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Gvs Investor Presentation 2025
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Investor Presentation
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• 9M 2025 RESULTS PRESENTATION
• November 12th, 2025
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9M 2025 key trends and figures Executive Summary
Healthcare and Life Sciences sales +4.8% excl. FX and US dialysis vs. 9M 2024 Safety revenues +8.5% YoY excl. FX
Adjusted EBITDA margin at 24.9% (+67 bps vs. 9M 2024)
Adjusted Net Income net of FX impact +7.2% vs. previous year to €36.3m, increasing the margin to 11.5% from 10.5% of 9M 2024
€271.8m NFP as of September 2025, with Leverage Ratio(1) post M&A at 2.5x Leverage Ratio excluding FY2025 extraordinary effects (M&A, buyback) at 2.0x vs. 2.3x of Sept. 2024
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9M 2025 Results At-a-Glance
Growing profitability, despite adverse FX and weak dialysis contribution
- 9M 2025 sales growing +0.2% excluding FX, supported by Safety (+8.5%) and Healthcare (+0.5%) divisions
- 9M 2025 Healthcare sales excluding FX and US dialysis business growing +4.8% YoY
- Adj. EBITDA growing +0.8% YoY to €78.7m, with 67 bps of margin accretion
- Net Financial Position at €271.8m, including M&A, with Leverage Ratio(1) at 2.5x. Leverage Ratio excluding extraordinary effects (M&A, buyback) at 2.0x vs. 2.3x of September 2024
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Sales – 9M 2025 vs. 9M 2024
+0.2% YoY growth excl. FX, supported by M&A contribution and pricing
SALES – 9M 2024 TO 9M 2025 BRIDGE
€m
- +0.2% growth excl. FX vs. 9M 2024, supported by M&A contribution and pricing (+1.4% YoY)
- € 9.6 m of M&A contribution partially offset by -€7.9m of US dialysis volume loss
-
- €6.9m adverse FX impact, of which -€3.9m in Q3 2025
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Sales -9M 2025 Performance by Division
Safety division leading Group's sales growth
- Healthcare sales growing 0.5% excl. FX, led by Transfusion Medicine (+27.3%) supported by M&A contribution
- Stable MedTech revenues (+0.1%) excl. FX and US dialysis
- Safety sales up +8.5% YoY excl. FX, on the back of solid order trend
- Mobility division (-10.8% excl. FX) still affected by the weak automotive market dynamics
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Adj. EBITDA – 9M 2025 vs. 9M 2024
67bps of margin accretion, supported by pricing
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Adj. Net Income – 9M 2025 vs. 9M 2024
+7.2% 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
- 9M 2024 Adjusted Net Income includes €6.6m of FX losses
- 9M 2025 Adjusted Net Income includes €20.5m of FX losses
- Net Profitability, excl. FX impact on financial charges and related tax effects, growing +7.2% YoY, reaching 11.5% margin
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(20.0) (3.3) (271.8)
Others NFP
30-Sep-25
(219.8)
NFP 31-Dec-24 (49.4)
(8.0)
Capex
M&A Extraord.
Net Financial Position – 9M 2025 vs. 9M 2024
Leverage at 2.5x post Whole Blood acquisition
36.3
Adjusted Net Income Delta NWC • €8.0m extraordinary investments in 9M 2025 for new plants in UK and China
(7.6)
Treasury Shares Repurchase
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Current trading, 2025 guidance and expected trends
Updated FY 2025 guidance – FY 2026 expected trends
CURRENT TRADING
- Production transfer from Haemonetics to GVS plant completed in November 2025
- Full closure of Porto Rico facility completed in October 2025
- Opening of new UK and China factories
- New hydrogen membrane production line fully operative
FY 2025 GUIDANCE
SALES
Low single digit growth excl. FX vs. FY 2024
Adj. EBITDA %
100-150 bps of margin accretion vs. FY 2024, including tariff impact
Leverage Ratio (x)
Around 2.2x, including the impact of the ongoing Buyback
FY 2026 EXPECTED TRENDS
- MedTech: new products sales rump-up to support organic growth
- Transfusion Medicine: acceleration of sales driven by full internalization of whole blood production and market share recovery in the US collection market
- Life Sciences: new agreements with distributors driving revenues growth
- Safety: stable growth supported by further commercial penetration/market share gain and new products
- Mobility: sales volume supported by growth in electric vehicle related applications and the first sales of the new hydrogen membrane
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9M 2025 Results - Financial Statements
9M 2024 and 9M 2025 P&L – Statutory Adjusted View
| € m | 9M 2024 | of which non-recurring | 9M 2024Adjusted | % | 9M 2025 | of which non-recurring | 9M 2025Adjusted | % |
|---|---|---|---|---|---|---|---|---|
| Revenues from sales and services | 321.7 | - | 321.7 | 100.0% | 315.6 | - | 315.6 | 100.0% |
| Other revenues and proceeds | 5.2 | 1.1 | 4.0 | 1.3% | 4.8 | 0.6 | 4.3 | 1.4% |
| Total revenues | 326.8 | 1.1 | 325.7 | 101.3% | 320.4 | 0.6 | 319.8 | 101.4% |
| Cost of raw materials, purchases and change in inventories | (98.9) | - | (98.9) | -30.8% | (95.4) | - | (95.4) | -30.2% |
| Cost of labour | (101.5) | (0.9) | (100.6) | -31.3% | (99.2) | (2.4) | (96.7) | -30.6% |
| Services | (44.7) | (0.3) | (44.4) | -13.8% | (46.5) | (1.0) | (45.5) | -14.4% |
| Other operating costs | (5.1) | (1.4) | (3.7) | -1.1% | (4.2) | (0.7) | (3.5) | -1.1% |
| EBITDA | 76.6 | (1.4) | 78.1 | 24.3% | 75.1 | (3.6) | 78.7 | 24.9% |
| Amortisation and depreciation | (33.0) | (12.3) | (20.7) | -6.4% | (33.9) | (11.3) | (22.6) | -7.2% |
| Provisions and writedowns | (0.7) | - | (0.7) | -0.2% | (0.4) | (0.4) | -0.1% | |
| EBIT | 42.9 | (13.7) | 56.6 | 17.6% | 40.8 | (14.9) | 55.7 | 17.6% |
| Financial proceeds | 2.8 | - | 2.8 | 0.9% | 0.9 | - | 0.9 | 0.3% |
| Financial charges | (23.8) | (2.9) | (20.9) (1) | -6.5% | (29.6) | (0.7) | (28.9) (2) | -9.2% |
| Pre-tax results | 21.8 | (16.6) | 38.4 | 11.9% | 12.1 | (15.6) | 27.7 | 8.8% |
| Income tax | (2.3) | 7.3 | (9.6) | -3.0% | (3.1) | 3.9 | (7.0) | -2.2% |
| Net profit | 19.5 | (9.3) | 28.9 | 9.0% | 9.0 | (11.7) | 20.7 | 6.6% |
(1) 9M 2024 financial charges include €6.6m of FX losses
(2) 9M 2025 financial charges include €20.5m of FX losses
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9M 2025 Results – Financial Statements
Reclassified Balance Sheet - FY 2024 – 9M 2025
| €m | As of31-Dec-2024 | As of30-Sep-2025 |
|---|---|---|
| Net intangible fixed assets | 472.9 | 435.1 |
| Net usage rights | 23.4 | 21.9 |
| Net tangible fixed assets | 133.8 | 165.8 |
| Financial fixed assets | 3.2 | 1.3 |
| Other fixed assets | 3.0 | 1.1 |
| Fixed capital (A) | 636.2 | 625.2 |
| Net trade receivables | 55.4 | 55.2 |
| Inventories | 80.5 | 100.2 |
| Payables to suppliers | (42.5) | (39.8) |
| Net commercial working capital (B) | 93.4 | 115.5 |
| Other current assets | 24.2 | 32.2 |
| Other current liabilities | (42.8) | (39.0) |
| Total current assets/liabilities (C) | (18.6) | (6.8) |
| Net working capital (D)= (B) + (C) | 74.8 | 108.7 |
| Other non-current liabilities (E) | (29.9) | (26.8) |
| Employee termination indemnity and end of service indemnity (F) | (2.9) | (3.0) |
| Provisions for risks and charges (G) | (7.1) | (4.2) |
| Net invested capital (H) = (A+D+E+F+G) | 671.0 | 699.8 |
| Shareholders' equity | (451.2) | (428.0) |
| Consolidated shareholders' equity (I) | (451.2) | (428.0) |
| Short-term financial indebtedness)/Liquidity | 49.4 | (54.2) |
| (Net medium/long term financial indebtedness) | (269.2) | (217.6) |
| Net financial indebtedness (L) | (219.8) | (271.8) |
| Own funds and net financial indebtedness (M) = (I+L) | (671.0) | (699.8) |
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9M 2025 Results – Financial Statements
Cash Flow Statement – 9M 2024 – 9M 2025
| €m | 9M 2024 | 9M 2025 |
|---|---|---|
| Pre-tax result | 21.8 | 12.1 |
| Amortisation, depreciation and writedowns | 33.0 | 33.9 |
| Capital losses / (capital gains) from sale of assets | (0.1) | (0.1) |
| Financial charges / (proceeds) | 21.0 | 28.7 |
| Other non-monetary variations | 6.4 | 8.7 |
| Cash flow generated operations before delta NWC | 82.2 | 83.4 |
| Variation in inventories | (1.6) | (21.9) |
| Variation in trade receivables | (9.8) | (8.9) |
| Variation in trade payables | 3.7 | 1.4 |
| Variation in other assets and liabilities | (0.7) | (5.7) |
| Risk and Employees funds utilisation | (2.2) | (8.2) |
| Taxes paid | (11.5) | (11.3) |
| Net cash flow by operations | 60.0 | 28.7 |
| Investments in tangible assets | (22.1) | (49.5) |
| Investments in intangible assets | (5.8) | (4.9) |
| Disposal of tangible assets | 0.5 | 0.7 |
| Investment in financial assets | (85.0) | (0.3) |
| Disinvestment in financial assets | 47.5 | 29.4 |
| Payment for purchase of businesses, net of cash on hand acquired | (19.0) | (20.1) |
| Net cash flow by investment | (83.9) | (44.7) |
| Proceeds of borrowings | 0.2 | 61.4 |
| Repayment of borrowings | (75.5) | (70.2) |
| Repayment of leasing liabilities | (6.6) | (6.5) |
| Financial charges paid | (11.1) | (7.3) |
| Financial proceeds collected | 1.7 | 0.9 |
| Treasury shares | 0.0 | (7.6) |
| Net cash flow by financial assets | (91.2) | (29.3) |
| Total variation in cash on hand | (115.1) | (45.3) |
| Cash on hand at the start of the year | 191.5 | 103.0 |
| Total variation in cash on hand and conversion differences | (115.3) | (47.5) |
| Cash on hand at the end of the year | 76.2 | 55.5 |
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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.