowing the extraction of the full synergy potential and implementation of global commercial strategy
• Life Sciences will strengthen the laboratory consumables offering through a dedicated sales force, enhanced product offering and short lead-time distribution platform

FY 2024 Results – Financial Statements

FY 2023 and FY 2024 P&L – Statutory Adjusted View

€ m	FY 2023	of which non-recurring	FY 2023 Adjusted	%	FY 2024	of which non-recurring	FY 2024 Adjusted	%
Revenues from sales and services	424.7	-	424.7	100.0%	428.5	-	428.5	100.0%
Other revenues and proceeds	7.6	1.7	5.9	1.4%	7.8	1.1	6.7	1.6%
Total revenues	432.4	1.7	430.6	101.4%	436.4	1.1	435.2	101.6%
Cost of raw materials, purchases and variations in inventories	(144.2)	-	(144.2)	-34.0%	(133.3)	-	(133.3)	-31.1%
Cost of labour	(131.8)	(1.4)	(130.4)	-30.7%	(134.9)	(1.0)	(133.9)	-31.2%
Services	(56.7)	(0.3)	(56.5)	-13.3%	(59.3)	(0.8)	(58.5)	-13.7%
Other operating costs	(6.9)	(2.3)	(4.5)	-1.1%	(7.7)	(2.0)	(5.6)	-1.3%
EBITDA	92.8	(2.3)	95.1	22.4%	101.2	(2.7)	103.9	24.3%
Provisions and writedowns	(0.6)	-	(0.6)	-0.1%	(0.7)	-	(0.7)	-0.2%
Amortisation and depreciation	(44.1)	(17.1)	(27.0)	-6.4%	(44.3)	(16.7)	(27.6)	-6.5%
EBIT	48.0	(19.4)	67.4	15.9%	56.2	(19.4)	75.6	17.6%
Financial proceeds	3.3	-	3.3	0.8%	7.3	(2) -	(2) 7.3	1.7%
Financial charges	(33.1)	(1) (3.1)	(1) (30.0)	-7.1%	(20.5)	(2.9)	(17.6)	-4.1%
Pre-tax results	18.3	(22.5)	40.8	9.6%	43.0	(22.3)	65.3	15.2%
Income tax	(4.7)	4.7	(9.4)	-2.2%	(9.6)	8.0	(17.6)	-4.1%
Net profit	13.6	(17.8)	31.4	7.4%	33.4	(14.3)	47.7	11.1%

(1) FY 2023 financial charges include €10.7m of FX losses

(2) FY 2024 financial proceeds include €3.9m of FX gains

FY 2024 Results – Financial Statements

Reclassified Balance Sheet – Dec-2023 – Dec-2024

€m	As of 31-Dec-2023	As of 31-Dec-2024
Net intangible fixed assets	471.7	472.9
Net usage rights	20.2	23.4
Net tangible fixed assets	122.9	133.8
Financial fixed assets	3.5	3.2
Other fixed assets	10.7	3.0
Fixed capital (A)	629.0	636.2
Net trade receivables	54.1	55.4
Inventories	84.8	80.5
Payables to suppliers	(38.5)	(42.5)
Net commercial working capital (B)	100.5	93.4
Other current assets	21.2	24.2
Other current liabilities	(40.5)	(42.8)
Total current assets/liabilities (C)	(19.3)	(18.6)
Net working capital (D)= (B) + (C)	81.2	74.8
Other non-current liabilities (E)	(35.4)	(29.9)
Employee termination indemnity and end of service indemnity (F)	(3.1)	(2.9)
Provisions for risks and charges (G)	(8.5)	(7.1)
Net invested capital (H) = (A+D+E+F+G)	663.2	671.0
Shareholders' equity	(334.5)	(451.2)
Consolidated shareholders' equity (I)	(334.5)	(451.2)
Short-term financial indebtedness)/Liquidity	60.5	49.4
(Net medium/long term financial indebtedness)	(389.2)	(269.2)
Net financial indebtedness (L)	(328.7)	(219.8)
Own funds and net financial indebtedness (M) = (I+L)	(663.2)	(671.0)

FY 2024 Results – Financial Statements

Cash Flow Statement – FY 2023 – FY 2024

€m	FY 2023	FY 2024
Pre-tax result	18.3	43.0
Amortisation, depreciation and writedowns	44.1	44.3
Capital losses / (capital gains) from sale of assets	0.1	(0.3)
Financial charges / (proceeds)	29.7	13.2
Other non-monetary variations	4.4	8.7
Cash flow generated operations before delta NWC	96.6	109.0
Variation in inventories	14.6	3.2
Variation in trade receivables	19.2	(1.2)
Variation in trade payables	(17.4)	4.8
Variation in other assets and liabilities	3.8	0.8
Risk and Employees funds utilisation	(4.7)	(4.5)
Taxes paid	(10.5)	(15.0)
Net cash flow by operations	101.6	97.1
Investments in tangible assets	(21.3)	(29.2)
Investments in intangible assets	(6.9)	(8.2)
Disposal of tangible assets	0.4	0.5
Investment in financial assets	(96.6)	(75.1)
Disinvestment in financial assets	98.7	47.5
Payment for purchase of businesses, net of cash on hand acquired	(1.1)	(19.5)
Net cash flow by investment	(26.8)	(83.9)
Opening of long-term financial payables	75.0	0.2
Repaymentof long-term financial payables	(68.9)	(79.5)
Change in short-term financial payables	2.2	-
Repayment of leasing liabilities	(8.6)	(7.9)
Financial charges paid	(17.9)	(18.2)
Financial proceeds collected	3.3	3.4
Treasury shares	(0.1)	(0.3)
Net cash flow by financial assets	(14.9)	(102.3)
Total variation in cash on hand	59.8	(89.1)
Cash on hand at the start of the year	135.2	191.5
Total variation in cash on hand and conversion differences	56.3	(88.5)
Cash on hand at the end of the year	191.5	103.0

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.