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Gvs Investor Presentation 2025
4164_rns_2025-08-07_89e08409-490b-4e61-bf1a-455071a3389f.pdf
Investor Presentation
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• H1 2025 RESULTS PRESENTATION
• August 7th, 2025
Q2 EBITDA margin reached its highest level since Q4 2021 Executive Summary
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Healthcare and Life Sciences sales +2.2% excl. FX vs. H1 2024
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
Safety revenues +8.6% YoY excl. FX, in acceleration vs Q1 2025
Adjusted EBITDA margin at 25.1% (+90 bps vs. H1 2024), continuing the improvement of the last quarters
Q2 2025 adjusted EBITDA margin at 26.2%, +120 bps vs. Q2 2024, the highest profitability since Q4 2021
Adjusted Net Income net of FX impact +16.2% vs. previous year to €26.2m, increasing the margin to 12.1% from 10.5% of H1 2024
€268.0m NFP as of June 2025, with Leverage Ratio(1) post M&A at 2.4x
H1 2025 Results At-a-Glance
Growing revenues and profitability, despite adverse FX trend
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
- H1 2025 sales growing +1.7% excluding FX, supported by Safety and Healthcare divisions
- Adj. EBITDA growing +4.1% YoY to €54.2m, with 90 bps of margin accretion
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• Net Financial Position at €268.0m, including M&A, with Leverage Ratio(1) at 2.4x
Sales – H1 2025 vs. H1 2024
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+1.7% YoY growth excl. FX, supported by M&A contribution and pricing
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
Sales – H1 2025 Performance by Division
Safety division leading Group's sales growth
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
- Healthcare sales growing 2.2% excl. FX, led by Transfusion Medicine (+21.4%) supported by M&A contribution
- Safety sales up +8.6% YoY excl. FX, on the back of solid order inflow
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• Mobility division (-8.5% excl. FX) still affected by the weak automotive market dynamics
Adj. EBITDA – H1 2025 vs. H1 2024 +4.1% YoY growth
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5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
Adj. Net Income – H1 2025 vs. H1 2024
+16.2% YoY growth excl. FX impact
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
- 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 2024 Adjusted Net Income includes €3.0m of FX gains
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- H1 2025 Adjusted Net Income includes €22.2m of FX losses
- Net Profitability, excl. FX impact on financial charges and related tax effects, growing +16.2% YoY, reaching 12.1% margin
Net Financial Position – H1 2025 vs. FY 2024
Leverage at 2.4x post Whole Blood acquisition
NET FINANCIAL POSITION – FY 2024 TO H1 2025 BRIDGE
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Tariff Update, Current trading and FY 2025 Guidance
Limited impact from the new tariff, updated FY 2025 guidance
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
| TARIFF UPDATE | • Reciprocal tariff impact in Q2 2025 of approx. -350K EUR • H2 2025 impact expected to be mostly offset by price increase |
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|---|---|---|---|---|---|---|---|
| CURRENT TRADING |
• Solid order portfolio of Whole Blood division, supporting the gradual ramp-up of H2 2025 revenues • Production transfer from Haemonetics to GVS plant and full closure of Porto Rico facility will be completed by Q3 2025 |
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| FY 2025 GUIDANCE |
SALES | Mid-High single digit growth excl. FX vs. FY 2024, in acceleration in the second half of the year thanks to the ramp-up of Whole Blood revenues |
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| Adj. EBITDA % | 150-250 bps of margin accretion vs. FY 2024, including tariff impact | ||||||
| Leverage Ratio (x) | Around 2.2x, including the impact of the ongoing €20m Buyback |
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H1 2025 Results – Financial Statements
H1 2024 and H1 2025 P&L – Statutory Adjusted View
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
| € m | H1 2024 | of which non-recurring |
H1 2024 Adjusted |
% | H1 2025 | of which non-recurring |
H1 2025 Adjusted |
% |
|---|---|---|---|---|---|---|---|---|
| Revenues from sales and services | 214.8 | - | 214.8 | 100.0% | 215.6 | - | 215.6 | 100.0% |
| Other revenues and proceeds | 3.9 | 1.1 | 2.8 | 1.3% | 3.7 | 0.4 | 3.3 | 1.54% |
| Total revenues | 218.7 | 1.1 | 217.6 | 101.3% | 219.3 | 0.4 | 218.9 | 101.5% |
| Cost of raw materials, purchases and variations in inventories |
(64.4) | - | (64.4) | -30.0% | (64.6) | - | (64.6) | -29.9% |
| Cost of labour | (69.8) | (0.6) | (69.2) | -32.2% | (68.8) | (2.0) | (66.8) | -31.0% |
| Services | (29.7) | (0.3) | (29.4) | -13.7% | (31.3) | (0.4) | (30.9) | -14.3% |
| Other operating costs | (3.7) | (1.2) | (2.5) | -1.2% | (3.1) | (0.5) | (2.6) | -1.2% |
| EBITDA | 51.1 | (1.0) | 52.0 | 24.2% | 51.6 | (2.6) | 54.2 | 25.1% |
| Amortisation and depreciation | (21.9) | (8.0) | (13.8) | -6.4% | (22.3) | (8.0) | (14.3) | -6.7% |
| Provisions and writedowns | (0.5) | (0.5) | -0.2% | (0.3) | - | (0.3) | -0.1% | |
| EBIT | 28.7 | (9.0) | 37.7 | 17.5% | 29.0 | (10.6) | 39.5 | 18.3% |
| Financial proceeds | 5.0 | (1) - |
(1) 5.0 |
2.3% | 0.8 | - | 0.8 | 0.4% |
| Financial charges | (12.5) | (2.8) | (9.7) | -4.5% | (28.3) | (2) (0.5) |
(2) (27.9) |
-12.9% |
| Pre-tax results | 21.2 | (11.8) | 33.0 | 15.4% | 1.4 | (11.0) | 12.4 | 5.8% |
| Income tax | (2.2) | 6.0 | (8.2) | -3.8% | (0.3) | 2.8 | (3.1) | -1.4% |
| Net profit | 19.0 | (5.8) | 24.8 | 11.5% | 1.0 | (8.3) | 9.3 | 4.3% |
(1) H1 2024 financial proceeds include €3.0m of FX gains
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(2) H1 2025 financial charges include €22.2m of FX losses
H1 2025 Results – Financial Statements
Reclassified Balance Sheet - FY 2024 – H1 2025
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
| €m | As of 31-Dec-2024 |
As of 30-Jun-2025 |
|---|---|---|
| Net intangible fixed assets | 472.9 | 438.6 |
| Net usage rights | 23.4 | 21.4 |
| Net tangible fixed assets | 133.8 | 162.3 |
| Financial fixed assets | 3.2 | 1.3 |
| Other fixed assets | 3.0 | 1.3 |
| Fixed capital (A) | 636.2 | 624.9 |
| Net trade receivables | 55.4 | 61.6 |
| Inventories | 80.5 | 98.4 |
| Payables to suppliers | (42.5) | (46.6) |
| Net commercial working capital (B) | 93.4 | 113.5 |
| Other current assets | 24.2 | 33.7 |
| Other current liabilities | (42.8) | (36.5) |
| Total current assets/liabilities (C) | (18.6) | (2.8) |
| Net working capital (D)= (B) + (C) | 74.8 | 110.7 |
| Other non-current liabilities (E) | (29.9) | (29.9) |
| Employee termination indemnity and end of service indemnity (F) | (2.9) | (3.0) |
| Provisions for risks and charges (G) | (7.1) | (6.3) |
| Net invested capital (H) = (A+D+E+F+G) | 671.0 | 696.4 |
| Shareholders' equity | (451.2) | (428.3) |
| Consolidated shareholders' equity (I) | (451.2) | (428.3) |
| Short-term financial indebtedness)/Liquidity | 49.4 | (44.2) |
| (Net medium/long term financial indebtedness) | (269.2) | (223.9) |
| Net financial indebtedness (L) | (219.8) | (268.0) |
| Own funds and net financial indebtedness (M) = (I+L) | (671.0) | (696.4) |
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H1 2025 Results – Financial Statements
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
Cash Flow Statement - H1 2024 – H1 2025
| €m | H1 2024 | H1 2025 |
|---|---|---|
| Pre-tax result | 21.2 | 1.4 |
| Amortisation, depreciation and writedowns | 21.9 | 22.3 |
| Capital losses / (capital gains) from sale of assets | (0.1) | (0.1) |
| Financial charges / (proceeds) | 7.5 | 27.6 |
| Other non-monetary variations | 3.9 | 6.9 |
| Cash flow generated operations before delta NWC | 54.4 | 58.1 |
| Variation in inventories | (2.5) | (20.1) |
| Variation in trade receivables | (7.4) | (8.1) |
| Variation in trade payables | 6.1 | 2.9 |
| Variation in other assets and liabilities | 2.1 | (7.2) |
| Risk and Employees funds utilisation | (1.3) | (4.5) |
| Taxes paid | (7.2) | (9.2) |
| Net cash flow by operations | 44.1 | 11.9 |
| Investments in tangible assets | (15.1) | (41.0) |
| Investments in intangible assets | (4.1) | (3.6) |
| Disposal of tangible assets | 0.2 | 0.2 |
| Investment in financial assets | (86.2) | (0.2) |
| Disinvestment in financial assets | 10.0 | 28.3 |
| Payment for purchase of businesses, net of cash on hand acquired | (19.0) | (19.1) |
| Net cash flow by investment | (114.2) | (35.4) |
| Proceeds of borrowings | 0.2 | 20.0 |
| Repayment of borrowings | (50.6) | (25.7) |
| Repayment of leasing liabilities | (4.6) | (4.5) |
| Financial charges paid | (8.2) | (6.0) |
| Financial proceeds collected | 1.3 | 0.8 |
| Treasury shares | (0.2) | 0.1 |
| Net cash flow by financial assets | (62.0) | (15.2) |
| Total variation in cash on hand | (132.1) | (38.8) |
| Cash on hand at the start of the year | 191.5 | 103.0 |
| Total variation in cash on hand and conversion differences | (132.3) | (41.0) |
| Cash on hand at the end of the year | 59.2 | 62.0 |
31,78,120
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Disclaimer
31,78,120
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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.
5.30" / 13.46cm 0.13" / 0.33cm 0.13" / 0.33cm 5.30" / 13.46cm
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.