The Gibus Group records extraordinary performance in 1H 2021: export + 63%, EBITDA more than triple and higher than all of 2020, Positive NFP Cash for € 6.7 Million

THE GIBUS GROUP RECORDS EXTRAORDINARY PERFORMANCE IN 1H 2021: EXPORT + 63%, EBITDA MORE THAN TRIPLE AND HIGHER THAN ALL OF 2020, POSITIVE NFP CASH FOR € 6.7 MILLION

• • Revenues: 35.8 €M, +100% (1H 2020: 17.9 €M)
    • EBITDA: 8.5 €M, +241% (1H 2020: 2.5 €M)
  • • Net profit: 6.2 €M, +304% (1H 2020: 1.5 €M)
• Net financial position: -6.7 €M (FY 2020: -7.3 €M)

SACCOLONGO (PD), 16th September 2021

The Board of Directors of GIBUS (GBUS:IM), the Italian brand of the high-endOutdoor Design sector, an innovative medium-size company listed on the Italian AIM market and founded in 1982, approved today the consolidated half-yearly financial report at 30th June 2021.

Gianfranco Bellin, Chairman and Managing Director of GIBUS says: "The first half of 2021 recorded

extraordinary results in terms of revenue and margin: turnover doubled compared to the first half of 2020 and the EBITDA for the half year exceeded the figure for the full year of 2020. In full continuity with what was recorded in the second half of 2020, the very strong attention of consumers for investments aimed at improving environments, particularly outdoor spaces, is confirmed in all of Europe. In Italy, this trend has received a further boost from the 50% Ecobonus on awnings and pergolas, and particularly with the possibility for taxpayers to take advantage of the immediate discount on the invoice instead of the tax deduction in 10 years. Thanks to its own initiative "50% discount on the invoice," GIBUS was the first company in the sector to arrange an organized flow that allows retailers of the GIBUS Atelier network to offer final customers the discount on the invoice: this initiative, which became operational during the last few months of 2020, was a fundamental sales tool for the network of affiliated dealers who, in the first half of the year, processed over 4,200 files, and contributed to an overall growth in national turnover of + 117%. Starting from the first months of 2021, there was an increase in the costs of the materials used for production, primarily aluminum, as well as steel components, fabrics and packaging materials; in the first half, the impact is limited, while we expect it to increase in the second half of the year. In foreign markets, albeit without the thrust of initiatives facilitated by legislative or tax changes, GIBUS recorded sales up + 63%, a trend that we think will continue in the second half of the year."

MAIN CONSOLIDATED RESULTS AS AT 30 JUNE 2021

The revenues are equal to 35.8 million Euros, +99.2% compared to 17.9 million Euros on 30th June 2020. The performance of the half year is exceptionally positive, even if compared with the same period of 2019, whose turnover amounted to 22.0 million Euros: in this comparison, the growth is +62%. Revenues achieved in the half year represent 79% of the entire 2020 turnover, equal to 45.1 million Euros.

Revenues per geographical area

Revenues achieved abroad are equal to 9.7 million Euros and record a variation of + 62.9% compared to 5.9 million Euros at 30th June 2020. Italy records revenues of 26.0 million Euros, + 117.2% compared to € 12.0 million at 30th June 2020; the significant growth at national level brought the weight of revenues to 72.8% of the total (66.8% at 30th June 2020).

Revenues of GIBUS Ateliers

GIBUS S.p.A. ● via L. Einaudi, 35 ● 35030 Saccolongo (PD) ● www.gibusgroup.com

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The network of GIBUS Ateliers, the authorized retailers of GIBUS products exclusively sold for the outdoor sector, represents a unique example in the competitive European panorama and it is also a solid base for the growth of the Group: the revenues generated by the network by 30th June 2021 are 28.6 million Euros and they reported a total variation of +108.7% compared to 30th June 2020, in particular +135.4% in Italy and +63.7% Abroad.

In the first half of 2021, the network recorded an increase in the number of affiliates: by 30th June 2021 there are 434 shops (+ 5.1% compared to 413 at 30th June 2020) and, in particular, 300 in Italy (+9.5% compared to 274 as of 30th June 2020) and 134 abroad (-3.6% compared to 139 as of 30th June 2020).

Revenues per Line of product

The contribution in terms of revenues from the Luxury High Tech and Sustainability lines was decisive. The weight of the luxury segment went from 43% in the first half of 2020 to 45.2% in the first half of 2021, confirming that this segment is the one that most contributes to growth.

The Luxury High Tech line (bioclimatic pergolas) represents 30.9% of revenues in the first half of 2021 and records a change of +106.2% compared to 30th June 2020. The Sustainability Line (zip screen) represents 14.3% of revenues in the first half of 2021 and shows a change of + 131% compared to 30th June 2020.

The Design Line (pergolas, awnings, glass doors and accessories) represents 51.7% of revenues in the first half of 2021 and shows a variation of + 98.1% compared to 30th June 2020.

The first half of the year saw the debut on the market of a series of very important GIBUS innovations; first there is the new line of SPAZIO arm awnings, which allows to control the mid-range of the reference market with a product that has a modern and innovative design and was developed in collaboration with Meneghello Paolelli Associati. The new family also integrates a LED lighting system in addition to the roll-up front valance. From the first months of 2021, it is also possible to integrate the Microspot led lighting systems within the entire Click range, within the Sustainability line.

The Gross Operating Margin (EBITDA) is equal to 8.5 million Euros, and has a higher value than EBITDA of the 2020 financial year and up by +241% compared to 2.5 million Euros as of 30th June 2020; the impact on the turnover is 23.8%, compared to 13.9% on 30th June 2020. The industrial margin is 46.1% (47.0% on 30th June 2020), marginally affected by the situation that the Group is facing for the procurement: starting from the end of 2020, there was a rapid and significant increase in raw materials, further accentuated from May 2021; GIBUS has coped with it an initial adjustment of the sales price lists to orders received from the beginning of May and a second adjustment from August. The management monitors the situation constantly and communicates daily with the suppliers and the main market operators. The impact of other variable costs goes from 10.1% to 7.8%, while the impact of the structural costs goes from 22.9% to 14.5%.

The Net Operating Margin (EBIT) is equal to 7.6 million Euros, +265% compared to 2.1 million Euros on 30th June 2020, after amortizations and devaluations equal to 1.0 million Euros (0.9 million Euros on 30th June 2020). The extraordinary management shows a positive balance of 68 thousand Euros; the figure on 30th June 2020 (extraordinary proceeds of 0.5 million Euros) was due to the operating contribution received from the Ministry of Economic Development (pursuant to Article 1, paragraphs 89-92 of Law No. 205/2017, the so-called IPO Tax Credit), equal to 50% of the consultancy costs incurred. The EBIT margin is 21.2%, compared to 11.6% on 30th June 2020.

The Result before taxes is equal to 8.6 million Euros, up by +324% compared to 2.0 million Euros on 30th June 2020. Financial proceeds of 1.0 million Euros are recorded (financial charges of 53 thousand of Euros compared to June 2020); they are the result of a particularly efficient management of the

GIBUS S.p.A. ● via L. Einaudi, 35 ● 35030 Saccolongo (PD) ● www.gibusgroup.com

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excess liquidity compared to the need of the operating business, also thanks to the excellent financial rating that allows the access to competitive credit and a good capacity to manage the company liquidity.

The Net Profit is 6.2 million Euros with an increase of +304% compared to 1.5 million Euros on 30th June 2020, net of taxes of 2,4 million Euros (0.5 million Euros on 30th June 2020).

The Shareholders' Equity is equal to 21.6 million Euros, higher than on 31st December 2020 when it was

18.3 million Euros.

The Net Financial Position is equal to -6.8million Euros; the variation compared to -7.3 million euros at 31st December 2020 is attributable to the seasonality of the business. The figure shows a clear improvement compared to -0.9 million Euros at 30th June 2020, also in consideration of the fact that the dividend of 1.3 million Euros relevant to 2019 was suspended and then paid at the end of 2020, while, in April 2021, a dividend of € 2.7 million was paid.

FORECASTABLE EVOLUTION OF THE MANAGEMENT

The socio-economic situation remains strongly affected by the pandemic as well as by the success of the national vaccination campaign, which expects to reach a coverage of 80% of the national population by the end of September; consequently, there are still doubts and hesitations about times and methods to leave the pandemic scenario.

Despite this, the economic-financial indicators and the analysts predict a faster and more intense economic recovery trend than it was estimated a few months ago and that, combined with the growth trend that the sector in which the Group operates has been recording for over 12 months, allows us to expect a favorable evolution from the point of view of demand, strengthened by the ability shown by the Group to coexist with the pandemic.

The situation that the Group and, in general, the entire world of industry is facing on the procurement side is very delicate. This is an unprecedented moment that sees the combination of the difficult availability of many raw materials due to the strong demand caused by the rapid economic recovery and the consequent increase in prices to levels unimaginable only a few months ago, also fueled by a strong speculative trend.

Aluminum (the main raw material for Gibus) has reached its historic price peak on the LME, after months of rise and driven by the uncertainty created by the recent coup in Guinea, a country from which about 25% of the world's bauxite is extracted.

The increase in the cost of aluminum was accompanied by increases in the price of almost all the materials used in the Group's production cycle. These increases in GIBUS costs, in line with the actions of the main players in the market, were followed by upward adjustments in the sales price lists, the first of which came into effect for orders received from the beginning of May. Despite these strategies of the upward adjustment of sales prices, a repercussion at the level of industrial margins for the 2021 year will nevertheless be inevitable. To date, it can be estimated that this impact will be offset by the increase in sales volumes and by the margins generated by the absorption of fixed costs and it won't have repercussions on the economic-financial balance of the company.

In addition to the increase in the price of raw materials, there is the difficulty in finding many raw materials and, in particular, the so-called "crisis of semiconductors": the increase in demand for electronic products recorded in the last year has led to a saturation of all supply chains that produce microprocessors, leading to enormous supply difficulties for these semi-finished products. In recent months, GIBUS has faced significant stock outages of components related to the automation and electronic control of its products, which for now have sometimes created slowdowns and delays in production without ever stopping it: the situation, as unfortunately already feared by some of the group's suppliers, could also remain critical in the coming months. It cannot be excluded that this situation may lead to slowdowns in the production cycles and in the shipping activities of products during the last months of the year, without predicting significant effects on the operating result.

GIBUS S.p.A. ● via L. Einaudi, 35 ● 35030 Saccolongo (PD) ● www.gibusgroup.com

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GIBUS (GBUS:IM - ISIN IT0005341059) is the Italian brand protagonist of the high-end Outdoor Design sector for HO.RE.CA. and Residential, present in Italy and the main European countries with a network of 434 GIBUS Ateliers which is unique in the national and international competitive landscape. With headquarters in Saccolongo (PD) and around 200 employees, it designs 100% Made in Italy products and oversees the entire value chain. GIBUS has a consolidated market share in Italy and has strengthened its presence abroad (14.1 million euros in revenue, equal to 31%), particularly in France and the DACH area. It is an Innovative SME that constantly invests about 3% of turnover in R&D and, with over 50 patented technical solutions and 30 protected design models, has defined new quality standards in the sector: raising the technological content and product design is the key to compete in the high-end segment of the outdoor sector and to meet the needs of increasingly greater comfort in the use of outdoor spaces. The main product lines, Luxury High Tech (Bioclimatic Pergolas) and Sustainability (ZIP Screen), are characterized by their level of design and technology and represent the main growth driver of the Company. Historically the products make the combination of mechanical technology and textile processing know-how their strongpoint, and electronics have become increasingly important in recent years: today the company is able to offer fully automated solutions, capable of responding automatically to changes in weather conditions, and connected to web platforms for remote control. The products are characterized by high production and safety standards: ISO 14001, ISO 9001, ISO 45001, anti- counterfeiting hologram with the GIBUS brand and unique alphanumeric code.

Release available on www.emarketstorage.com and www.gibusgroup.com

CONTACTS

INVESTOR RELATIONS

Gibus |Alessio Bellin | [e-mail] | T [phone]

IR Top Consulting | Maria Antonietta Pireddu | [e-mail] | T [phone]

MEDIA RELATIONS

IR Top Consulting | Domenico Gentile, Antonio Buozzi | [e-mail] | T [phone]

NOMAD

Bestinver Securities | Donatella Mascia | [e-mail] │ T [phone]

GIBUS S.p.A. ● via L. Einaudi, 35 ● 35030 Saccolongo (PD) ● www.gibusgroup.com

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RECLASSIFIED INCOME STATEMENT

(amounts in euros)	30.06.2021	30.06.2020	Var. %
Net sales revenue	35.785.537	100,0%	17.900.307	100,0%	99,9%
Cost of goods sold	(19.300.823)	-53,9%	(9.495.658)	-53,0%	>100,0%
Industrial margin	16.484.714	46,1%	8.404.649	47,0%	96,1%
Other variable costs	(2.783.000)	-7,8%	(1.808.257)	-10,1%	53,9%
Contribution margin	13.701.714	38,3%	6.596.392	36,9%	>100,0%
Total structure costs	(5.198.983)	-14,5%	(4.106.138)	-22,9%	26,6%
EBITDA	8.502.732	23,8%	2.490.253	13,9%	>100,0%
Depreciation/amortization and write-downs	(987.155)	-2,8%	(881.395)	-4,9%	12,0%
Extraordinary management	68.253	0,2%	471.217	2,6%	-85,5%
EBIT	7.583.830	21,2%	2.080.075	11,6%	>100,0%
Financial income and expenses	1.001.031	2,8%	(53.640)	-0,3%	>100,0%
Result before taxes	8.584.862	24,0%	2.026.435	11,3%	>100,0%
Taxes	(2.407.496)	-6,7%	(495.544)	-2,8%	>100,0%
Net result	6.177.366	17,3%	1.530.891	8,6%	>100,0%

GIBUS S.p.A. ● via L. Einaudi, 35 ● 35030 Saccolongo (PD) ● www.gibusgroup.com

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