GVS S p A : - H1 2023 Results - Slide Presentation

• H1 2023 RESULTS PRESENTATION

• September 5th, 2023

Executive Summary

Key H1 2023 trends

H1 2023 Sales up +28% YoY driven by Healthcare (including impact of 2022 acquisitions) and Safety

divisions

EBITDA Adjusted up +17.9% YoY, thanks to M&A performance and pricing

Third consecutive quarter of profitability recovery, reaching 22.4% Adjusted EBITDA margin in Q2 2023

NFP decrease on the back of tighter NWC control, with significant room to June 2023 covenant on

leverage ratio

2

GVS - H1 2023 Results At-a-Glance

Continuous sales growth, profitability recovery and NFP reduction

	SALES				EBITDA Adjusted and %
€m					€m
	+28.1%	213.4			+17.9%	47.1
		34.4	+6.7%		39.9
166.6
+2.2%
	34.1	-12.4%
32.2	pro-forma
38.9					24.0%	22.1%
		+51.8%
		144.9	+5.3%
95.5
		pro-forma

NFP Adjusted and Leverage

€m

313.9

300.5

	290.0
3.48x	3.75x
3.37x

H1 2022		H1 2023
Healthcare&Life Sciences		Energy&Mobility		Health&Safety

• +28.1% sales growth, driven by Healthcare (+51.8%, including contribution of STT and Haemotronic) and Safety divisions (+6.7%)
• Healthcare sales up 5.3% vs. H1 2022 on pro- forma basis (3)
• FY 2023 Sales expected in the € 425-430m range (previous range: € 440-460m)

H1 2022		H1 2023
		EBITDA Adj.		margin %

• Adj. EBITDA up 17.9% YoY, driven by M&A contribution and pricing
• FY 2023 Adj. EBITDA guidance confirmed at € 95-105m

FY 2022	Q1 2023	H1 2023
		NFP Adj.(1)		Leverage (2)

• H1 2023 NFP Adjusted(1) decrease to €290m, mostly driven by operating cash generation and tighter NWC control
• Leverage ratio(2) at 3.37x, with significant room the 4.25x covenant as of June 2023
• FY 2023 NFP guidance confirmed at €340- 360m (NFP Adjusted €265-285m )

1. NFP adjusted calculated considering the €75m subordinated shareholder loan as equity (not financial liability)

(2)	Leverage ratio calculated as NFP adjusted/L12M Pro forma EBITDA. i.e. including full contribution of 2022 acquisitions	3
(3)	H1 2022 Healthcare pro-forma revenues equal to € 137.6 m, including full contribution of STT and Haemotronic. STT and Haemotronic 2022 pro-forma financials are based on management accounts

Focus on Sales - H1 2023 vs. H1 2022

Consistent sales growth by quarter

H1 2023 SALES VS. 2022 ACTUAL AND PRO-FORMA(1) - QUARTERLY EVOLUTION

€m

104.6

23.5

81.1

€m

-0.6%

104.0

+28.2%

104.0

104.2

18.7

85.5

€m

+5.0%

109.4

+28.0%

109.4

208.8

42.2

166.6

+2.2%

213.4

+28.1%

213.4

Q1 2022		Q1 2023	Q2 2022		Q2 2023	H1 2022		H1 2023
	Actual Sales		Delta Perimeter (1)		Actual Sales		Delta Perimeter (1)		Actual Sales		Delta Perimeter (1)

• Actual sales up c.+28% by quarter, for a total +28.1% growth in H2 2023 vs. previous year
• +5.0% sales growth in Q2 2023 vs. Q2 2022 pro-forma, leading to +2.2% growth in the first half

(1) STT and Haemotronic 2022 pro-forma financials are based on management accounts	4

Focus on Sales - H1 2023 - Organic vs. M&A

Strong impact of M&A synergies in Q2, with recovery of organic sales

H1 2023 SALES VS. 2022 PRO-FORMA(1) - ORGANIC vs. M&A

€m		€m		€m
104.6	104.0	104.2	109.4	208.8	213.4
	+25.4%		+24.9%		+25.1%
25.6		34.9	53.5
32.1	27.9	67.0
	-9.0%		-2.3%		-5.7%
78.9	71.8	76.3	74.6	155.3	146.4

Q1 2022

Q1 2023

Q2 2022

Q2 2023

H1 2022

H1 2023

Organic Sales

M&A(2)

Organic Sales

M&A(2)

Organic Sales

M&A (2)

• Strong contribution from 2022 M&A synergies (STT and Haemotronic) continues in Q2 2023 (+24.9%), for a total +25.1% growth vs. H1 2022
• Visible organic sales recovery in Q2 (-2.3% vs. -9.0% in Q1)

(1)	STT and Haemotronic 2022 pro-forma financials are based on management accounts	5
(2)	STT + Haemotronic full contribution