GVS S p A : FY2021 Results presentation

GVS SPA

22.03.2022

Agenda

1	YTD Dec 2021 Outlook

2	Company Presentation

Appendix: Additional Materials

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YTD Dec 2021 GVS Performance Highlights

Sales: 338 M€ +9% on 2020, adjusted by the disposable mask contribution due to Covid 19 in 2021 and 2020

• Q4 2021 stronger than Q3 and in line with expectations with the only exception of the E&M trend which reflect the production difficulties of GVS's customers with some postponement of POs already in the book.
• H&S come back over 20M€ in the last quarter thanks to the RPB contribution.

Adjusted EBITDA: 108 M€, 32% of Adjusted EBITDA Margin

• 4Q 2021 Adj EBITDA Margin at 27,4%, coming back to a positive trend due to the partial recovery of the industrial structure efficiency, but penalized from the slow down of the E&M division.

NFP: 107 M€ of Net Financial Position.

• 92 M€ of net operative cash generation.
• RPB Acquisition in August 2021 for 148 M€ (129,2 cash + 18,9 of definitive earn out).
• Right of Use about 11 M€.

Leverage KPI: Debt/Equity 0,4 e NFP/EBITDA 1 (Just four months of RPB)

• The two key financial KPI are solid and coherent with expectations.

This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.

YTD Dec 2021 Adj Sales - net of Disposable Mask contribution

363

338

144

108

27%

40%

32%

• +12% Sales CAGR 2019-2021, excluding the disposable masks turnover from the total to neutralize the Covid 19 impact, half part is organic and half part is due to the realized M&A addition in the last two years.
• +18% Adjusted EBITDA CAGR 2019-2021, excluding the disposable mask profit and the over-absorbtion of fixed costs in the last two years, +15% of organic EBITDA growth due to the low level of contribution of Puerto Rico acquisition in 2020 and the 4 months of RPB acquisition in 2021.
• Disposable mask will remain as normal business in the GVS portfolio, but with a level of consumption and values no more linked with the Covid19 pandemia.

This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.

YTD Dec 2021 Evolution of Sales

TOTAL SALES YTD Dec 2021: 338,1 M€ -7%vs 2020

The Healthcare & Lifesciences division confirms the positive trend of growth compared with the previous year.

The Energy & Mobility division slowed down at the end of the year due to the supply chain difficulties in the market, but keeping a positive growth on a Full Year consideration.

The Health & Safety division reflects the transition in a post Covid 19 scenario and the addition of RPB drives to a positive trend in the last quarter: adjusted Q4 2021 sales, excluding the contribution from disposable mask, are 86% higher than the average of the last seven

quarters.

€ 363,3

€ 338,1

YTD Dec 2021

FY 2020		FY 2021

This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.