Servizi Italia S p A : Interim Report on Operations as at 31 March 2024

Interim Report on Operations

as at 31 March 2024

SERVIZI ITALIA S.P.A.

Via S. Pietro, 59/B

43019 Castellina di Soragna (PR) - ITALY

Tel. [phone] - [e-mail] www.servizitaliagroup.com

CONTENTS
1	Company Officers And Corporate Information	3
2	Group structure	4
3	Directors' report on operations	5
4	Accounting Schedules	11
5	Notes	13
5.1 Introduction	13
5.2 Performance by business segment and geographical area	13
5.3 Notes on the main changes in the statement of financial position	15
5.4 Note on the main changes in the income statement	21
5.5 Consolidated net financial position	23

Servizi Italia Group - Interim Report on Operations as at 31 March 2024

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1 COMPANY OFFICERS AND CORPORATE INFORMATION

Board of Directors (in office until approval of the Separate Financial Statements as at 31 December 2026)

Name and Surname	Position
Roberto Olivi (*)	Chairman
Ilaria Eugeniani(*)	Deputy Chairwoman
Michele Magagna(*)	Director
Umberto Zuliani(1)	Director
Roberta Labanti (1)	Independent Director
Benedetta Pinna (1) (2)	Independent Director
Antonio Aristide Mastrangelo	Independent Director

1. Member of the Governance and Related Parties Committee; (2) Lead Independent Director
   (*) Members of the Executive Committee

Board of Statutory Auditors (in office until approval of the Separate Financial Statements as at 31 December 2025)

Name and Surname	Position
Antonino Girelli	Chairman
Gianfranco Milanesi	Standing auditor
Elena Iotti	Standing auditor
Lorenzo Keller	Alternate Auditor
Valeria Gasperini	Alternate auditor
Supervisory Body (in office until 2 February 2025)
Name and Surname	Position
Veronica Camellini	Chairwoman
Antonio Ciriello	Member
Elena Martelli	Member

Independent Auditors (in office until approval of the Separate Financial Statements as at 31 December 2032)

PriceWaterhouseCoopers S.p.A. -Piazza Tre Torri, 2 - 20145 Milano

Registered offices and company information

Servizi Italia S.p.A. Via S. Pietro, 59/b - 43019 Castellina di Soragna (Parma) - Italy Tel.[phone], Fax[phone], website: www.servizitaliagroup.com; Share Capital: Euro 31,809,451 fully paid-up

Tax code and Parma Register of Companies no. 08531760158; Certified email: [e-mail]

Founded: 1986

Listing segment: Euronext STAR Milan

Ordinary Share ISIN codes: IT0003814537, BLOOMBERG: SRI IM, REUTERS: SRI.MI

LEI Code: 815600C8F6D5ACBA9F86

Investor Relations

Pietro Giliotti (IRM)

e-mail:[e-mail]- Tel. [phone], Fax [phone]

Servizi Italia Group - Interim Report on Operations as at 31 March 2024

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2 GROUP STRUCTURE

Servizi Italia S.p.A., with registered office in Castellina di Soragna (Parma, Italy), listed in the Euronext STAR Milan segment of the EXM, is the leading Italian operator in the supply of integrated services for the rental, washing and sterilisation of textiles and surgical instruments for hospital facilities. With a technologically advanced production platform broken down into laundering facilities, textile sterilisation centres, surgical instrument sterilisation centres and numerous wardrobes, the Company and its Italian and overseas subsidiaries forming the Servizi Italia Group, mainly provide their broad and diversified range of services for public and private healthcare facilities in central and northern Italy, in the state of São Paulo in Brazil, in Turkey, India, Albania and Morocco.

As at 31 March 2024, the Servizi Italia Group included the following companies:

Company Name Parent Company and

Subsidiaries

Servizi Italia S.p.A.

Ekolav S.r.l.

Wash Service S.r.l.

Steritek S.p.A.

San Martino 2000 S.c.r.l.

SRI Empreendimentos e Participações

L.t.d.a.

Lavsim Higienização Têxtil S.A.

Maxlav Lavanderia Especializada S.A.

Vida Lavanderias Especializada S.A.

Aqualav Serviços De Higienização Ltda

Ankateks Turizm İnşaat Tekstil Temizleme Sanayi ve Ticaret Ltd Şirketi

Ergülteks Temizlik Tekstil Ltd. Sti.

Ankateks Tur. Teks. Tem.Sanve TIC. A.s. - Olimpos Laundry Teks.Tem. Hizm. Ve Tur. San. Tic. LTD.Sti IS Ortakligi

Registered office

Castellina di Soragna (Parma) - Italy

Lastra a Signa (Florence) - Italy Castellina di Soragna (Parma) - Italy

Malagnino (Cremona) - Italy Genoa - Italy

City of São Paulo, State of São Paulo - Brazil

São Roque, State of São Paulo - Brazil

Jaguariúna, State of São Paulo - Brazil

São Roque, State of São Paulo - Brazil

Vila Idalina, Poá, State of São Paulo - Brazil

Ankara - Turkey

Ankara - Turkey

Antalya -Turkey

		Interest of
	Share capital	equity
		investment
EUR	31,809,451	Parent
Company
EUR	100,000	100%
EUR	10,000	90%
EUR	134,500	95%
EUR	10,000	60%
BRL	217,757,982	100%
BRL	32,330,000	100%(*)
BRL	2,825,060	100%(*)
BRL	3,600,000	100%(*)
BRL	15,400,000	100%(*)
TRY	85,000,000	55%
TRY	1,700,000	57.5%(**)
TRY	10,000	51%(**)

(*) Held through SRI Empreendimentos e Participações Ltda

(**) Held through Ankateks Turizm İnşaat Tekstil Temizleme Sanayi ve Ticaret Ltd Şirketi

Below are the associates and jointly-controlled companies, measured using the equity method in the consolidated financial statements:

Company name	Registered office		Share capital		Interest of equity investment
Associates and Jointly-Controlled Companies
Shubhram Hospital Solutions Private Ltd.	New Delhi - India	INR	362,219,020	51%
Servizi Sanitari Integrati Marocco S.a.r.l.	Casablanca - Morocco	MAD	122,000	51%
SAS Sterilizasyon Servisleri A.Ş.	Istanbul - Turkey	TRY	36,553,000	51%
Arezzo Servizi S.c.r.l.	Arezzo - Italy	EUR	10,000	50%
PSIS S.r.l.	Padua - Italy	EUR	10,000,000	50%
Steril Piemonte S.r.l.	Turin - Italy	EUR	1,000,000	50%
AMG S.r.l.	Busca (CN) - Italy	EUR	100,000	50%
Finanza & Progetti S.p.A.	Vicenza - Italy	EUR	550,000	50%
Iniziative Produttive Piemontesi S.r.l.	Turin - Italy	EUR	2,500,000	37.63%
Piemonte Servizi Sanitari S.c.r.l.	Turin - Italy	EUR	10,000	30%(*)
Saniservice Sh.p.k.	Tirana - Albania	LEK	2,745,600	30%
Brixia S.r.l.	Milan - Italy	EUR	10,000	23%
Tecnoconsulting S.r.l.	Scandicci (FI) - Italy	EUR	10,000	33%

(*) The 15.05% indirect shareholding held through Iniziative Produttive Piemontesi S.r.l. should be added to this.

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3 DIRECTORS' REPORT ON OPERATIONS

This Interim Report as at 31 March 2024 has been prepared in compliance with the International Accounting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and approved by the European Union, and must be read together with the information provided in the consolidated financial statements as at 31 December 2023. In order to allow for a better evaluation of the economic and financial performance, the following summary tables show some "Alternative performance indicators", not provided by the IFRS International Accounting Standards. The footnotes of said tables indicate the calculation method used and the composition of these ratios, in line with the guidelines of the European Securities and Markets Authority (ESMA).

Main consolidated income statement figures

The table below presents a comparison of the main consolidated income statement figures as at 31 March 2024 with the results as at 31 March 2023 (in thousands of Euros):

(thousands of Euros)	31 March 2024	31 March 2023	Change	Change %
Revenues	73,408	72,555	853	1.2%
EBITDA (a)	18,972	18,014	958
EBITDA %	25.8%	24.8%		1.0%
Operating profit (EBIT)	5,013	3,604	1,409
Operating profit (EBIT) %	6.8%	5.0%		1.8%
Net profit	2,412	2,311	101
Net profit %	3.3%	3.2%		0.1%

1. Group management has defined EBITDA as the difference between the value of sales and services and operating costs before depreciation, amortisation, write-downs, impairment and provisions.

Main consolidated statement of financial position figures

The table below presents a comparison of the main consolidated statement of financial position figures as at 31 March 2024 with the figures as at 31 December 2023 (in thousands of Euros):

(thousands of Euros)	31 March 2024	31 December 2023	Change	Change %
Net operating working capital(a)	3,645	(3,246)	6,891	-212.3%
Other current assets/liabilities(b)	(6,993)	(11,194)	4,201	-37.5%
Net working capital	(3,348)	(14,440)	11,092	-76.8%
Non-current assets - medium/long-term provisions	272,565	269,683	2,882	1.1%
of which Rights of use under IFRS 16	27,766	28,246	(480)	-1.7%
Net invested capital	269,217	255,243	13,974	5.5%
Shareholders' equity (B)	140,986	138,543	2,443	1.8%
Net financial debt(d) (A)	128,231	116,700	11,531	9.9%
of which Financial liabilities under IFRS 16	30,734	31,370	(636)	-2.0%
Net invested capital(c)	269,217	255,243	13,974	5.5%
Gearing [A/(A+B)]	47.6%	45.7%
Debt/Equity (A/B)	91.0%	84.2%

1. Net operating working capital is not an accounting measurement under the IFRSs endorsed by the European Union. The Company management has defined net operating working capital as the algebraic sum of inventories, trade receivables and trade payables.
2. Other current assets/liabilities are calculated as the difference between other current assets, current tax receivables, current tax payables and other current liabilities.
3. The Company management has defined invested capital as the sum of Shareholders' equity and net financial debt.
4. The management has defined net financial debt as the sum of amounts Due to banks and other lenders net of Cash and cash equivalents and Current financial receivables.

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Company information and business performance

As at 31 March 2024, consolidated revenues of the Servizi Italia Group amounted to Euro 73,408 thousand, an increase of 1.2% (+3.4% at constant exchange rates) compared to as at 31 March 2023. Please note the following as regards revenue from sales and services by sector for 31 March 2024 compared to 31 March 2023:

• Revenues from wash-hire services (which in absolute terms represent 74.9% of the Group's revenues) rose from Euro 54,357 thousand in the first three months of 2023 to Euro 55,009 thousand in the same period of 2024, recording an increase of 1.2% (or 4.2% at constant exchange rates), due to growth recorded in both Brazil (+6.6% or 2.8% at constant exchange rates) and Turkey (+2.2%, or 71.2% at constant exchange rates). The Italy area recorded growth of 0.3% over the comparison period as a result of certain customers lost in the Marche area, more than offset by excellent performance by the other Italian areas in which the Group operates.
• Revenues from linen sterilisation services (Steril B) (which in absolute terms represent 6.3% of the Group's revenues) fell from Euro 4,951 thousand in the first three months of 2023 to Euro 4,659 thousand, with a decrease of 5.9%, mainly due to discontinued contracts in the Veneto area during the second half of 2023.
• Revenues from surgical instrument sterilisation services (Steril C) (which in absolute terms represent 18.7% of the Group's revenues) rose from Euro 13,247 thousand in 2023 to Euro 13,740 thousand in 2024, with an increase of 3.7%, equal to Euro 493 thousand mainly due to higher operating activities recorded in the period in the Italy area.

Consolidated EBITDA went from Euro 18,014 thousand in the first three months of 2023 to Euro 18,972 thousand in the same period of 2024, with an EBITDA margin growing by 100 bps, from 24.8% to 25.8% of revenues or an increase in absolute value of 5.3%. During the period, there was a decrease in the impact of costs for raw materials of 0.3%, and in absolute value of 2.3%, driven primarily by lower marketing of disposable material and personal protective equipment. Costs for services recorded a 9.3% decrease in absolute value during the period, i.e. an improvement in the EBITDA margin of 3.8%, primarily due to the decrease with respect to the comparison period of gas costs (Euro -2,379 thousand or - 3.3% relative incidence) and electricity (Euro -625 thousand or -0.9% relative incidence). Also note that first quarter of 2023 included the benefit of the tax receivable in the Italy area of Euro 1,537 thousand, recorded under other revenues and absent in the first quarter of 2024. Personnel costs increased in terms of incidence on turnover (+1.3%) compared to the previous period and were also up in absolute value (+5.3%), predominantly as a result of salary adjustments applied in the Italy area upon entry into force of the new National Labour Contractual Agreement starting from March and December 2023. During the period, operating margins decreased in the Brazil area (EBITDA margin going from 25.2% to 21.6%), partly due to the start-up phase of the sterilisation plant in São Paulo and to higher personnel costs recorded during the period, while there was a significant recovery in margins in the Turkey area (EBITDA margin going from 25.7% to 35.3%) mainly due to the inflationary adjustment of contract prices.

The consolidated operating result (EBIT) went from Euro 3,604 thousand during the first three months of 2023 (5.0% compared to the turnover for the period) to Euro 5,013 thousand during the same period in 2024 (6.8% compared to the turnover for the period), mainly due to the dynamics already described in the comment on the change in turnover and EBITDA; a reduction in depreciation, amortisation and impairment was also recorded (Euro -451 thousand or -0.9% in terms of relative incidence).

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Financial management showed an increase in financial expenses of Euro 1,297 thousand compared to the same period of the previous year, mainly due to the sharp increase in interest rates applied by the interbank system in the Eurozone and interest rates in the Turkey area.

Income taxes for the period amounted to negative Euro 621 thousand, with an incidence on the pre- tax result of 20.5%, and mainly concern the recognition in the income statement of current taxes, as well as the release of deferred tax assets allocated for previous tax losses.

Therefore, the consolidated interim financial statements as at 31 March 2024 closed with a net profit of Euro 2,412 thousand, compared to the net profit of Euro 2,311 thousand for the same period of the previous year.

Significant events and transactions

On 27 March 2024, the Board of Directors of Servizi Italia approved the merger by incorporation of the wholly-owned subsidiary Ekolav S.r.l., operating on the Italian market in the linen wash-hire sector for healthcare and social welfare facilities. This merger is part of a corporate simplification and reorganisation process launched by the merging entity with the aim of pursuing greater production synergies - in consideration of commercial prospects and with a view to harmonising and optimising customer service - as well as containment of overheads. The merger is not subject to the approval of other bodies and will take effect with respect to third parties from the date on which the last of the registrations prescribed by Article 2504 of the Italian Civil Code or from any other subsequent date established in the merger deed, whose stipulation is reasonably expected by the current year 2024.

The main characteristics of the discontinued contracts, which have an annual contract value of more than Euro 50 thousand, are provided below:

	Customer		Service provided		Contract value per year
			(thousands of Euros)

GESAT Scarl - Pistoia Hospital

Marche Area Contracts - Jesi Senigallia (former ASUR Marche (Hospital units of Jesi and Senigallia)

Marche Contracts - Fano Territory (former ASUR Marche Area Vasta 1) Marche Contracts - Fano (former Santa Croce Hospital in Fano)

Wash-hire	1,003
Wash-hire	2,025
Wash-hire	322
Wash-hire	915

Significant events after the end of the first quarter

On 22 April 2024, the ordinary session of the Shareholders' Meeting:

• approved the financial statements of the Parent Company closed on 31 December 2023;
• approved the distribution to Shareholders of an ordinary single dividend, gross of the legal withholdings, equal to Euro 0.03 for the shares in circulation, with the exclusion of the treasury shares in the portfolio, for a maximum amount of Euro 954,283.53;
• resolved the authorisation to purchase and dispose of treasury shares, as proposed by the Board of Directors. The resolution authorised the purchase of a maximum of 6,361,890 ordinary shares with nominal value of Euro 1.00 each, corresponding to one-fifth of the Company's share capital (taking into account the shares already held by the Company) for a period 18 months from the meeting date, while the duration of the authorisation for disposal of the treasury shares has no time limits;

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• approved the remuneration policy of Servizi Italia S.p.A.;
• appointed the independent auditors PriceWaterhouseCoopers S.p.A. for the statutory audit of the accounts for the nine-year period 2024-2032, approving the related resolution proposal formulated by the Board of Directors, which matches the first preference contained in the reasoned Recommendation of the Board of Statutory Auditors;
• resolved the renewal of the Board of Directors for the three-year period 2024-2026, also determining the relative remuneration. All the members of the Board of Directors, with the exception of Director Antonio Aristide Mastrangelo, were taken from the list submitted by the majority Shareholder Aurum S.p.A., holder of a stake of approximately 62.42% of the share capital, which received votes in favour of approximately 91.88% of the shares represented at the Shareholders' Meeting; Director Antonio Aristide Mastrangelo was taken from the list submitted by the minority Shareholder Everest S.r.l., holder of a 5.03% stake of the share capital.

On 22 April 2024, the Board of Directors of Servizi Italia S.p.A. assigned management powers to an Executive Committee, composed of Roberto Olivi (Chairman of the Board of Directors and of the Executive Committee), Ilaria Eugeniani (Director, appointed Deputy Chair of the Board of Directors and of the Executive Committee) and Michele Magagna (Director), assisted by the General Manager Andrea Gozzi. Subsequently, it established the Governance and Related-Party Committee, responsible for remuneration, appointments, control and risks and transactions with related parties, composed of Benedetta Pinna as Chair (Independent Director), Roberta Labanti (Independent Director) and Umberto Zuliani (Non-executive Director). Lastly, the Board appointed the Director Benedetta Pinna as Lead Independent Director and the Chair Roberto Olivi as Director in charge of the Internal Control and Risk Management System.

Business outlook

The results achieved in the first quarter of 2024 carry on with the excellent performance of the 2023 financial year. Consolidation of the customer portfolio, careful management of operations and the positive trend in energy commodity prices contributed positively to the results achieved both in absolute and relative terms. More incisive than in the comparison period was certainly the cost of money resulting from the interest rates applied by the interbank system, an element that is not directly controllable through management leverage but a fundamental variable that is constantly monitored so as to ensure stable financial evolution of the business in the upcoming future. In the medium-term strategy, the Group expects an organic consolidation of its leadership position in the Italian and foreign market and a continuous search for optimisation and efficiencies. Although in a geopolitical context of difficult interpretationand with a trend in interest rates that is hopefully decreasing, although in the medium term, the Group will continue to work to achieve objectives and respect the commitments assumed, maintaining a solid capital position through an adequate financial balance and a good credit rating with banking institutions.

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Servizi Italia and the financial markets

Since 22 June 2009, the Company's stock has been traded on the Euronext STAR Milan segment of Euronext Milan (EXM). The main share and stock exchange data as at 31 March 2024 are disclosed below along with share volume and price trends (in Euros):

Share and stock exchange data	31 March 2024
No. of shares making up the share capital	31,809,451
Price at IPO: 4 April 2007	Euro 8.50
Price as at 29 March 2024	Euro 1.71
Maximum price during the period	Euro 1.91
Minimum price during the period	Euro 1.50
Average price during the period	Euro 1.69
Volumes traded during the period	5,623,322
Average volumes during the period	89,259

Share volumes and Prices as at 31 March 2024

800.000

700.000

600.000

500.000

400.000

300.000

200.000

100.000

0

2,00

1,90

1,80

1,70

1,60

1,50

1,40

1,30

1,20

1,10

1,00

VOLUME

PREZZO

During the reference period, the investor relations team remained available for individual and group calls with anyone interested in obtaining information and expanding their activities and business. In addition to the research study by specialist Intermonte SIM, the Group also appointed Tp Icap Midcap Partners (Appointed rep by Louis Capital Markets UK, LLP).

Other information

On 10 October 2023, as already communicated, Servizi Italia and Steris S.p.A. (the "Parties") signed an agreement through which they committed to respectively purchase and sell the business unit of Steris S.p.A. (the "Transaction") active in the sterilisation of surgical instruments in Italy. By express contractual provision, completion of the transaction was subject to the condition precedent, among other things, of obtaining authorisation by the Italian Competition Authority ("AGCM"). On 18

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October 2023, Servizi Italia voluntarily communicated the Transaction to the aforementioned Authority. The Transaction was subsequently found subject to an obligation to notify the AGCM pursuant to the aforementioned Article 16, paragraph 1 bis of Law 287/90 relating to the reporting of so-calledsub-threshold transactions. In particular, on 6 December 2023 the AGCM sent Servizi Italia a request for formal notice of the Transaction. On 26 March 2024 the AGCM then started phase two of the investigation. The related proceedings, still in progress, will presumably be concluded by next June.

Servizi Italia S.p.A., pursuant to Article 3 of the Consob Resolution no. 18079 of 20 January 2012, decided to join the out-put regime set forth in Articles 70, paragraph 8, and 71, paragraph 1-bis, of the Consob Regulations n. 11971/99 (as amended and integrated), availing itself of the right to derogate from the obligation to publish the information documents as set forth in annex 3B of the above mentioned Consob Regulations when carrying out significant merging, demerging, share capital increases through contributions in kind, acquisitions and transfer operations.

With reference to the changes made to the regulatory framework in 2016, Servizi Italia S.p.A. publishes the additional periodical information, meeting the obligations envisaged for the issuers listed in the STAR segment as specified in Article 2.2.3, paragraph 3, of the Regulations for the Markets organised and managed by Borsa Italiana S.p.A. and in the notice No. 7578 issued by Borsa Italiana on 21 April 2016.

The Chairman of the Board of Directors

(Roberto Olivi)

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