Saes Getters

Earnings Release • Nov 10, 2021

PRESS RELEASE Milan, November 10, 2021

QUATERLY CONSOLIDATED REVENUES GRADUALLY INCREASING

STRONG IMPROVEMENT OF ALL OPERATING INDICATORS IN COMPARISON BOTH WITH 3Q 2020 AND 2Q 2021, DRIVEN BY GROWTH IN REVENUES

• Consolidated net revenues equal to €51.3 million in 3Q 2021, showing a gradual growth in all quarters of the current year (organic growth of +12.5% compared to 2Q 2021)
• Organic increase of 32.2% compared to consolidated revenues (€39 million) in 3Q 2020
• Total revenues of the Group equal to €53.9 million in 3Q 2021, increased by 14.8% compared to 2Q 2021 (€46.9 million) and by 31.2% compared to 3Q 2020 (€41 million)
• Consolidated gross profit equal to €22.6 million (44.2% of revenues) in 3Q 2021, compared to €16 million (41% of revenues) in 3Q 2020 and €19.5 million (43.4% of revenues) in 2Q 2021
• Consolidated operating income equal to €9.5 million (18.5% of revenues) in 3Q 2021, more than tripled compared to €2.9 million in 3Q 2020 and almost doubled compared to €5.3 million in 2Q 2021
• Consolidated EBITDA equal to €12.3 million (24% of revenues) in 3Q 2021, showing a strong growth compared to €5.7 million (14.7% of revenues) in 3Q 2020 and €8.2 million (18.3% of revenues) in 2Q 2021
• Consolidated net income equal to €6.3 million in 3Q 2021, more than doubled compared to €2.7 million in 3Q 2020 and €2.8 million in 2Q 2021
• Consolidated net financial position at September 30, 2021 positive and equal to €70.2 million

The Board of Directors of SAES Getters S.p.A. approved the consolidated results of the third quarter of 2021 (July 1 - September 30).

"We are truly satisfied with the quarter's results, that bring the Group back to the pre-Covid levels thanks to the full recovery of the medical business – Eng. Massimo della Porta, President of SAES Getters S.p.A. said – In the coming months we expect the consolidation of these results and a progressive improvement of those sectors that are still penalized by contingent factors, such as the packaging and the industrial SMAs. The recent acquisitions will contribute to this as well, by further pushing the growth of the vacuum systems business".

In the third quarter of 2021 the SAES® Group achieved consolidated net revenues of €51.3 million, gradually growing in all quarters of the current year, driven by the Medical Division, that exceeded pre-Covid levels in the third quarter.

	SAES Group – Press Release
Thousands of euro (except %)
Business		1Q 2021	2Q 2021	3Q 2021
Security & Defense			4,290 4,735	5,022
Electronic Devices			3,421 2,799	3,367
Healthcare Diagnostics			1,219 1,284	1,244
Lamps			829	745 746
Thermal Insulated Devices			931	661 876
Sintered Components for Electronic Devices & Lasers			1,900 2,112	2,229
SMA Industrial			2,846 2,431	2,986
Divisione Metallurgy			15,436 14,767	16,470
Solutions for Vacuum Systems Divisione Vacuum Technology			3,182 5,463 3,182 5,463	3,293 3,293
Nitinol for Medical Devices			17,985 20,537	23,922
Divisione Medical			17,985 20,537	23,922
Functional Dispensable Products			2,736 2,867	6,518
Divisione Specialty Chemicals			2,736 2,867	6,518
Advanced Coatings			1,699 1,213	1,052
Divisione Advanced Packaging			1,699 1,213	1,052
Ricavi netti consolidati			41,038 44,847	51,255
When comparing the third and the second quarter of 2021, organic growth was equal to 12.5% (€5.6 million), mainly driven by advanced solutions for the consumer electronics market (Specialty Chemicals Division) and by components in Nitinol for the medical market (Medical Division). The Metallurgy Division organically grew as well, especially in the electronic devices business (recovery of sales of getters for thermo-scanners, after the slowdown in the first two quarters caused by over stock) and in that of shape memory alloys for industrial applications (automotive, consumer electronics and medical dispensers businesses). The decrease in the Vacuum Technology Division is exclusively due to
			Total	Organic	Exchange
Business	3Q 2021	2Q 2021	difference	change	rate
			(% )	(% )	effect
					(% )

Thousands of euro (except %)	When comparing the third and the second quarter of 2021, organic growth was equal to 12.5% (€5.6 million), mainly driven by advanced solutions for the consumer electronics market (Specialty Chemicals Division) and by components in Nitinol for the medical market (Medical Division). The Metallurgy Division organically grew as well, especially in the electronic devices business (recovery of sales of getters for thermo-scanners, after the slowdown in the first two quarters caused by over stock) and in that of shape memory alloys for industrial applications (automotive, consumer electronics and medical dispensers businesses). The decrease in the Vacuum Technology Division is exclusively due to the peak in revenues recorded in the particle accelerator business in the second quarter.
	Business	3Q 2021	2Q 2021	Total difference	Organic change	rate effect
				(% )	(% )	Exchange (% )
Security & Defense		5,022	4,735	6.1%	4.7%	1.4%
Electronic Devices		3,367	2,799	20.3%	18.8%	1.5%
Healthcare Diagnostics		1,244	1,284	-3.1%	-4.0%	0.9%
Lamps		746	745	0.1%	-1.0%	1.1%
Thermal Insulated Devices		876	661	32.5%	30.4%	2.1%
	Sintered Components for Electronic Devices & Lasers	2,229	2,112	5.5%	3.1%	2.4%
SMA Industrial		2,986	2,431	22.8%	21.7%	1.1%
Metallurgy Division Solutions for Vacuum Systems		16,470 3,293	14,767 5,463	11.5% -39.7%	10.0% -40.3%	1.5% 0.6%
Vacuum Technology Division		3,293	5,463	-39.7%	-40.3%	0.6%
Nitinol for Medical Devices		23,922	20,537	16.5%	13.9%	2.6%
Medical Division		23,922	20,537	16.5%	13.9%	2.6%
Functional Dispensable Products		6,518	2,867	127.3%	126.8%	0.5%
Specialty Chemicals Division		6,518	2,867	127.3%	126.8%	0.5%
Advanced Coatings Advanced Packaging Division		1,052 1,052	1,213 1,213	-13.3% -13.3%	-13.3% -13.3%	0.0% 0.0%

Compared to the third quarter of 2020, the period that was most penalized by the Covid-19 crisis during the entire 2020, consolidated net revenues of the third quarter of 2021 (equal to €51.3 million) compared with a figure of €39 million in the corresponding period of 2020. Excluding the slight penalizing exchange rate effect (-0.8%), the organic growth was equal to 32.2% (€12.6 million). Also in this case, the increase was driven by the Medical Division (that was more affected by the Covid-19 crisis in the third quarter of 2020) and by the Specialty Chemicals Division (increase in sales of advanced materials for consumer electronics applications, thanks to the increase of demand in the final market). Finally, within the Metallurgy Division, please note the significant growth of the Security & Defense business, thanks to the sales of legacy getter products for some specific applications in the defense sector, and that of Industrial SMAs, thanks to the recovery in the luxury and medical dispensers markets.

		SAES Group – Press Release
Thousands of euro (except %)
					Exchange
			Total	Organic	rate
Business	3Q 2021	3Q 2020	difference (% )	change (% )	effect
					(% )
Security & Defense	5,022	3,357	49.6%	50.2%	-0.6%
Electronic Devices	3,367	5,222	-35.5%	-35.2%	-0.3%
Healthcare Diagnostics	1,244	874	42.3%	42.9%	-0.6%
Lamps	746	583	28.0%	27.8%	0.2%
Thermal Insulated Devices	876	550	59.3%	62.5%	-3.2%
Sintered Components for Electronic Devices & Lasers	2,229	1,788	24.7%	25.8%	-1.1%
SMA Industrial	2,986	2,248	32.8%	33.5%	-0.7%
Metallurgy Division	16,470	14,622	12.6%	13.2%	-0.6%
Solutions for Vacuum Systems	3,293	3,012	9.3%	9.9%	-0.6%
Vacuum Technology Division	3,293	3,012	9.3%	9.9%	-0.6%
Nitinol for Medical Devices	23,922	16,442	45.5%	46.7%	-1.2%
Medical Division	23,922	16,442	45.5%	46.7%	-1.2%
Functional Dispensable Products	6,518	3,405	91.4%	91.5%	-0.1%
Specialty Chemicals Division Advanced Coatings	6,518 1,052	3,405 1,516	91.4% -30.6%	91.5% -30.6%	-0.1% 0.0%
Advanced Packaging Division	1,052	1,516	-30.6%	-30.6%	0.0%
Total Net Sales	51,255	38,997	31.4%	32.2%	-0.8%
By including also the revenues of the joint ventures1		, total revenues of the Group were equal to €53.9 million in the
third quarter of 2021, showing an increase compared to both the second quarter of 2021 (+14.8%) and the third quarter
of 2020 (+31.2%). In both cases, the increase was achieved mainly thanks to the growth in consolidated revenues, as well
as in the sales of the joint venture Actuator Solutions.
Thousands of euro
		3Q 2021	2Q 2021	Difference
Consolidated sales		51,255	44,847		6,408
50% sales of the joint venture Actuator Solutions		1,897	1,412		485
49% sales of the joint venture SAES RIAL Vacuum S.r.l.		887	906		(19)
46.73% sales of the joint venture Flexterra		1	2		(1)
Intercompany eliminations		(136)	(218)		82
		(52)	(29)		(23)
Other adjustments
Total revenues of the Group		53,852	46,920		6,932
Thousands of euro

By including also the revenues of the joint ventures1 third quarter of 2021, showing an increase compared to both the second quarter of 2021 (+14.8%) and the third quarter of 2020 (+31.2%). In both cases, the increase was achieved mainly thanks to the growth in consolidated revenues, as well as in the sales of the joint venture Actuator Solutions. Thousands of euro			, total revenues of the Group were equal to €53.9 million in the
Consolidated sales	51,255	44,847	6,408
50% sales of the joint venture Actuator Solutions	1,897	1,412	485
49% sales of the joint venture SAES RIAL Vacuum S.r.l.	887	906	(19)
46.73% sales of the joint venture Flexterra	1	2	(1)
Intercompany eliminations	(136)	(218)	82
Other adjustments	(52)	(29)	(23)
Total revenues of the Group	53,852	46,920	6,932
Thousands of euro
	3Q 2021	3Q 2020	Difference
Consolidated sales	51,255	38,997	12,258
50% sales of the joint venture Actuator Solutions	1,897	1,460	437
49% sales of the joint venture SAES RIAL Vacuum S.r.l.	887	797	90
46.73% sales of the joint venture Flexterra	1	1	0
	(136)	(195)	59
	(52)	(10)	(42)
Intercompany eliminations
Other adjustments Total revenues of the Group	53,852	41,050	12,802

	3Q 2021	3Q 2020	Difference
Consolidated sales	51,255	38,997	12,258
50% sales of the joint venture Actuator Solutions	1,897	1.460	437
49% sales of the joint venture SAES RIAL Vacuum S.r.l.	887	797	90
46.73% sales of the joint venture Flexterra			0
Intercompany eliminations	(136)	(195)	રેતે
Other adjustments	(52)	(10)	(42)
Total revenues of the Group	53,852	41,050	12,802

Compared to the second quarter of 2021, gross profit increased by 16.3% (from €19.5 million to €22.6 million) mainly thanks to the increase in revenues. Gross margin, that improved from 43.4% to 44.2%, increased in all the Divisions, with the exception of the Advanced Packaging Division, penalized by the persistence of tensions on plastic prices.

1 Actuator Solutions (50%), SAES RIAL Vacuum S.r.l. (49%) and Flexterra (46.73%).

² Calculated as the difference between net sales and industrial costs directly and indirectly attributable to the products sold.

³ Calculated as the ratio between gross profit and net consolidated revenues.

Consolidated operating income was equal to €9.5 million in the third quarter of 2021, more than tripled compared to €2.9 million in the corresponding period of the previous year, and almost doubled compared to €5.3 million in the second quarter of 2021. In both cases, the increase was mainly a consequence of the improvement of the gross profit. In addition, when comparing the third and the second quarter of 2021, please note the decrease in general and administrative expenses, also favored by the use of vacation in the summer period. 3Q 2021 3Q 2020 Operating income (loss) 9,464 2,872 Depreciation & amortization 2,829 2,776 Write-down of assets (6) 56 Bad debt provision accrual (release) 1 41 EBITDA 12,288 5,745 % on sales 24.0% 14.7% 3Q 2021 2Q 2021 Operating income (loss) 9,464 5,306

	3Q 2021	3Q 2020
Operating income (loss)	9,464	2,872
Depreciation & amortization	2,829	2,776
Write-down of assets	(6)	ર્સ
Bad debt provision accrual (release)		41
BBITDA	12,288	5,745
% on sales	24.0%	14.7%

Consolidated EBITDA4	was equal to €12.3 million (24% of consolidated revenues) in the third quarter of 2021, up both
compared to €5.7 million (14.7% of revenues) in the third quarter of 2020, and to €8.2 million (18.3% of revenues) in the
second quarter of 2021, in line with the increase in sales and operating income.
Thousands of euro
Thousands of euro
	3Q 2021	2Q 2021
	9,464	5,306
	2,829	2,904
Operating income (loss) Depreciation & amortization Write-down of assets	(6)	(1)
Bad debt provision accrual (release) EBITDA	1 12,288	15 8,224

Consolidated net financial position was positive for €70.2 million as at September 30, 2021, down by €12.2 million compared to €82.4 million as at June 30, 2021: this worsening, despite the operating cash flows (+€8.2 million), was mainly due to the acquisition of Strumenti Scientifici Cinel S.r.l. (-€15.9 million⁵ ) and the net capex of the current quarter (-€4.1 million), as well as the recognition of notional financial payables (-€0.9 million) following the renewal of some leases contracts. The exchange rate effect was positive and equal to approximately €0.8 million.

For further details, please refer to the following sections of this press release.

***

Significant events of the third quarter of 2021

On July 2, 2021 SAES Getters S.p.A. signed a convertible loan worth €1.5 million in favor of the German company Rapitag GmbH, based in Munich.

Rapitag is a start-up company that develops products for mobile check-out, based on IoT (Internet of Things) solutions, to foster the digital transformation of physical stores. Rapitag, in particular, has developed patented IoT tags for 1-click purchase, speeding up purchases and ensuring the anti-theft functionality, with the aim of helping to support the digital transformation in the retail sector.

The financing agreement provides that the resources made available by SAES are used by Rapitag for the prototyping activities, carried out through the joint venture Actuator Solutions GmbH as exclusive contractor. The agreement also provides that Rapitag will only use SMA shape memory alloy wires supplied by SAES.

⁴ EBITDA is not deemed as an accounting measure under International Financial Reporting Standards (IFRSs); however, we believe that EBITDA is an important parameter for measuring the Group's performance and therefore it is presented as an alternative indicator. Since its calculation is not regulated by applicable accounting standards, the method applied by the Group may not be homogeneous with the ones adopted by other Groups. EBITDA is calculated as "Earnings before interests, taxes, depreciation and amortization".

⁵ Price inclusive of estimated adjustment, net of the acquired financial position.

The loan is granted by SAES in two tranches, of which the first one, equal to €800 thousand, transferred upon signature of the agreement and used to finance the company's operations; the second one (equal to a total amount of €740 thousand), paid in five successive installments, each one of €148 thousand, corresponding to the progress of the prototyping activity carried out through the joint venture Actuator Solutions GmbH.

The loan, expiring on December 31, 2024 and extensible through an agreement between the parties, bears an annual interest of 6%. The loan may be repaid before the maturity date upon the occurrence of certain relevant events, including the receivership of Rapitag, its liquidation, the change of control of more than 50% or the renunciation by one of the Founding Shareholders. SAES will have the right to convert its credit into new Rapitag shares (conversion shares) at any time in the period July 1, 2022 - June 30, 2023 or upon the occurrence of a qualified capital increase of at least €500 thousand, as well as at the maturity date. The price of each conversion share will be calculated by dividing the value of the company prior to the last capital increase, net of a discount coefficient, by the number of shares in circulation before the increase itself.

After the first tranche paid in July (equal to €800 thousand), in September SAES Getters S.p.A. paid Rapitag an additional sum of €148 thousand corresponding to the first installment of the second tranche.

On July 7, 2021 SAES Getters S.p.A. finalized the closing for the acquisition of 100% of the share capital of Strumenti Scientifici Cinel S.r.l. (CINEL), a consolidated international player in the sector of components and scientific instrumentation for synchrotrons and particle accelerators, based in the province of Padua. The price was equal to €19 million, defined by calculating the equity value, determined by adding the enterprise value (equal to 8 times the EBITDA obtained as the arithmetic average of the EBITDA resulting from the approved financial statements for the years 2019 and 2020) to the net financial position (NFP) estimated at the closing date, in addition to the difference between the net working capital (NWC) estimated at the closing date and the Company's NWC of the year ended at December 31, 2020. Any difference between the estimated NFP and NWC values and the actual values at the closing (in the financial statements as at 30 September 2021, estimated equal to €0.2 million to the benefit of the former shareholders of CINEL) will constitute a price adjustment.

The spaces used to date by CINEL, already sold to another company, were leased through the signing of a specific sixyear contract. In addition, some agreements were signed with the previous owners to allow them to collaborate with SAES as consultants, in order to guarantee the business continuity during the transition phase.

The objective of the acquisition, for SAES, is to strengthen its competitive position in the vacuum sector, through an expansion of the range of products for particle accelerators and synchrotrons, entirely Italian and at the forefront on a global scale.

Strumenti Scientifici Cinel S.r.l. recorded net revenues of approximately €8.4 million in 2020, with an EBITDA margin of 29.3%. In 2019, revenues were equal to €5.7 million, with an EBITDA margin of 27.5%. At the closing date the company's net equity amounted to €3.1 million, while the net financial position was positive for €3.3 million⁶ . The company employs around 35 people.

On July 22, 2021, the liquidation process of the German subsidiary Memry GmbH (which began at the end of 2017) was completed with the cancellation of the company from the Register of Companies.

With regard to the investment completed in the venture capital fund EUREKA!, on July 27, 2021, a payment of €50 thousand was made, including both the portion of commissions and management fees, as well as the portion of an investment made by the fund in Aquaseek S.r.l., a spin-off company of the Politecnico of Turin that has just been established, which intends to develop and market an innovative system (AWG, Atmospheric Water Generator) for the collection and conversion of environmental humidity, in order to make it available in a liquid and drinkable form, useful in contexts of water shortage or usable in parallel with other resources.

On September 16, 2021, a further payment of €70 thousand was made following a new investment by the fund in two innovative start-ups: the company Caracol S.r.l., that operates in the field of additive manufacturing robotic technologies, and the company Eye4NIR S.r.l., that works at the development of an innovative class of image sensors, with the aim of simultaneously detecting the wavelength in the visible and in the infrared ranges.

On August 18, 2021, SAES Getters International Luxembourg S.A. finalized an agreement to grant to the joint venture Flexterra, Inc. a second convertible loan for a total amount of \$2 million, with the same characteristics of the one granted last year (July 2020). The loan, with a duration of one year and on which an interest of 8% will accrue, is made of two tranches: the first one, equal to \$1 million, paid at the signing of the contract and the second one, again for an amount equal to \$1 million, expected in the second half of November 2021. The agreement also provides for the extension of the maturity date of the convertible loan of \$3 million granted in July 2020 and the alignment of its maturity to that of the new loan.

⁶ IAS/IFRS figures, prior to Purchase Price Allocation.

At the beginning of September 2021, the relative majority shareholder S.G.G. Holding S.p.A. has matured the increase in voting rights relating to no. 2,198,713 ordinary shares of SAES Getters S.p.A. Following this operation, S.G.G. Holding S.p.A. holds 34.44% of the total ordinary shares, with 51.15% of voting rights.

On September 23, 2021, Venchi S.p.A., a historic Italian company based in the province of Cuneo and an international leader in chocolate production, present in 70 countries around the world, announced a technology and research partnership agreement with SAES Coated Films S.p.A. In particular, the latter is finalizing with Venchi a new active packaging which, besides being entirely recyclable, will be able to guarantee the best preservation of the sensory characteristics of the chocolate for its full shelf life. This result will be possible thanks to some natural antioxidant compounds applied to the surface of the packaging, by using SAES Coated Films innovative water-based technologies, capable of delaying the oxidation of unsaturated fat acids contained in the food.

The collaboration with Venchi follows the commercial agreement finalized in June 2020 with Colussi/Misura and further emphasizes the innovative character of SAES Coated Films S.p.A.'s sustainable food packaging solutions.

Metallurgy Division

Consolidated revenues of the Metallurgy Division amounted to €16.5 million in the third quarter of 2021, compared to €14.6 million in the corresponding quarter of 2020 (+12.6%). The euro trend compared to the main foreign currencies caused a negative exchange rate effect equal to -0.6%, net of which revenues organically increased by 13.2%.

All sectors recorded an organic growth, except for the electronic devices one. In detail:

• the security and defense sector (Security & Defense Business, +50.2%) grew thanks to sales of legacy getter products for some customers in the defense sector;
• the shape memory alloys for industrial applications sector (SMA Industrial Business, +33.5%) was favored by the recovery in demand in the luxury sector and by higher sales for medical dispensers;
• the Sintered Components for Electronic Devices & Lasers Business (+25.8%) benefited from higher sales of components for electron emitters, favored by a strong demand in both the security and defense sector and the medical one, as well as from higher revenues for heat sinks for solid state lasers;
• the medical diagnostics business (Healthcare Diagnostics Business, +42.9%) recorded a significant increase, after a third quarter of 2020 penalized by the slowdown in demand due to overstocking phenomena;
• the thermal insulation sector (Thermal Insulated Devices Business, +62.5%) grew thanks to the recovery in the demand of getters for vacuum bottles and to the increased demand of getters for vacuum panels (VIP) used for the transport of vaccines;
• the lamps sector (Lamps Business, +27.8%) was favored by the seasonal and temporary increased demand of getters for high intensity discharge lamps and specialty lamps.

the transport of vaccines; - the lamps sector (Lamps Business, +27.8%) was favored by the seasonal and temporary increased demand of getters for high intensity discharge lamps and specialty lamps. An organic decrease was recorded only in the electronic devices sector (Business Electronic Devices, -35.2%) due to the slowdown in the sales of getters for thermal sensors, that were highly requested last year during the pandemic crisis. The table below shows the revenues in the third quarter of 2021 related to the different businesses, with evidence
Thousands of euro (except %) Business	3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect
					(% )
of the exchange rate effect and of the organic change compared to the corresponding period of 2020. Security & Defense Electronic Devices	5,022 3,367	3,357 5,222	49.6% -35.5%	50.2% -35.2%	-0.6% -0.3%
Healthcare Diagnostics	1,244	874	42.3%	42.9%	-0.6%
Lamps	746	583	28.0%	27.8%	0.2%
Thermal Insulated Devices	876	550	59.3%	62.5%	-3.2%
Sintered Components for Electronic Devices & Lasers	2,229	1,788	24.7%	25.8%	-1.1%
SMA Industrial	2,986	2,248	32.8%	33.5%	-0.7%

Vacuum Technology Division

	SAES Group – Press Release
Operating income of the Metallurgy Division was equal to €6.5 million, up by 50.6% compared to €4.3 million in the third quarter of 2020, mainly thanks to the increase in the gross profit. The operating margin increased as well, from 29.3% to 39.2%.
Vacuum Technology Division
Consolidated revenues of the Vacuum Technology Division were equal to €3.3 million in the third quarter of 2021, up by 9.3% compared to €3 million in the corresponding quarter of 2020. The exchange rate effect was negative and equal to -0.6%, net of which sales organically increased by 9.9%: the growth was spread across all
applications and was mainly driven by the particle accelerator business. The table below shows the revenues in the third quarter of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020.
Thousands of euro (except %) Business	3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect
Solutions for Vacuum Systems	3,293	3,012	9.3%	9.9%	(% ) -0.6%

Medical Division

substantially unchanged compared to the third quarter of 2020: the increase in revenues was offset by the slight decrease in gross margin (from 62% to 58.7%), a consequence of the different product mix, with a greater absorption of raw materials.
Operating income of the Vacuum Technology Division amounted to €0.9 million, compared to €1 million in the third quarter of 2020, down due to the slight increase in both sales expenses and research expenses. The operating margin decreased from 34.3% to 26.8%.
Medical Division
Consolidated revenues of the Medical Division were equal to €23.9 million in the third quarter of 2021, up by 45.5% compared to €16.4 million in the corresponding period of 2020. The exchange rate effect was negative and equal to -1.2%, net of which sales organically increased by +46.7%. The progressive growth of the Medical Division continued in the third quarter of 2021; in comparison with the corresponding period of 2020, please note that the third quarter of 2020 was the one most affected by the pandemic crisis. The table below shows the revenues in the third quarter of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020. Thousands of euro (except %)
Business	3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Nitinol for Medical Devices	23,922	16,442	45.5%	46.7%	-1.2%
Medical Division	23,922	16,442	45.5%	46.7%	-1.2%
Gross profit of the Medical Division was equal to €9.9 million, significantly increased (+62.5%) when compared to €6.1 million in the third quarter of 2020, thanks to the increase in sales and higher economies of scale. The gross margin increased from 37.1% to 41.5% and it was favored by the resumption of elective therapies in the USA.

The third quarter of 2021 ended with an operating income of €7.7 million, almost doubled compared to €4.2 million in the corresponding period of the previous year, in line with the increase in gross profit. The operating margin increased from 25.4% to 32.2%.

Specialty Chemicals Division

	SAES Group – Press Release
Specialty Chemicals Division
Consolidated revenues of the Specialty Chemicals Division were equal to €6.5 million in the third quarter of 2021, compared to €3.4 million in the corresponding period of 2020. The exchange rate effect was equal to -0.1%, net of which the organic growth was equal to +91.5%, driven by sales of advanced materials for the consumer electronics segment, following a strong increase in demand in the final market. In addition, please note the increased sales of dispensable dryers for passive matrix OLED displays used both in pulse oximeters and in the displays of other optoelectronic devices. The table below shows the revenues in the third quarter of 2021, with evidence of the exchange rate effect and of
the organic change compared to the corresponding period of 2020.
Thousands of euro (except %) Business	3Q 2021	3Q 2020	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Functional Dispensable Products	6,518	3,405	91.4%	91.5%	-0.1%

Advanced Packaging Division

Gross profit of the Specialty Chemicals Division was equal to €2.2 million, more than doubled compared to €1 million in the corresponding period in 2020, while gross margin increased from 30.5% to 33.5%, both parameters driven by the increase in sales of advanced solutions for the consumer electronics market.
The operating income of the Specialty Chemical Division was equal to €1.6 million, almost tripled compared to €0.6 million in the third quarter of 2020. The operating margin increased from 17.4% to 24% thanks to the aforementioned contribution of consumer electronics products.
Advanced Packaging Division
Consolidated revenues of the Advanced Packaging Division were equal to €1.1 million in the third quarter of 2021, compared to €1.5 million in the corresponding period of 2020. Sales decreased due both to the phase-out of the traditional metalized products, completed in the second half of 2020, and to the ongoing tensions on the prices of plastics, that make the purchasing strategies of customers still unpredictable and unstable. The table below shows the revenues in the third quarter of 2021, with evidence of the exchange rate effect and of the organic change compared to the corresponding period of 2020.
Thousands of euro (except %)
Business	3Q 2021	3Q 2020	Total difference	Organic change (% )	Exchange rate effect
			(% )
Advanced Coatings	1,052	1,516	-30.6%	-30.6%	(% ) 0.0%

The third quarter of 2021 ended with an operating loss of -€1.1 million, compared to -€0.6 million in the corresponding quarter of the previous year, also penalized by the slight increase in general and administrative expenses.

Not allocated Costs

It includes the costs related to basic research projects or aimed at diversification in innovative businesses, as well as corporate costs (costs that cannot be directly attributed or reasonably allocated to any business sector, but that refer to the Group as a whole).

The operating expenses amounted to €5.9 million in the third quarter of 2021, compared to €6.6 million in the corresponding period of 2020.

The decrease, mainly concentrated in the G&A expenses, is a consequence of lower personnel costs of the Parent Company.

Consolidated operating expenses amounted to €13.1 million in the third quarter of 2021, unchanged in absolute terms compared to the corresponding period of 2020, but whose incidence on revenues decreased from 33.5% to 25.6%. The decrease in general and administrative expenses (decrease in personnel costs of the Parent Company) was offset by an increase in both selling expenses (following the recovery of the business, as well as the increase in the average number of sale personnel of the Parent Company), and in research and development expenses (an increase related to the overcoming of the pandemic phase and to the return of R&D activities to pre-Covid levels, as well as a new approach to innovation of the Group through the creation of a dedicated Strategic Innovation Office, within the Parent Company).

***

The balance of other net income (expenses) was negative and equal to -€82 thousand and it didn't record any significant change compared to the negative balance of the corresponding period of 2020, equal to -€74 thousand.

The net balance of financial income and expenses was negative and equal to -€0.2 million, compared to a positive balance of €1.6 million in the corresponding period of 2020. The negative difference (€1.7 million) was mainly due to the fact that in the third quarter of 2020 financial income on securities amounted to over €2 million, while in the current quarter the management of securities ended with only a slightly positive result (+€0.3 million).

The item also included interest expenses on short and long-term loans and bank commissions on credit lines held by the Italian companies of the Group (-€0.5 million both in the third quarter of 2021 and in the corresponding period of 2020).

In the current quarter, the result deriving from the valuation with the equity method of the joint ventures was positive and equal to €0.1 million (exclusively attributable to the joint venture SAES RIAL Vacuum S.r.l.) compared with a cost equal to €0.6 million in the corresponding period of 2020 (equity valuation of both the joint venture Flexterra amounting to -€0.4 million and the joint venture SAES RIAL Vacuum S.r.l. amounting to +€0.1 million, as well as the release into the income statement, equal to -€0.3 million, of the conversion reserve following the liquidation of the Asian subsidiaries of Actuator Solutions GmbH).

The sum of the exchange rate differences recorded a negative balance of -€0.1 million in the third quarter of 2021 (mainly attributable to the losses, realized and unrealized ones, on the valuation of forward sales contracts on the dollar), compared with a balance always negative and equal to -€0.2 million in the corresponding period of 2020 (mainly related to the effect of the fluctuations of the dollar against the euro on commercial transactions, including intercompany ones).

Consolidated income before taxes was equal to € 9.4 million in the third quarter of 2021, more than doubled compared to €3.7 million in the third quarter of 2020.

Income taxes amounted to €3 million in the third quarter of 2021, compared to €1 million in the corresponding period of 2020, in line with the increase in operating results.

Consolidated net income was equal to €6.3 million (12.4% of consolidated revenues) in the third quarter of 2021, more than doubled compared to €2.7 million (6.9% of consolidated revenues) in the third quarter of 2020.

***

January – September 2021

Consolidated revenues amounted to €137.1 million in the first nine months of 2021, up by 7.1% compared to €128.1 million in the corresponding period of 2020. The exchange rate effect was negative and equal to -4.9%, net of which the organic growth was equal to +12%.

In the first nine months, the organic growth was driven by the Medical Division (thanks to the complete overcoming of the Covid-19 crisis made possible by the resumption of elective surgeries in the USA) and by the Vacuum Technology Division (growing sales in all its sectors and, in particular, in that of particle accelerators), as well as by the Specialty Chemicals Division (higher sales of advanced materials for consumer electronics applications).

In the Metallurgy Division, showing a slight increase net of the exchange rate effect (+0.7%), the saturation of the thermoscanner market (Electronic Devices Business) for the mitigation of the pandemic crisis was offset by the excellent performance in the defense businesses (Security & Defense Business and Sintered Components for Electronic Devices & Lasers Business).

		SAES Group – Press Release
Finally, the decrease in the Advanced Packaging Division was due both to the phase-out of metalized products, completed in the second half of 2020, and to the tensions on the prices of plastics, that have affected customers' procurement strategies.
The table below shows the revenues in the first nine months of 2021 relating to the various business areas, with evidence of the exchange rate effect and the organic change compared to the corresponding period of 2020.
Thousands of euro (except %)
Business	9M 2021	9M 2020	Total difference (% )	Organic change (% )	Exchange rate effect (% )
Security & Defense	14,047	12,881		9.1% 13.8%	-4.7%
Electronic Devices	9,587	12,924	-25.8%	-23.4%	-2.4%
Healthcare Diagnostics	3,747	3,626		3.3% 6.3%	-3.0%
Lamps	2,320	2,529		-8.3% -6.0%	-2.3%
Thermal Insulated Devices	2,468	2,224		11.0% 17.4%	-6.4%
Sintered Components for Electronic Devices & Lasers	6,241	5,521		13.0% 20.2%	-7.2%
SMA Industrial	8,263	8,456		-2.3% 0.2%	-2.5%
Metallurgy Division	46,673	48,161	-3.1%	0.7%	-3.8%
Solutions for Vacuum Systems	11,938	8,371		42.6% 47.4%	-4.8%
Vacuum Technology Division	11,938	8,371	42.6%	47.4%	-4.8%
Nitinol for Medical Devices	62,444	56,587		10.4% 17.3%	-6.9%
Medical Division	62,444	56,587	10.4%	17.3%	-6.9%
Functional Dispensable Products	12,121	8,429		43.8% 44.9%	-1.1%
Specialty Chemicals Division	12,121	8,429	43.8%	44.9%	-1.1%
Advanced Coatings	3,964	6,548	-39.5%	-39.5%	0.0%
Advanced Packaging Division	3,964	6,548	-39.5%	-39.5%	0.0%
Total Net Sales	137,140	128,096	7.1%	12.0%	-4.9%
Total revenues of the Group were equal to €144.4 million in the first nine months of 2021, compared to €134.6 million in the first nine months of 2020, up by 7.3%, mainly driven by the increase both in consolidated revenues (+7.1%) and in the turnover of SAES RIAL Vacuum S.r.l. (+45.3%). Thousands of euro
	9M 2021		9M 2020	Difference
Consolidated sales		137,140	128,096	9,044
50% sales of the joint venture Actuator Solutions		5,473	5,400	73
49% sales of the joint venture SAES RIAL Vacuum S.r.l.		2,419	1,665	754
46.73% sales of the joint venture Flexterra		2	24	(22)
Intercompany eliminations		(621)	(613)	(8)
Other adjustments		3	0	3
Total revenues of the Group		144,416	134,572	9,844

Thousands of euro

In terms of gross margin, the slight decrease recorded in the Medical Division (from 38.8% to 37.7%) and the more marked decrease in the Vacuum Technology Division (from 61.5% to 55%), both characterized by a different product mix, was offset by the increase in the Metallurgy Division (from 49.8% to 52.8%, driven by the defense business and by the industrial SMAs) and to a lesser extent by the Specialty Chemicals Division (from 28.9% to 31.1%). The gross margin of the Advanced Packaging Division was negative (-3.9%) in the first nine months of 2021, penalized by lower revenues and by the initial functioning phase of the second lacquering line, not yet fully operational.

Consolidated operating income was equal to €17 million (12.4% of consolidated revenues) in the first nine months of 2021, compared to €14 million (10.9% of consolidated revenues) in the corresponding period of the previous year. Excluding the penalizing effect of exchange rates, the increase in absolute terms of the operating income would have been equal to €5.2 million, in line with the organic increase of the gross profit, that more than offset the slight organic increase in operating expenses (+5.4%).

Finally, please note that in the first nine months of 2020 the item "Other net income (expenses)" included donations to research institutions and hospitals in the face of the Covid-19 crisis equal to approximately -€0.7 million.

Operating expenses amounted to €40.8 million, compared to €39.4 million in the first nine months of 2020. Net of the exchange rate effect (reduction in operating costs of €0.7 million), the operating expenses increased by €2.1 million. The organic growth was mainly concentrated in selling expenses (+€1.2 million, as a result of the increase in the average number of sales personnel of the Parent Company and the higher bonuses set aside for the recovery of the business, as well as consultancy costs for a development opportunity in foreign markets, currently under evaluation) and in research and development expenses (+€0.9 million, due both to the overcoming of the pandemic phase and to the consequent return of R&D activities to pre-Covid levels, as well as to a new approach to innovation of the Group through the creation of a dedicated Strategic Innovation Office, within the Parent Company). General and administrative expenses, again excluding the exchange rate effect that reduced costs by €0.3 million, were in line with those in the first nine months of 2020. 9M 2021 9M 2020 Operating income (loss) 17,008 14,015 Depreciation & amortization 8,496 7,972 Write-down of assets 0 171 Bad debt provision accrual (release) 15 60 EBITDA 25,519 22,218 % on sales 18.6% 17.3%

Consolidated EBITDA was equal to € 25.5 million in the first nine months of 2021 (18.6% of revenues), compared to €22.2 million in the same period of 2020 (17.3% of revenues). Net of the exchange rate effect, the organic growth of the EBITDA amounted to €5.7 million (+25.7%): all the Divisions contributed to this result, with the exception of the packaging sector, penalized by lower revenues and by inefficiencies related to the second lacquering line, still in its startup phase.

Thousands of euro
-------------------	--

	9M 2021	9M 2020
Operating income (loss)	17,008	14,015
Depreciation & amortization	8,496	7,972
Write-down of assets	0	171
Bad debt provision accrual (release)	ી ર	60
BBITNDA	25,519	22,218
% on sales	18.6%	17.3%

The balance of other net income (expenses) was negative and equal to -€0.2 million, compared to a negative balance of -€0.8 million in the first nine months of 2020. The difference was attributable to the fact that in the first nine months of 2020 there were costs for Covid-19 donations, equal to approximately -€0.7 million.

The net balance of financial income and expenses was positive and equal to +€1 million, compared to a negative balance of -€4.9 million in the corresponding period of 2020.

The difference (positive for €5.9 million) was mainly attributable to the fair value valuation of the securities portfolio, positive for €1.2 million in the current period and negative for €4.9 million in the first nine months of 2020, due to the Covid-19 financial crisis. In addition, please note the lower bank commissions that in the first nine months of 2020 included costs related to the opening of two new credit lines by the Parent Company (approximately €0.2 million). On the other hand, the current period included net charges (€0.6 million) deriving from the partial disinvestment of the bond portfolio, replaced by a Dynamic Multi-Asset (DMAS) management, with the aim of protecting the value of the invested capital, considering the global macroeconomic and monetary framework. Finally, please note that the item included the write-down of the financial receivable for the interests accrued in the current period both on the interest-bearing loans granted to the joint venture Actuator Solutions GmbH (-€0.1 million) and on the convertible loan granted last year to Flexterra, Inc. (-€0.2 million).

The income deriving from the valuation with the equity method of the jointly controlled companies was equal to +€0.2 million, attributable exclusively to the joint venture SAES RIAL Vacuum S.r.l., and compares with a loss of -€1.5 million in the corresponding period of the previous year, mainly attributable to Flexterra (-€1.3 million), as well as to the release into the income statement (-€0.3 million) of the translation reserve following the liquidation of the Asian subsidiaries by Actuator Solutions GmbH.

Please note that, similarly to last year, although the joint venture Actuator Solutions ended the first nine months of 2021 with a positive result, SAES's share of this net income was not recorded by the Group, since the consolidated shareholders' equity of the joint venture was still negative, against a shareholding of SAES which has already been completely zeroed. Also the portion of the net loss realized by the Flexterra joint venture in the current period was not recognized, as the equity investment was already zeroed⁷ at the end of the previous year and there is no legal or implicit obligation for SAES to recapitalize.

The sum of the exchange rate differences recorded a negative balance of -€0.1 million in the first nine months of 2021, substantially in line with that of the corresponding period of 2020 (-€0.2 million). Both balances, of an immaterial amount,

⁷ Equity investment completely zeroed as at December 31, 2020, following the impairment test.

include the effect of the fluctuations of the dollar against the euro on commercial transactions, including intercompany ones; in the current year there were also the losses, realized and unrealized ones, on the valuation of forward contracts, signed during the first quarter of 2021.

Consolidated income before taxes was equal to €18 million in the first nine months of 2021, compared to €7.4 million in the corresponding period of 2020. Excluding the penalizing effect of exchange rates (-€2.1 million), the organic increase in the income before taxes would have been equal to €12.7 million, thanks both to the improvement in operating activities and to the overcoming of the negative impact of the pandemic crisis on the financial management.

Income taxes amounted to €7.5 million, compared to €4.3 million in the previous period. The increase was mainly attributable to higher US taxes, following the recovery of the business, and to the higher taxes of the subsidiary SAES Investments S.A., which had ended the previous period with a fiscal loss due to the losses on securities caused by the Covid-19 crisis.

The Group tax rate was equal to 41.6% (compared to 57.8% in the corresponding period of the previous year) and it is still significant since the Parent Company, SAES Innovative Packaging S.r.l. and SAES Coated Films S.p.A., in analogy with the previous year, ended the current period with a negative tax base, not valued as a deferred tax asset.

Consolidated net income was equal to €10.5 million in the first nine months of 2021, more than tripled compared to €3.1 million in the corresponding period of 2020. Also in this case, the exchange rate effect was heavily penalizing (-€1.8 million), while the organic change was positive and amounted to €9.2 million.

In the first nine months of 2021, net income per ordinary share was equal to €0.57307 while that per savings share was equal to €0.58971. In the first nine months of the previous year, net income per ordinary share amounted to € 0.16586 and to €0.18249 per savings share.

Consolidated net financial position as at September 30, 2021 was positive and equal to €70.2 million, compared with a net cash of €95.7 million as at December 31, 2020. The decrease (-€25.5 million) was mainly attributable to the acquisition of Strumenti Scientifici Cinel S.r.l. (-€15.9 million⁸ ) and to net investments in tangible and intangible fixed assets (-€12.4 million), as well as to the disbursement for dividends (-€7.4 million), only partially offset by operating cash flows, positive for €8.6 million because penalized by the increase in the net working capital (in particular, increase in trade receivables following higher sales in the third quarter of 2021, compared to the last months of 2020).

Finally, please note the positive cash flows in the investment activities, equal to €2.4 million, related to the securities portfolio⁹ and reverse cash flows for investments in the venture capital fund EUREKA! equal to -€0.2 million. Within the financial management, please note financial payables for new leases contracts or for renewed contracts (including interests accrued in the period and the financial effect of the early termination of some contracts) for a total amount of - €1.4 million, in addition to those for net interest accrued on loans, equal to -€1.1 million.

The exchange rate effect was positive (+€1.9 million), mainly attributable to the effect of the revaluation of both the renminbi and the dollar at September 30, 2021, compared to the end of 2020, on the cash and cash equivalents in these currencies held by the Chinese subsidiary SAES Getters (Nanjing) Co., Ltd. and by the US subsidiaries.

Significant events occurred after the end of the third quarter of 2021

On 14 October 2021, the Board of Directors approved the Policy for the management of the Dialogue with Shareholders and Investors. The document is available on the Group's website, at www.saesgetters.com/investorrelations/corporate-governance/policies-procedures/dialogue-shareholders-and-investors.

Upon completion of the agreements signed in 2015 and their subsequent evolutions, on October 25, 2021, SAES Getters S.p.A. announced that an agreement has been reached for the acquisition of the entire share capital of SAES RIAL Vacuum S.r.l. In particular, SAES Getters S.p.A., which already holds 49% of the shares and currently consolidates the company using the equity method, intends to acquire 100% of the share capital of SAES RIAL Vacuum S.r.l., with the aim of consolidating its leadership in the advanced scientific research market, maximizing synergies with other Group companies operating in the high vacuum business, including the newly acquired Strumenti Scientifici Cinel S.r.l.

The proposed consideration, preliminarily approved by the Board of Directors held on October 14, 2021, is around €5.25 million and was calculated by adding the enterprise value (equal to approximately 10 times the EBITDA of the year 2020, adjusted for non-recurring items) to the net financial position as at December 31, 2020, adjusted for one-off items as well. The closing of the acquisition, subject to the successful completion of the financial and tax due diligence, is expected at the beginning of 2022.

⁸ Price inclusive of estimated adjustment, net of acquired financial position.

⁹ Coupons collected equal to +€2 million and change in the fair value of the securities equal to +€1.2 million, net of capital losses on bonds equal to - €0.6 million and management fees equal to -€0.2 million.

Business Outlook

A consolidation of the quarterly results is expected in the coming months, with a gradual improvement of those sectors that are still penalized by contingent factors, such as the packaging and the industrial SMA ones. The recent acquisitions will contribute to this as well, by further pushing the growth of the vacuum systems business.

***

Please note that these figures are taken from the additional periodic financial information as at September 30, 2021, not subject to audit. This document will be available to the public both on the Company's website (www.saesgetters.com/investor-relations/financial-reports) and on the centralized storage system () within today.

***

The Officer responsible for the preparation of corporate financial reports of SAES Getters S.p.A. certifies that, in accordance with the second subsection of article 154-bis, part IV, title III, second paragraph, section V-bis, of Legislative Decree February 24, 1998, no. 58, the financial information included in the present document corresponds to book of account and book-keeping entries.

The Officer responsible for the preparation of corporate financial reports Giulio Canale

***

SAES Group

A pioneer in the development of getter technology, the company SAES Getters S.p.A., together with its subsidiaries (hereinafter referred to as SAES® Group) is the world leader in a variety of scientific and industrial applications where stringent vacuum conditions are required. In 80 years of activity, the Group's getter solutions have been supporting technological innovation in the information display and lamp industries, in sophisticated high vacuum systems and in vacuum thermal insulation, in technologies spanning from large vacuum power tubes to miniaturized silicon-based microelectronic and micromechanical devices (MEMS).

Starting in 2004, by leveraging the core competencies in special metallurgy and in the materials science, the SAES Group has expanded its business into the advanced material markets, in particular the market of shape memory alloys, a family of materials characterized by super elasticity and by the property of assuming predefined forms when subjected to heat treatment. These special alloys, which today are mainly applied in the biomedical sector, are also perfectly suited to the realization of actuator devices for the industrial sector (domotics, white goods industry, consumer electronics, healthcare, automotive and luxury sector).

More recently, SAES has expanded its business by developing a technological platform that integrates getter materials in a polymeric matrix. These products, initially developed for OLED displays, are currently used in new application sectors, among which optoelectronics, photonics and above all in the mobile sector. Among the new applications, the advanced packaging is a significantly strategic one, in which SAES is present with an offer of new products for the food sustainable packaging and aims to compete with recyclable and compostable solutions.

A total production capacity distributed in ten facilities, a worldwide-based sale & service network, almost 1,100 employees allow the Group to combine multi-cultural skills and experiences and to be a fully-fledged global company.

SAES Group is headquartered in Milan.

SAES Getters S.p.A. is listed on the Italian Stock Exchange Market since 1986, Euronext STAR segment.

More information on the SAES Group is available on the website www.saesgroup.com.

Contacts:

Emanuela Foglia Investor Relations Manager Tel. +39 02 93178 273 E-mail: investor_relations@saes-group.com

Corporate Media Relations Close to Media Tel. +39 02 70006237 Nicola Guglielmi E-mail: nicola.guglielmi@closetomedia.it Sofia Crosta E-mail: sofia.crosta@closetomedia.it

Legend:

Security & Defence			Getters and metal dispensers for electronic vacuum devices
Electronic Devices	Getters for microelectronic, micromechanical systems (MEMS) and sensors
Healthcare Diagnostics	Getters for X-ray tubes used in image diagnostic systems
Thermal Insulated Devices	Products for thermal insulation
Lamps	Getters and metal dispensers used in discharge lamps and fluorescent lamps
Sintered Components for Electronic Devices and Lasers	Cathodes and materials for thermal dissipation in electronic tubes, lasers and solid state devices
SMA Industrial	Shape memory alloys actuator devices for the industrial sector (domotics, white goods industry, consumer electronics, healthcare, automotive and luxury sector)
Vacuum Technology Division
Solutions for Vacuum Systems		research and in particle accelerators	Getter pumps for vacuum systems that find application in the industrial sector, in
Medical Division
Nitinol for Medical Devices			Nitinol raw material and components for the biomedical sector
Specialty Chemicals Division
	Getter materials integrated in polymeric matrices for OLED applications, optoelectronics, photonics and mobile sector
Functional Dispensable Products
Advanced Packaging Division
Advanced Coatings			Lacquers and advanced plastic films for the sustainable packaging sector
Consolidated Net Sales by Geographic Location of Customer Thousands of euro Geographic Area	3Q 2021	3Q 2020
Italy	863	740
European countries	7,935	6,851
North America	29,807	22,151
Japan	1,648	1,443
South Korea	417	494
China Rest of Asia	8,921 1,392	6,192 840
Rest of the World	272	286

Consolidated Net Sales by Geographic Location of Customer

Thousands of euro

Consolidated statement of profit or loss

SAES Group – Press Release
Consolidated statement of profit or loss
Thousands of euro
	3Q 2021	3Q 2020
Total net sales	51,255	38,997
Cost of sales	(28,613)	(23,003)
Gross profit	22,642	15,994
R&D expenses	(2,896)	(2,506)
Selling expenses	(3,113)	(2,525)
G&A expenses	(7,086)	(7,976)
Write-down of trade receivables	(1)	(41)
Total operating expenses Other income (expenses), net	(13,096) (82)	(13,048) (74)
Operating income (loss)	9,464	2,872
Interest and other financial income, net	(74)	1,687
Write-down of financial receivables and other financial assets	(93)	(121)
Income (loss) from equity method evalueted companies	130	(576)
Foreign exchange gains (losses), net	(74)	(203)
Income (loss) before taxes	9,353	3,659
Income taxes	(3,018)	(964)
Net income (loss) from continued operations	6,335	2,695
Income (loss) from discontinued operations	0	0
Net income (loss) before minority interest	6,335	2,695
Net income (loss) pertaining to minority interest	0	0
Net income (loss) pertaining to the Group	6,335	2,695
Consolidated statement of other comprehensive income
Thousands of euro
	3Q 2021	3Q 2020
Net income (loss) for the period from continued operations	6,335	2,695
Exchange differences on translation of foreign operations	3,179	(4,892)
Exchange differences on equity method evaluated companies	0	(324)
Total exchange differences	3,179	(5,216)
Equity transaction costs related to equity method evaluated companies	0	0
	3,179	(5,216)
Total components that will be reclassified to the profit (loss) in the future
Reversal of currency conversion reserve after the liquidation of equity	0	278
method evaluated companies Total components that have been reclassified to the profit (loss)	0	278

Consolidated statement of other comprehensive income

Consolidated statement of other comprehensive income Thousands of euro
Net income (loss) for the period from continued operations					6,335	2,695
Exchange differences on translation of foreign operations Exchange differences on equity method evaluated companies					3,179 0	(4,892) (324)
Total exchange differences					3,179	(5,216)
Equity transaction costs related to equity method evaluated companies					0	0
Total components that will be reclassified to the profit (loss) in the future					3,179	(5,216)
Reversal of currency conversion reserve after the liquidation of equity					0	278
method evaluated companies
Total components that have been reclassified to the profit (loss)					0	278
Other comprehensive income (loss), net of taxes - continued operations					3,179	(4,938)
Total comprehensive income (loss), net of taxes - continued operations					9,514	(2,243)
Net income (loss) for the period from discontinued operations					0	0
Total comprehensive income (loss), net of taxes -discontinued operations					0	0
Total comprehensive income (loss), net of taxes					9,514	(2,243)
attributable to:
- Equity holders of the Parent Company					9,514	(2,243)
- Minority interests					0	0
Consolidated statement of profit or loss by Business Unit Thousands of euro
	Metallurgy		Vacuum Technology Division	Medical	Specialty Chemicals Division	Advanced Packaging Division
	Division			Division
	3Q 2021	3Q 2020	3Q 2021 3Q 2020	3Q 2021	3Q 2020 3Q 2021 3Q 2020	3Q 2021 3Q 2020
Total net sales Cost of sales	16,470 (7,595)	14,622 (7,722)	3,293 3,012 (1,360) (1,146)	23,922 (13,998)	16,442 6,518 (10,336) (4,336) (2,365)	3,405 1,052 1,516 (1,325) (1,432)
Gross profit (loss)	8,875	6,900	1,933 1,866	9,924	6,106 2,182	1,040 (273) 84
% on net sales Operating expenses and other income (expenses)	53.9% (2,423)	47.2% (2,617)	58.7% 62.0% (1,049) (832)	41.5% (2,222)	37.1% 33.5% 30.5% (1,926) (620)	-26.0% 5.5% (446) (870) (679)
Operating income (loss)	6,452	4,283	884 1,034	7,702	4,180 1,562	594 (1,143) (595)
% on net sales	39.2%	29.3%	26.8% 34.3%	32.2%	25.4% 24.0% 17.4%	-108.7% -39.2%
				***

				Specialty Chemicals Division	Advanced Packaging Division

Consolidated Net Sales by Geographic Location of Customer
Thousands of euro

SAES Group – Press Release
Consolidated Net Sales by Geographic Location of Customer
9M 2020
2,748
24,175
70,533
5,366
1,370 19,043
3,727
1,134
128,096

Consolidated statement of profit or loss

SAES Group – Press Release
Consolidated statement of profit or loss
Thousands of euro
	9M 2021	9M 2020
Total net sales Cost of sales	137,140 (79,118)	128,096 (73,879)
Gross profit	58,022	54,217
R&D expenses	(8,561)	(7,789)
Selling expenses G&A expenses	(9,174) (23,079)	(8,181) (23,344)
Write-down of trade receivables	(15)	(60)
Total operating expenses	(40,829)	(39,374)
Other income (expenses), net	(185)	(828)
Operating income (loss) Interest and other financial income, net	17,008 1,235	14,015 (4,586)
Write-down of financial receivables and other financial assets	(267)	(308)
Income (loss) from equity method evalueted companies	183	(1,460)
Foreign exchange gains (losses), net	(146)	(232)
Income (loss) before taxes Income taxes	18,013 (7,489)	7,429 (4,296)
Net income (loss) from continued operations	10,524	3,133
Income (loss) from discontinued operations	0	0
Net income (loss) before minority interest Net income (loss) pertaining to minority interest	10,524 0	3,133 0
Net income (loss) pertaining to the Group	10,524	3,133
Consolidated statement of other comprehensive income
Thousands of euro		9M 2020
	9M 2021
Net income (loss) for the period from continued operations	10,524	3,133
Exchange differences on translation of foreign operations Exchange differences on equity method evaluated companies	7,042 0	(4,687) (311)
Total exchange differences	7,042	(4,998)
Equity transaction costs related to equity method evaluated companies	0	0
Total components that will be reclassified to the profit (loss) in the future	7,042	(4,998)
Fair value variations on investments in other companies	(51)	0
Income taxes	0	0
Fair value variations on investments in other companies, net of taxes Total components that will not be reclassified to the profit (loss) in the future	(51) (51)	0 0

Consolidated statement of other comprehensive income

Thousands of euro

Consolidated statement of other comprehensive income Thousands of euro
Exchange differences on translation of foreign operations							7,042		(4,687)
Exchange differences on equity method evaluated companies							0		(311)
Total exchange differences							7,042		(4,998)
Equity transaction costs related to equity method evaluated companies							0		0
Total components that will be reclassified to the profit (loss) in the future							7,042		(4,998)
Fair value variations on investments in other companies Income taxes							(51) 0		0 0
Fair value variations on investments in other companies, net of taxes							(51)		0
Total components that will not be reclassified to the profit (loss) in the future							(51)		0
Reversal of currency conversion reserve after the liquidation of equity method
evaluated companies							0		278
Total components that have been reclassified to the profit (loss)							0		278
Other comprehensive income (loss), net of taxes - continued operations							6,991		(4,720)
Total comprehensive income (loss), net of taxes - continued operations							17,515		(1,587)
Net income (loss) for the period from discontinued operations							0		0
Other comprehensive income (loss), net of taxes - discontinued operations							0		0
Total comprehensive income (loss), net of taxes - discontinued operations							0		0
Total comprehensive income (loss), net of taxes							17,515		(1,587)
attributable to:
- Equity holders of the Parent Company							17,515		(1,587)
- Minority interests							0		0
Consolidated statement of profit or loss by Business Unit Thousands of euro
		Metallurgy		Vacuum Technology Division	Medical		Specialty Chemicals Division		Advanced Packaging Division		Not Allocated		TOTAL
		Division			Division
		9M 2021	9M 2020	9M 2021 9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021 9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Total net sales		46,673	48,161	11,938 8,371	62,444	56,587	12,121	8,429	3,964 6,548		0 0	137,140	128,096
Cost of sales Gross profit (loss)		(22,024) 24,649	(24,176) 23,985	(5,376) (3,220) 6,562 5,151	(38,913) 23,531	(34,630) 21,957	(8,353) 3,768	(5,993) 2,436	(4,119) (5,855) (155)	693	(333) (5) (333) (5)	(79,118) 58,022	(73,879) 54,217
	% on net sales	52.8%	49.8%	55.0% 61.5%	37.7%	38.8%	31.1%	28.9%	-3.9% 10.6%		n.a n.a.	42.3%	42.3%
Operating expenses and other income (expenses) Operating income (loss)		(7,573) 17,076	(8,481) 15,504	(3,269) (2,700) 3,293 2,451	(6,426) 17,105	(6,219) 15,738	(1,691) 2,077	(1,287) 1,149	(2,618) (2,413) (2,773) (1,720)		(19,437) (19,102) (19,770) (19,107)	(41,014) 17,008	(40,202) 14,015
	% on net sales	36.6%	32.2%	27.6% 29.3%	27.4%	27.8%	17.1%	13.6%	-70.0% -26.3%		n.a n.a.	12.4%	10.9%
														17

Consolidated statement of profit or loss by Business Unit

	Metallurgy Division	Vacuum Technology Division	Medical Division	Specialty Chemicals Division	Advanced Packaging Division	Not Allocated	TOTAL

Consolidated income (loss) per share

		SAES Group – Press Release
Consolidated income (loss) per share
Euro
	9M 2021	9M 2020
Net income (loss) per ordinary	0.57307	0.16586
		0.18249
share Net income (loss) per savings	0.58971
share
Consolidated Statement of Financial Position		***

Consolidated Statement of Financial Position

	SAES Group – Press Release
Consolidated income (loss) per share
Euro
Net income (loss) per ordinary
share Net income (loss) per savings
share
	***
Consolidated Statement of Financial Position Thousands of euro
	September 30,		December 31,
	2021		2020
Property, plant and equipment, net		81,863	73,353
Intangible assets		58,468	41,165
Right of use		5,370	5,415
Securities	134,893		134,087
Other non current assets		15,789	13,984
Current assets	174,794		156,781
Total Assets	471,177		424,785
Shareholders' equity	248,237		238,162
Minority interest in consolidated subsidiaries		0	0
Total Shareholders' Equity	248,237		238,162
Non current liabilities	118,775		115,821
Current liabilities	104,165		70,802
Total Liabilities and Shareholders' Equity	471,177		424,785
Consolidated Net Financial Position
Thousands of euro
		September 30,	June 30,	March 31,	December 31,
		2021	2021	2021	2020
Cash on hands		9	9	8	10
Cash equivalents		36,004	24,410	28,645	30,668
Cash and cash equivalents		36,013	24,419	28,653	30,678
Related parties financial assets, current		1	0	0	1
Securities - short term		70,919	70,279	70,120	70,661
Other current financial assets		0	0	0	11
Current financial assets		70,920	70,279	70,120	70,673

Consolidated Net Financial Position

Consolidated Net Financial Position Thousands of euro	September 30, 2021	June 30, 2021	March 31, 2021	December 31, 2020
Cash on hands	9	9	8	10
Cash equivalents	36,004	24,410	28,645	30,668
Cash and cash equivalents	36,013	24,419	28,653	30,678
Related parties financial assets, current	1	0	0	1
Securities - short term	70,919	70,279	70,120	70,661
Other current financial assets	0	0	0	11
Current financial assets	70,920	70,279	70,120	70,673
Bank overdraft	(70,393)	(44,508)	(35,880)	(33,491)
Current portion of long term debt	(3,408)	(4,142)	(4,933)	(5,199)
Derivative financial instruments	(80)	(38)	(123)	(32)
Other current financial liabilities	(202)	(16)	(22)	(24)
Current financial liabilities for leases	(1,647)	(1,496)	(1,663)	(1,932)
Current financial liabilities	(75,730)	(50,200)	(42,621)	(40,678)
Current net financial position	31,203	44,498	56,152	60,673
Related parties financial assets, non current	921	49	49	49
Other financial receivables from third parties, non current	961	0	0	0
	134,893	135,161	134,554	134,087
Securities - long term			134,603	134,136
Non current financial assets	136,775	135,210
Long term debt, net of current portion	(93,951)	(93,965)	(94,987)	(95,496)
Non current financial liabilities for leases	(3,796)	(3,337)	(3,417)	(3,571)
Non current financial liabilities	(97,747)	(97,302)	(98,404)	(99,067)
Non current net financial position	39,028	37,908	36,199	35,069

Consolidated Cash Flows Statement

Thousands of euro

	3Q 2021	3Q 2020
Net income (loss) from continued operations	6,335	2,695
Net income (loss) from discontinued operations	0	0
Current income taxes	2,112	1,326
Change in deferred income taxes	935	(362)
Depreciation, amortization and write down of non current assets	2,823	2,832
Net loss (gain) on disposal of fixed assets	0	(12)
Interest and other financial (income) expenses, net	37	(990)
Other non-monetary costs (revenues)	2,180	1,700
	14,422	7,189
Change in operating assets and liabilities	(4,359)	(911)
Payments of termination indemnities and similar obligations	(64)	(43)
Financial income received, net of payment of interests	(72)	(48)
Taxes paid	(1,713)	(3,623)
Net cash provided by (used by) operating activities	8,214	2,564
Purchase of tangible and intangible assets, net of proceeds from sales	(4,118)	(2,225)
Purchase of securities, net of disinvestments	(310)	663
Income from securities, net of management fees	257	534
Purchase of other investments	(121)	(282)
Acquisition of controlled subsidiaries, net of cash acquired	(15,492)	0
Cash flows provided by (used by) investing activities	(19,784)	(1,310)
Proceeds from financial liabilities, net of repayments	24,759	4,864
Financial receivables repaid (granted) from related parties	(853)	(2,562)
Interests receipts on financial receivables from related parties	0	0
Dividends payment	0	0
Interests and other expenses paid on loans	(342)	(388)
Repayment of financial liabilities for leased assets (interests included)	(591)	(536)
Financial receivables repaid (granted) from third parties	(948)	0
Other financial liabilities/assets	0	(20)
Cash flows provided by (used by) financing activities	22,025	1,358
Effect of exchange rate differences	853	(1,032)
Increase (decrease) in cash and cash equivalents	11,308	1,580
Cash and cash equivalents at the beginning of the period	24,294	31,189
Cash and cash equivalents at the end of the period	35,602	32,769

Consolidated Cash Flows Statement

Thousands of euro

	9M 2021	9M 2020
Net income (loss) from continued operations	10,524	3,133
Net income (loss) from discontinued operations	0	0
Current income taxes	5,399	4,247
Change in deferred income taxes	2,119	49
Depreciation, amortization and write down of non current assets	8,496	8,143
Net loss (gain) on disposal of fixed assets	(1)	(12)
Interest and other financial (income) expenses, net	(1,151)	6,354
Other non-monetary costs (revenues)	758	927
	26,144	22,841
Change in operating assets and liabilities	(13,153)	(11,939)
Payments of termination indemnities and similar obligations	(209)	(378)
Financial income received, net of payment of interests	(140)	(463)
Taxes paid	(3,999)	(4,717)
Net cash provided by (used by) operating activities	8,643	5,344
Purchase of tangible and intangible assets, net of proceeds from sales	(12,365)	(9,158)
Purchase of securities, net of disinvestments	(154)	(768)
Income from securities, net of management fees	1,444	1,704
Purchase of other investments	(161)	(282)
Acquisition of controlled subsidiaries, net of cash acquired	(15,492)	0
Cash flows provided by (used by) investing activities	(26,728)	(8,504)
Proceeds from financial liabilities, net of repayments	33,030	2,883
Financial receivables repaid (granted) from related parties	(853)	(2,562)
Interests receipts on financial receivables from related parties	1	1
Dividends payment	(7,440)	(9,198)
Interests and other expenses paid on loans	(1,082)	(1,042)
Repayment of financial liabilities for leased assets (interests included)	(1,777)	(1,666)
Financial receivables repaid (granted) from third parties	(948)	0
Other financial liabilities/assets	0	1
Cash flows provided by (used by) financing activities	20,931	(11,583)
Effect of exchange rate differences	2,056	(1,009)
Increase (decrease) in cash and cash equivalents	4,902	(15,752)
Cash and cash equivalents at the beginning of the period	30,700	48,521
Cash and cash equivalents at the end of the period	35,602	32,769

***

	SAES Group – Press Release
Actuator Solutions - SAES Group interest (50% )
Thousands of euro
Actuator Solutions	September 30,	December 31,
	2021	2020
Statement of financial position	50%	50%
Non current assets	2,732	3,012
Current assets	1,443	1,809
Total Assets	4,175	4,821
Non current liabilities	4,096	4,306
Current liabilities	2,126	3,226
Total Liabilities	6,222	7,532
Capital Stock, Reserves and Retained Earnings	(2,711)	(2,970)
Net income (loss) for the period	664	189
Other comprehensive income (loss) for the period	0	70
(*) Total Equity	(2,047)	(2,711)
(*) Currency translation differences arising from the conversion in euro of the financial
statements of Actuator Solutions Taiwan Co., Ltd. and Actuator Solutions (Shenzhen) Co., Ltd.
from January 1, 2020 to the liquidation date, as well as upon the conversion reserve release to
P&L after the liquidation of the two asian companies.
Actuator Solutions	9M 2021	9M 2020
Statement of profit or loss	50%	50%
Total net sales	5,473	5,400
Cost of sales	(4,023)	(3,991)
	1,450	1,409
Gross profit
Total operating expenses	(945)	(984)
Other income (expenses), net	17	87
Operating income (loss)	522	512
Interests and other financial income, net	160	(227)

(*)
(*) Currency translation differences arising from the conversion in euro of the financial
statements of Actuator Solutions Taiwan Co., Ltd. and Actuator Solutions (Shenzhen) Co., Ltd.
from January 1, 2020 to the liquidation date, as well as upon the conversion reserve release to
P&L after the liquidation of the two asian companies.
Statement of profit or loss	50%	50%
Total net sales	5,473	5,400
Cost of sales	(4,023)	(3,991)
Gross profit	1,450	1,409
Total operating expenses	(945)	(984)
Other income (expenses), net	17	87
Operating income (loss)	522	512
Interests and other financial income, net	160	(227)
Foreign exchange gains (losses), net	(11)	(82)
Income taxes	(7)	4
Net income (loss)	664	207
Exchange differences	0	(5)
Release of conversion reserve for liquidation of
subsidiaries	0	75
Total comprehensive income (loss) for the period	664	277
Statement of profit or loss	3Q 2021	3Q 2020
	50%	50%
Total net sales	1,898	1,460
Cost of sales	(1,508)	(1,128)
Gross profit	390	332
Total operating expenses	(314)	(339)
Other income (expenses), net	2	5
Operating income (loss)	78	(2)
Interests and other financial income, net	(29)	(75)
Foreign exchange gains (losses), net	(6)	(70)
Income taxes	(5)	(4)
Net income (loss)	38	(151)
Exchange differences	0	(7)
Release of conversion reserve for liquidation of
subsidiaries	0	75
Total comprehensive income (loss) for the period	38	(83)

	SAES Group – Press Release
SAES RIAL Vacuum S.r.l. - SAES Group interest (49% )
Thousands of euro
SAES RIAL Vacuum S.r.l.	September 30, 2021	December 31, 2020
Statement of financial position Non current assets	49% 314	49% 302
Current assets	1,464	1,695
Total Assets	1,778	1,997
Non current liabilities	196	201
Current liabilities	640	1,037
Total Liabilities	836	1,238
Capital Stock, Reserves and Retained Earnings	759	451
Net income (loss) for the period	183	309
Other comprehensive income (loss) for the period (*)	0	(1)
Total Equity	942	759
(*) Actuarial differences on the employee severance indemnities (TFR), according to the IAS 19.
SAES RIAL Vacuum S.r.l.	9M 2021	9M 2020
Statement of profit or loss	49%	49%
Total net sales	2,419	1,665
Cost of sales	(1,969)	(1,285)
	450	380
Gross profit
Total operating expenses	(238)	(192)
Other income (expenses), net	51	14
Operating income (loss)	263	202
Interests and other financial income, net	(11)	(15)
Foreign exchange gains (losses), net Income taxes	(5) (64)	0 (45)

(*) Actuarial differences on the employee severance indemnities (TFR), according to the IAS 19.
Statement of profit or loss	49%	49%
Total net sales	2,419	1,665
Cost of sales	(1,969)	(1,285)
Gross profit	450	380
Total operating expenses	(238)	(192)
Other income (expenses), net	51	14
Operating income (loss)	263	202
Interests and other financial income, net	(11)	(15)
Foreign exchange gains (losses), net	(5)	0
Income taxes	(64)	(45)
Net income (loss)	183	142
Actuarial gain (loss) on defined benefit plans, net of taxes	0	0
Totale comprehensive income (loss) for the period	183	142
SAES RIAL Vacuum S.r.l.	3Q 2021	3Q 2020
Statement of profit or loss	49%	49%
Total net sales	887	797
Cost of sales	(625)	(570)
Gross profit	262	227
Total operating expenses	(71)	(65)
Other income (expenses), net	(1)	3
Operating income (loss)	190	165
Interests and other financial income, net	(5)	(8)
Foreign exchange gains (losses), net	(2)	0
Income taxes	(53)	(38)
Net income (loss)	130	119
	0	0
Actuarial gain (loss) on defined benefit plans, net of taxes		119

	SAES Group – Press Release
Flexterra - SAES Group interest (46.73% )
Thousands of euro	September 30,	December 31,
Flexterra	2021	2020
Statement of financial position	46.73%	46.73%
Non current assets	5,484	5,628
Current assets	660	1,086
Total Assets	6,144	6,714
Non current liabilities	63	44
Current liabilities	1,980	1,343
Total Liabilities	2,043	1,387
Capital Stock, Reserves and Retained Earnings	5,154	7,595
Reserve for stock options plan	173	173
Net income (loss) for the period	(1,477)	(1,811)
Other comprehensive income (loss) for the period (*)	251	(630)
Total Equity	4,101	5,327
(*) Currency translation differences arising from the conversion in euro of the financial statements of Flexterra, Inc. and of Flexterra Taiwan Co., Ltd.
Flexterra	9M 2021	9M 2020
Statement of profit or loss	46.73%	46.73%
Total net sales	2	24
Cost of sales	0	(13)
Gross profit	2	11
Total operating expenses	(1,412)	(1,444)
Other income (expenses), net	8	1
Operating income (loss)	(1,402)	(1,432)
Interests and other financial income, net	(82)	(27)
Foreign exchange gains (losses), net	21	64
Income taxes	(14)	14

(*)
(*) Currency translation differences arising from the conversion in euro of the financial
statements of Flexterra, Inc. and of Flexterra Taiwan Co., Ltd.
Statement of profit or loss	46.73%	46.73%
Total net sales	2	24
Cost of sales	0	(13)
Gross profit	2	11
Total operating expenses	(1,412)	(1,444)
Other income (expenses), net	8	1
Operating income (loss)	(1,402)	(1,432)
Interests and other financial income, net	(82)	(27)
Foreign exchange gains (losses), net	21	64
Income taxes	(14)	14
Net income (loss)	(1,477)	(1,381)
Exchange differences	251	(311)
Total comprehensive income (loss) for the period	(1,226)	(1,692)
Flexterra	3Q 2021	3Q 2020
Statement of profit or loss	46.73%	46.73%
Total net sales	0	1
Cost of sales	1	0
Gross profit	1	1
Total operating expenses	(473)	(448)
Other income (expenses), net	0	1
Operating income (loss)	(472)	(446)
		(23)
Interests and other financial income, net	(30)
Foreign exchange gains (losses), net	6	29
Income taxes	1	4
Net income (loss)	(495)	(436)
Exchange differences	104	(324)

Total statement of profit or loss of the Group

			SAES Group – Press Release
Total statement of profit or loss of the Group Thousands of euro				9M 2021
	Consolidated profit or loss	50% Actuator Solutions	Intercoy eliminations &	SAES RIAL Vacuum 49%	Intercoy eliminations &	46.73%	Intercoy eliminations &	Total profit or
			other adjustments	S.r.l.	other adjustments	Flexterra	other adjustments	loss of the Group
Total net sales	137,140	5,473	(223)	2,419	(395)	2		144,416
Cost of sales	(79,118)	(4,023)	223	(1,969)	395	0		(84,492)
Gross profit % on sales	58,022 42.3%	1,450	0	450	0	2	0	59,924 41.5%
Total operating expenses	(40,829)	(945)		(238)		(1,412)	57	(43,367)
Other income (expenses), net	(185)	17		51		8		(109)
Operating income (loss) % on sales	17,008 12.4%	522	0	263	0	(1,402)	57	16,448 11.4%
Interest and other financial income, net	968	160	(190)	(11)		(82)	71	916
Income (loss) from equity method evaluated companies	183		0		(183)			0
Foreign exchange gains (losses), net	(146)	(11)	0	(5)		21	68	(73)
Income (loss) before taxes Income taxes	18,013 (7,489)	671 (7)	(190)	247 (64)	(183)	(1,463) (14)	197	17,292 (7,574)
Net income (loss) from continued operations	10,524	664	(190)	183	(183)	(1,477)	197	9,718
Income (loss) from assets held for sale and discontinued	0							0
operations Net income (loss) before minority interest	10,524	664	(190)	183	(183)	(1,477)	197	9,718
Net income (loss) pertaining to minority interest		0						0
Net income (loss) pertaining to the Group	10,524	664	(190)	183	(183)	(1,477)	197	9,718
Total statement of profit or loss of the Group Thousands of euro				3Q 2021
	Consolidated profit or loss	50% Actuator Solutions	Intercoy eliminations &	SAES RIAL Vacuum 49%	Intercoy eliminations &	46.73%	Intercoy eliminations &	Total profit or
			other adjustments	S.r.l.	other adjustments	Flexterra	other adjustments	loss of the Group
Total net sales	51,255	1,898	(82)	887	(106)	0		53,852
Cost of sales Gross profit	(28,613) 22,642	(1,508) 390	82 0	(625) 262	106 0	1 1	0	(30,557) 23,295
% on sales	44.2%							43.3%
Total operating expenses	(13,096)	(314)	0	(71)		(473)	19	(13,935)
Other income (expenses), net	(82)	2		(1)		0		(81)
Operating income (loss) % on sales	9,464 18.5%	78	0	190	0	(472)	19	9,279 17.2%
	(167)	(29)	21	(5)		(30)	25	(186)
Interest and other financial income, net			0		(130)			0
Income (loss) from equity method evaluated companies	130
Foreign exchange gains (losses), net Income (loss) before taxes	(74) 9,353	(6) 43	0 21	(2) 183	(130)	6 (496)	68 112	(8) 9,085
Income taxes Net income (loss) from continued operations	(3,018) 6,335	(5) 38	21	(53) 130	(130)	1 (495)	112	(3,075) 6,010

Total statement of profit or loss of the Group

Income (loss) from assets held for sale and discontinued
Total statement of profit or loss of the Group
Thousands of euro
Total net sales
Cost of sales
Gross profit
% on sales
Total operating expenses
Other income (expenses), net
Operating income (loss)
% on sales
Interest and other financial income, net
Income (loss) from equity method evaluated companies
Foreign exchange gains (losses), net
Income (loss) before taxes
Income taxes
Net income (loss) from continued operations
Income (loss) from assets held for sale and discontinued
operations
Net income (loss) before minority interest
Net income (loss) pertaining to minority interest
Net income (loss) pertaining to the Group
Covid-19 one-offs
Thousands of euro
Covid-19 one-offs
Personnel cost
Maintenance and repairs
Material and office material
Transport, insurance, freight-direct
Consultant fees
Canteen, cleaning, vigilance
Training
Total cost of sales and extraordinary
operating expenses Covid-19
(*) The amount is composed by:
- saving for USA governmental misures to support companies and families, for -4 thousands of euro;
- additional personnel costs, for 6 thousands of euro.

***

Covid-19 one-offs

Income (loss) from assets held for sale and discontinued
Covid-19 one-offs Thousands of euro	***
			3Q 2021
	overhead	R&D expenses	Selling expenses
Personnel cost	(3) (1)	0	0	6	2 (*)
Maintenance and repairs				40	40
Material and office material				1	1
Transport, insurance, freight-direct				0	0
Consultant fees				(3)	(3)
Canteen, cleaning, vigilance				48	48
Training				0	0
Total cost of sales and extraordinary
operating expenses Covid-19	(3) (1)	0	0	92	88
(*) The amount is composed by:
- saving for USA governmental misures to support companies and families, for -4 thousands of euro;
- additional personnel costs, for 6 thousands of euro.

Covid-19 one-offs

		SAES Group – Press Release
Covid-19 one-offs Thousands of euro			9M 2021
Covid-19 one-offs	Direct labor	Manufactoring overhead	R&D expenses	Selling expenses	G&A expenses	Total
Personnel cost Maintenance and repairs Material and office material Transport, insurance, freight-direct Consultant fees Canteen, cleaning, vigilance Training	(32)	(14)	(6)	(2)	22 108 4 0 7 123 0	(32) 108 4 0 7 123 0
Total cost of sales and extraordinary operating expenses Covid-19 (*) The amount is composed by:	(32)	(14)	(6)	(2)	264	210
- saving for USA governmental misures to support companies and families, for -58 thousands of euro; - additional personnel costs, for 26 thousands of euro.