Gvs — Investor Presentation 2025

May 15, 2025

• Q1 2025 RESULTS PRESENTATION

• May 15th, 2025

Q1 2025 Sales at €107.2m, +3.2% vs. Q1 2024

€25.8m adjusted EBITDA in Q1 2025, +6.1% vs. previous year, with 24.1% margin (+70 bps vs. Q1 2024)

Adjusted Net Income net of FX impact +21.6% YoY to €12.0m, increasing the margin to 11.2% from 9.5% of Q1 2024

€275.6m NFP as of March 2025, with Leverage Ratio(1) post M&A at 2.5x

Q1 2025 Results At-a-Glance

Growing revenues and profitability, leverage at 2.5x post acquisition

• Q1 2025 sales growing +3.2%, supported by Healthcare and Safety divisions
• Adj. EBITDA growing +6.1% YoY to €25.8m, with 70 bps of margin accretion
• Net Financial Position at €275.6m, including M&A, with Leverage Ratio(1) at 2.5x

Sales – Q1 2025 vs. Q1 2024 +3.2% YoY growth, supported by M&A contribution and pricing

€m

SALES – Q1 2024 TO Q1 2025 BRIDGE

• +3.2% growth vs. Q1 2024, supported by M&A contribution and pricing

4

Sales – Q1 2025 Performance by Division

New segment reporting in Healthcare & Life Sciences

• Healthcare sales growing 6.1%, led by Transfusion Medicine (+51.6%) supported by M&A contribution
• Safety sales up +4.9% YoY, on the back of solid order inflow
• Mobility division (-11%) still affected by the weak automotive market dynamics

Adj. EBITDA – Q1 2025 vs. Q1 2024 +6.2% YoY growth

Adj. Net Income – Q1 2025 vs. Q1 2024

+21.6% 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
  • Q1 2024 Adjusted Net Income includes €4.1m of FX gains
  • Q1 2025 Adjusted Net Income includes €8.3m of FX losses
• Net Profitability, excl. FX impact on financial charges and related tax effects, growing +21.6% YoY, reaching 11.2% margin

Net Financial Position – Q1 2025 vs. FY 2024

Leverage at 2.5x post Whole Blood acquisition

€m

NET FINANCIAL POSITION – FY 2024 TO Q1 2025 BRIDGE

Update on Tariff and FY 2025 Guidance

Limited impact from the new tariff, FY 2025 guidance confirmed

	SALES	Mid-high single digit growth vs. FY 2024, in acceleration across the year thanks to the ramp-up of Whole Blood revenues
FY 2025 GUIDANCE	Adj. EBITDA %	150-250 bps of margin accretion vs. FY 2024
	Leverage Ratio (x)	Below 2x

Q1 2025 Results – Financial Statements

Q1 2024 and Q1 2025 P&L – Statutory Adjusted View

€ m	Q1 2024	of which non-recurring	Q1 2024 Adjusted	%	Q1 2025	of which non-recurring	Q1 2025 Adjusted	%
Revenues from sales and services	103.9	-	103.9	100.0%	107.2	-	107.2	100.0%
Other revenues and proceeds	1.5	0.3	1.3	1.2%	1.3	0.4	1.0	0.9%
Total revenues	105.4	0.3	105.1	101.2%	108.5	0.4	108.2	100.9%
Cost of raw materials, purchases and variations in inventories	(31.8)	-	(31.8)	-30.6%	(32.0)	-	(32.0)	-29.8%
Cost of labour	(33.5)	(0.0)	(33.5)	-32.3%	(34.3)	(0.5)	(33.7)	-31.5%
Services	(14.2)	-	(14.2)	-13.7%	(15.8)	(0.3)	(15.6)	-14.5%
Other operating costs	(1.6)	(0.3)	(1.3)	-1.3%	(1.4)	(0.3)	(1.2)	-1.1%
EBITDA	24.3	(0.0)	24.3	23.4%	25.1	(0.7)	25.8	24.1%
Amortisation and depreciation	(11.0)	(4.0)	(7.0)	-6.7%	(11.0)	(4.1)	(6.9)	-6.4%
Provisions and writedowns	(0.2)	-	(0.2)	-0.2%	(0.1)	-	(0.1)	-0.1%
EBIT	13.1	(4.0)	17.2	16.5%	13.9	(4.8)	18.8	17.5%
Financial proceeds	5.1	(1) -	(1) 5.1	4.9%	0.2	-	0.2	0.2%
Financial charges	(5.7)	(0.8)	(4.9)	-4.8%	(11.6)	(2) (0.3)	(2) (11.4)	-10.6%
Pre-tax results	12.5	(4.8)	17.3	16.7%	2.5	(5.1)	7.6	7.1%
Income tax	(3.1)	1.3	(4.3)	-4.1%	(0.6)	1.3	(2.0)	-1.8%
Net profit	9.4	(3.6)	13.0	12.5%	1.9	(3.8)	5.7	5.3%

(1) Q1 2024 financial proceeds include €4.1m of FX gains

(2) Q1 2025 financial charges include €8.3m of FX losses

Q1 2025 Results – Financial Statements

Reclassified Balance Sheet - FY 2024 – Q1 2025

€m	As of 31-Dec-2024	As of 31-Mar-2025
Net intangible fixed assets	472.9	460.6
Net usage rights	23.4	22.1
Net tangible fixed assets	133.8	166.2
Financial fixed assets	3.2	1.2
Other fixed assets	3.0	2.0
Fixed capital (A)	636.2	652.2
Net trade receivables	55.4	65.4
Inventories	80.5	106.1
Payables to suppliers	(42.5)	(46.3)
Net commercial working capital (B)	93.4	125.2
Other current assets	24.2	25.9
Other current liabilities	(42.8)	(43.8)
Total current assets/liabilities (C)	(18.6)	(17.9)
Net working capital (D)= (B) + (C)	74.8	107.3
Other non-current liabilities (E)	(29.9)	(28.9)
Employee termination indemnity and end of service indemnity (F)	(2.9)	(3.0)
Provisions for risks and charges (G)	(7.1)	(6.9)
Net invested capital (H) = (A+D+E+F+G)	671.0	720.6
Shareholders' equity	(451.2)	(445.0)
Consolidated shareholders' equity (I)	(451.2)	(445.0)
Short-term financial indebtedness)/Liquidity	49.4	(23.3)
(Net medium/long term financial indebtedness)	(269.2)	(252.3)
Net financial indebtedness (L)	(219.8)	(275.6)
Own funds and net financial indebtedness (M) = (I+L)	(671.0)	(720.6)

Q1 2025 Results – Financial Statements

Cash Flow Statement - Q1 2024 – Q1 2025

€m	Q1 2024	Q1 2025
Pre-tax result	12.5	2.5
Amortisation, depreciation and writedowns	11.0	11.0
Capital losses / (capital gains) from sale of assets	(0.0)	(0.1)
Financial charges / (proceeds)	0.6	11.4
Other non-monetary variations	1.1	2.3
Cash flow generated operations before delta NWC	25.2	27.2
Variation in inventories	(0.1)	(7.4)
Variation in trade receivables	(8.4)	(11.8)
Variation in trade payables	4.9	6.4
Variation in other assets and liabilities	(1.1)	(0.4)
Risk and Employees funds utilisation	(0.1)	(1.5)
Taxes paid	(4.2)	(3.3)
Net cash flow by operations	16.1	9.2
Investments in tangible assets	(7.5)	(6.5)
Investments in intangible assets	(1.9)	(1.7)
Disposal of tangible assets	0.0	0.1
Investment in financial assets	(75.7)	(0.5)
Disinvestment in financial assets	-	28.8
Payment for purchase of businesses, net of cash on hand acquired	-	(50.6)
Net cash flow by investment	(85.1)	(30.4)
Repaymentof long-term financial payables	(23.1)	(21.4)
Repayment of leasing liabilities	(2.2)	(2.1)
Financial charges paid	(2.5)	(1.7)
Financial proceeds collected	1.0	0.2
Treasury shares	(0.0)	(0.0)
Net cash flow by financial assets	(26.9)	(25.1)
Total variation in cash on hand	(95.8)	(46.3)
Cash on hand at the start of the year	191.5	103.0
Total variation in cash on hand and conversion differences	(95.2)	(46.9)
Cash on hand at the end of the year	96.2	56.1

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.