Immsi Group: 2021 draft financial statements

PRESS RELEASE

IMMSI GROUP: 2021 DRAFT FINANCIAL STATEMENTS

In 2021, Immsi Group reported an improvement in all the main business and balance sheet ratios, in spite of the objective difficulties of the macroeconomic context. Consolidated revenue rose by over 24% - the best result reported since 2009 - Ebitda was on the upturn and increased by 23.8% and net earnings, at EUR 35.4 million, including the share attributable to non-controlling interests, more than doubled compared to the previous period. Over the same period, debt was cut by almost EUR 39 million.

• Consolidated net sales 1,709.6 million euro, up 24.2% (1,376.8 €/mln in 2020)
• Ebitda 230.5 million euro, up 23.8% (€ 186.2/mln in 2020) Ebitda margin 13.5% (13.5% in 2020)
• Operating Result (Ebit) EUR 97.8 million, reporting an increase of 47.1% (EUR 66.4 million in 2020) Ebit margin 5.7% (4.8% in 2020)
• Result before taxation was positive, totalling EUR 62.2 million (EUR 29.4 million in 2020) of which taxes accounted for EUR 26.8 million
• Net result positive standing at EUR 35.4 million (EUR 15.8 million in 2020), including minority interests, totalled EUR 23.2 million year ends 31.12.2021 (EUR 6.1 million in 2020)
• Immsi Group consolidated net financial position, amounting to EUR -764.2 million, reported improvement of EUR 38.7 million compared to EUR -802.9 million reported year ends 31.12.2020, due to positive business performance and vigilant working capital management
• Investments totalled EUR 165 million, +15.2% compared to EUR 143.2 million in reporting period 2020
• Proposed dividend of 3 eurocents per share (no dividend was distributed in the previous reporting period)
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• Authorisation for the purchase and disposal of own shares
• Call of the Annual General Meeting

Mantua, 23 March 2022 - At a meeting today chaired by Roberto Colaninno, the Board of Directors of Immsi S.p.A. The Board of Directors of Immsi S.p.A. (IMS.MI), meeting today with Roberto Colaninno as chair, reviewed and approved the Draft Financial Statements for reporting period 20211.

1 The 2021 draft financial statements and the Immsi Group 2021 consolidated financial statements have been prepared with the XHTML electronic format pursuant to Delegated Regulation (EU) 2019/815 (known as the ESEF Regulation); with the approval of the consolidated financial statements, the related mark-ups using XBRL tags have also been approved.

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Immsi Group financial and business performance at 31 December 2021

Consolidated revenue at 31 December 2021 totalled EUR 1,709. 6 million, the highest result reported since 2009, up by 24.2% (EUR 1,376.8 million in 2020).

Immsi Group consolidated Ebitda (Earnings before interest, taxes, depreciation and amortisation) corresponded to EUR 230.5 million, the highest value ever reported, up by 23.8% (EUR 186.2 million in 2020). Ebitda margin corresponed to 13.5%, stable compared to 2020.

Consolidated Ebit (earnings before interest and taxes) totalled EUR 97.8 million, up be 47.1% (EUR 66.4 million in 2020). The EBIT margin was 5.7% (4.8% in 2020).

The result before taxes corresponded to EUR 62.2 million, more than doubled compared to EUR 29.4 million reported in 2020, of which taxes accounted for EUR 26.8 million.

The net result was positive, totalling EUR 35.4 million (EUR 15.8 million in 2020), including minority interests (EUR 23.2 million at 31 December 2021 and EUR 6 million at 31 December 2020).

Net financial debt (NFP) of the Immsi Group year ends 31 December 2021 corresponded to EUR 764.2 million, reporting improvement of EUR 38.7 million compared to EUR 802.9 at 31 December 2020, due to positive business performance and working capital careful management.

In 2021, Immsi Group made investments totalling EUR 165 million, up by 15.2% compared to EUR 143.2 million in 2020.

Group shareholders' equity at 31 December 2021 was 390.9 million euro (362 million euro

at 31 December 2020).

The Group's operations present seasonal variations in sales over the course of the year, especially in the industrial sector.

Performance of the Immsi Group businesses at 31 December 2021

Industrial Sector: Piaggio Group

On the reporting date, 31 December 2021, the Piaggio Group reported global vehicle sales totalling 536,000 units (482,700 in 2020), up by 11%, reporting consolidated revenue totalling EUR 1,668.7 million (+28.1% at constant exchange rates). Consolidated Ebitda coresponded to EUR 240.6 million (+29.3%) and a margin of 14.4%; Ebit corresponded to EUR 112.6 million, up by 58.9%, reporting a margin of 6.7%; net profit reported a positive result totalling EUR 60.1 million (EUR 31.3 million in 2020).

Net financial debt (NFP) at 31 December 2021 amounted to EUR 380.3 million, reporting improvement of EUR 43.3 million compared to EUR 423.6 million at 31 December 2020.

Naval Sector: Intermarine S.p.A.

Subsidiary Intermarine S.p.A. reported at 31 December 2021 consolidated net sales corresponding to EUR 38.1 million, consisting of EUR 33.8 million in the Military Sector and EUR 4.6 million in the Fast Ferries and Yacht division, primarily regarding operations at the

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Messina shipyard. The Intermarine order book at 31 December 2021 stood at approximately 34 million euro.

Real Estate and Holding sector

The Real Estate and Holding sector reported net revenues of EUR 2.8 million at 31 December 2021, almost double the amount compared to 31 December 2020 (EUR 1.5 million).

The subsidiary Is Molas S.p.A., which manages the Is Molas Golf Resort project in the Sardinian province of Cagliari, completed four showhomes and took the remaining 11 villas in the first batch to an advanced unfinished stage, to enable potential clients to select floorings and internal finishes. The company confirmed the possibility of leasing the showhomes in order to enable end customers, including investors, to become familiar with the product and related services on offer. Commercial operations are underway to identify possible national/international purchasers.

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Immsi S.p.A. parent company

Immsi S.p.A. parent company reported a net adjusted result for the period corresponding to EUR 19.2 million (EUR 19.9 million 31 December 2020 year ends) which was affected by write- downs of equity interests and financial receivables especially from subsidiary ISM Investimenti S.p.A., totalling EUR 50.5 million, due to the effects of the continuing pandemic which has had a devastating impact on the tourist industry globally (EUR 15 million in 2020). Following the above-mentionedwrite-downs, the result for reporting year 2021 was negative, amounting to EUR 31.3 million, fully covered by retained earnings from previous periods (positive for EUR 4.9 million 31 December 2020 year ends).

The NFP of Immsi S.p.A. parent company 31 December 2021 year ends was negative, amounting to EUR 23.6 million (+ EUR 6.8 million at 31 December 2020) primarily due to the effect of the above-mentionedwrite-downs of financial receivables from subsidiaries.

The Board of Directors will propose to the Shareholders' Meeting to distribute a dividend for the 2021 financial year corresponding to 3 eurocents, before taxes, for each entitled ordinary share, corresponding to a total of EUR 10,215,900. The ex-dividenddate (coupon no. 13) is 16.05.2022, the record date is 17.05.2022 and the payment date is 18.05.2022.

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Significant events after 31 December 2021

Supplementing the information published above or at the time of approval of the 2021 third- quarter results (directors' meeting of 12 November 2021), this section illustrates key events in and after 2020.

On 23 November 2021, the Piaggio Group presented a number of new products at the EICMA tradeshow in Milan. These included: Aprilia Tuareg 660, Aprilia Tuono 660 Factory, Moto Guzzi V100 Mandello, Moto Guzzi V85 TT Guardia d'Onore, Piaggio 1 and Vespa Elettrica (RED).

On 24 November 2021, the Standard & Poor's Global Ratings agency (S&P) said it had upgraded its rating for the Piaggio Group from "B+" to "BB-", and confirmed its "stable" outlook.

On 29 November 2021 the Piaggio Group signed agreements with the trades unions concerning the launch of a program for the fixed-term recruitment in 2022 of up to 580 people for the Group's Italian factories in Pontedera, Mandello del Lario and Scorzè.

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On 20 January 2022 the Piaggio Group presented the results of a new study exploring and analysing Vespa brand value, identifying Vespa as a key asset in its portfolio. The study, conducted by Interbrand, the world's leading brand consultancy, found Vespa to be "a unique brand with worldwide recognition, thanks to its perfect combination of design, lifestyle and Italian tradition" and establishes the economic value of the Vespa brand at 906 million euro.

On 7 February 2022, the placement with European and Asian banks of a Schuldschein loan totalling 115 million euro was completed. The issue was launched in October 2021 for an initial amount of 50 million euro, which was increased as a result of the quantity of orders received. This is an important operation for Piaggio on the Schuldschein market, in terms both of the take-up and of the qualifying organisation of maturities at 3, 5 and 7 years. The loan will be used to refinance current debt and diversify lenders, as well as to strengthen the Group's solid liquidity profile by extending average debt maturity.

On 10 March, the Piaggio Group and Santander Consumer Finance (Santander) entered into a long-term global cooperation agreement for the development of retail financial services to support the Piaggio Group's sales organisation and distribution network in local markets around the world.

On 18 March, at the first MotoGP race in Indonesia, the Piaggio Group announced that it was developing a new facility in Jakarta, which will be built on a 55,000 square-meter area, and whose inauguration is expected by the end of the year. At the same time, the Group showcasedthe new Aprilia SR GT scooter to Asian markets at the Lombok circuit.

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Outlook

Although the formulation of forecasts remains complex, the Immsi Group will continue to work towards meeting its commitments and targets, maintaining all necessary measures in place to ensure a flexible and immediate response to any challenging and unexpected situations that might arise, thanks to careful and efficient business and financial management.

Regarding the Industrial Sector, Piaggio will also continue its growth path in 2022, confirming the planned investments in new products and new facilities and strengthening its commitment to ESG issues, despite the current international geopolitical tensions.

In this general situation, Piaggio will continue as ever to work to meet its commitments and objectives, keeping a constant focus on efficient management of its economic and financial structure so that it can respond immediately and in a flexible manner to the challenges and uncertainties of 2022.

In the Naval Sector, despite continuing uncertainty, advances in production work on contracts will continue as well as commercial operations in all the company's areas of business. Intermarine is also involved in a number of negotiations, in the Defence sector in particular, to win new orders that would enable it to expand its order book and consequently guarantee conditions allowing it to optimise its production capacity over the coming years. The company will also pursue every opportunity to contain direct and indirect costs.

The Real Estate and Tourism-HospitalitySector reports an expected gradual return to normality and subsidiary Is Molas S.p.A. will therefore be moving ahead with sales operations to identify possible domestic and international buyers.

In addition, the sale of the shares in Pietra Ligure Srl is expected within H1, which provides for a price balance in favour of seller Pietra Srl of EUR 20 million, to complete the price advance of EUR 10 million collected in July 2021.

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The Immsi Group is closely following the developing conflict between The Russian Federation and Ukraine that risks having significant repercussions on the global economy, also as a result of the sanctions that have already entered into force or are currently being defined. The extreme geographical diversification of sales means that, at 31 December 2021, Group exposure in this area is essentially zero (0.05% in terms of sales revenue).

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Non-Financial Disclosure

At today's meeting, the Board of Directors approved the Immsi S.p.A. consolidated Non- Financial Disclosure drawn up pursuant to legislative decree 254/2016, included in the Directors' Report on Operations as at and for the year ended 31 December 2021.

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Authorisation for the purchase and sale of own shares

At today's meeting, the Board of Directors also agreed to ask the ordinary session of the shareholders' meeting to renew the authorisation for the purchase and disposal of Immsi own shares granted by the AGM of 30 April 2021, which is due to expire during 2022. The proposal aims to provide the company with a useful strategic investment opportunity for all purposes allowed under current regulations, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, hereinafter "MAR") and in the practices allowed under art. 13 MAR, including purchases of own shares for subsequent cancellation, on the terms and conditions that will be approved by the relevant governance bodies.

All information relating to the terms and procedures of the authorisation will be set out in the Report on the purchase and disposal of own shares, which will be made available to shareholders as required by law.

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The Board of Directors agreed to convene the Annual General Meeting for 29 April 2022, on first call, and 12 May 2022, on second call.

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The manager in charge of preparing the company accounts and documents, Andrea Paroli, certifies, pursuant to paragraph 2 of art. 154-bis of the Consolidated Law on Financial Intermediation, that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.

This press release may contain forward-looking statements relating to future events and Immsi Group business and financial results. By their nature, these statements are subject to inherent risks and uncertainties since they relate to events and depend on circumstances that may or may not occur or exist in the future. Actual results may differ materially from those expressed in such statements as a result of a variety of factors.

This press release contains a number of indicators that, though not yet contemplated by the IFRS ("Non-GAAP Measures"), are based on financial measures envisaged by the IFRS. These indicators - presented in order to assist assessment of the Group's business performance - should not be considered as alternatives to those envisaged by the IFRS and are consistent with those in the Immsi Group Annual Report at 31 December 2020 and quarterly and half- year reports. Furthermore, since determination of such indicators is not specifically regulated by the IFRS, the methods used may not coincide with those adopted by other companies/groups, and consequently the indicators in question may not be comparable. Specifically, the following alternative performance indicators are used:

• EBITDA: earnings before amortisation and impairment losses on property, plant and equipment and intangible assets, as reflected in the income statement;
• Net financial debt: this reflects financial liabilities (current and non-current), less cash and cash equivalents, and other financial receivables (current and non-current). Determination of net financial debt does not include other

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