11.11.2021 18:00 - The BoD of Piovan SpA approves the periodic financial information as of September 30, 2021

Press Release

THE BOARD OF DIRECTORS OF PIOVAN S.P.A. APPROVES THE PERIODIC FINANCIAL INFORMATION AS OF

SEPTEMBER 30, 2021

Piovan Group's positive performance continues in the first nine months of 2021, with excellent results both in the Plastic and Food & Non-plastic segments and in all geographies. The Group confirms its commitment towards a sustainable development with the obtainment of an ESG rating issued by Sustainalytics.

• Consolidated revenue of € 210.9 million, growing significantly from € 152.3 as of September 30, 2020 (+38.5% and +27.1% on a like-for-like consolidation basis and excluding the impact of certain non-recurring items);
• EBITDA, improving both in absolute value and in terms of profitability, reaching € 30.9 million (14.7% margin), increasing by 54.5% from € 20.0 million as of September 30, 2020 (+32.4% on a like-for-likeconsolidation basis and excluding the impact of certain non-recurringitems);
• Consolidated Operating Profit (EBIT) of € 25.7 million (12.2% margin), increasing by 61.1% compared to € 15.9 million as of September 30, 2020;
• Consolidated Net Profit of € 18.4 million (8.7% margin), compared to € 10.5 million as of September 30, 2020;
• Positive Consolidated Net Financial Position of € 3.7 million, substantially in line with the figures as of December 31, 2020 and improving towards the same figures as of September 30, 2020 when it was € 2.6 million. Excluding the effects of the application of the IFRS 16, the positive consolidated net financial position as of September 30, 2021 would amount to € 14.1 million compared to € 14.4 million at December 31, 2020.

Santa Maria di Sala (Venice), November 11th, 2021 - The Board of Directors of Piovan S.p.A. ("Piovan" or the "Company") today reviewed and approved the Periodic Financial Information as of September 30, 2021.

"The results obtained in these first nine months of 2021 confirm a strong growth in sales volumes in line with the excellent trends of the previous months, with a substantial increase in margins resulting in a positive cash generation, a fundamental condition for considering any processes of future aggregation" declared Nicola Piovan, Executive Chairman.

"We are proud of these results, obtained with the continuous commitment of Piovan Group in the field of sustainability and circular economy, as also certified by the issuance of the ESG rating obtained from Sustainalytics. In addition, the Group has the ambition to be among the leading companies, on a global scale, in the conversion towards a sustainable production and circular economy in the field of products made out of plastic polymers." adds Filippo Zuppichin, Chief Executive Officer.

The key financial highlights of the Periodic Financial Information as of September 30, 2021 follow:

			Economic performance indicators					Changes
(amounts in €'000)		Nine months			% on total			Nine months			% on total
		ended			revenues							2021 vs
						ended September			revenues and					%
		September 30,			and other							2020
						30, 2020			other income
		2021			income
Revenue	206,100		97.7%	149,421		98.1%	56,680		37.9%
Other revenue and income	4,775		2.3%	2,849		1.9%	1,926		67.6%
TOTAL REVENUE AND OTHER INCOME	210,875		100.0%	152,269	100.0%	58,606		38.5%
EBITDA (*)	30,911		14.7%	20,002		13.1%	10,909		54.5%
OPERATING PROFIT	25,650		12.2%	15,923		10.5%	9,728		61.1%
PROFIT BEFORE TAXES	25,891		12.3%	15,118		9.9%	10,773		71.3%
Income taxes	7,484		3.5%	4,625		3.0%	2,859		61.8%
NET PROFIT	18,407		8.7%	10,493		6.9%	7,914		75.4%

1. 9M 2020 EBITDA (indicated in the Periodic Financial Statements as at September 30, 2020 at Euro 20,050 thousand) was restated net of "Provisions" for comparability with the 9M 2021 figure, following a change to the indicators definition.

Revenue overview

Consolidated revenue (and other income)

Piovan Group reported revenue and other income of € 210.9 million in the first nine months of 2021, increasing by 38.5% from € 152.3 million in the first nine months of 2020.

Excluding revenues recognized by Doteco Group and Studio Ponte S.r.l., consolidated from October 1st, 2020, total revenues and other income in the first nine months of 2021 amounted to € 195.1 million, up 28.1% on the same period of 2020.

Other revenue and income, which was up 67.6% on the first nine months of 2020, include non-recurring revenue related to the € 1.6 million grant that Unadyn received from the U.S. government under the Paycheck Protection Program launched in 2020 in response to the pandemic. Excluding these non-recurring revenues, total revenues and other income amounted to € 209.3 million, with an increase of 37.5% compared to the same period of 2020.

In order to facilitate the comparison between 2021 and 2020 results, total revenues and other income - on a like-for-like basis of consolidation and excluding the US Paycheck Protection Program Loan non-repayable

• are equal to € 193.5, with an increase of 27.1% compared to the first nine months of 2020.

In the first nine months of 2021, Piovan Group core revenue alone amounted to € 206.1 million, increasing by 37.9% on € 149.4 million in the first nine months of 2020.

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Revenue calculated on a like-for-like basis (i.e. at the first nine months of 2020 average exchange rate) would have been € 2.9 million higher at € 209.0 million and an increase of 39.9% on the first nine months of 2020. Revenue was in fact mainly impacted by a negative effect from US Dollar and Brazilian Real movements.

Revenue by Business Segment

		First nine months			%			First nine months			%			Change			Change
		2021					2020							%
Plastic	158,386		76.8%	115,921		77.6%	42,465		36.6%
Food & non plastic	22,759		11.0%	13,469		9.0%	9,290		69.0%
Services	24,955		12.1%	20,031		13.4%	4,924		24.6%
Revenue	206,100		100.0%	149,421	100.0%	56,679	37.9%

Revenue by market indicates:

• Plastic Systems revenue increased by 36.6% compared to the same period of the previous year, which had been impacted by the COVID-19 travel restrictions, driven by marked growth in (traditional and recycled) packaging and in consumer goods;
• Revenues from Food & Non-plasticSystems performed well in both absolute terms and as a percentage of total revenues, increasing 69.0% on the first nine months of 2020 thanks to a strong order backlog at the end of 2020, which was developed in the first part of 2021, and the acquisition of strategic orders for major multi-nationals;
• the Services market posted revenue growth (+24.6%) on the first nine months of 2020, in line with expectations as defined in the Group's business plan.

Revenue by region

		First nine months			%			First nine months			%			Change			Change %
		2021					2020
EMEA	135,117		65.6%		94,211		63.1%		40,906	43.4%
ASIA	23,008		11.2%		17,972		12.0%		5,036		28.0%
NORTH AMERICA	37,599		18.2%		29,643		19.8%		7,956		26.8%
SOUTH AMERICA	10,376		5.0%		7,595		5.1%		2,781		36.6%
Revenue	206,100	100.0%		149,421	100.0%		56,679	37.9%

Revenues in the EMEA area posted record growth of 43.4% over the first nine months of 2020, benefiting from the strong performance of the Plastic segment and excellent growth in the Food & Non-plastic market (+48% for the first nine months of 2021 compared to the same period of 2020).

Asia and North America grew by 28.0% and 26.8%, respectively, in 2021 on 2020, with revenues increasing in both the Plastic and Services markets. North America posted growth in all sectors, with the exception of

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automotive, on the strength of Food & Non-plastic, where revenues accounted for more than 7% of the area total (vs. 0.2% for the same period of 2020). In Asia, growth was spotty, with the regions of southeast Asia continuing to feel the effects of the COVID-19 pandemic and China showing a slower-than-expected recovery. Within this context of greater uncertainty than in other regions, the Group is increasing market share compared to the leading competitors.

South American market also posted a strong performance (+36.6% in revenues compared to the first nine months of 2020) thanks, above all, to revenues in Food & Non-plastic (+126%) and in Services (+34%).

Consolidated operating and net results

EBITDA

In the first nine months of 2021, EBITDA improved both in absolute value and in terms of profitability, totaling

• 30.9 million, an increase of 54.5% compared to € 20.0 million in the same period of the previous year, with a percentage incidence on revenues and other income equal to 14.7% compared to 13.1% in the same period of the financial year 2020.

On a like-for-like basis of consolidation and excluding non-recurring revenues, the gross operating margin (EBITDA) amounts to € 26.5 million, with an increase in this case of 32.4%.

EBITDA profitability increased from 13.1% for the first nine months of 2020 to 14.7% in the first nine months of 2021, having benefited from the increase in sales volumes and the grant received as mentioned above. Without this grant, the EBITDA is equal to € 29.4 million, with a percentage incidence on revenues and other income equal to 14.0% compared to 13.1% in the same period of the financial year 2020.

Operating Profit

In the first nine months of 2021, Operating Profit was € 25.7 million, improving by 61.1% on € 15.9 million in the same period of the previous year, with a profitability over revenue and other income of 12.2% (10.5% in the same period of 2020).

On a like-for-like basis of consolidation and excluding non-recurring revenues, the operating result amounts to € 21.7 million, up by 36.0% in this case.

Net Profit

In the first nine months of 2021, net profit was € 18.4 million, with a revenue and other income margin of 8.7%, up by 75.4% from the € 10.5 million in the same period of the previous year. On a like-for-like basis of consolidation and excluding non-recurring revenues, the profit for the year amounts to € 15.0 million, increasing in this case by 43.3%.

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	30.09.2021	30.09.2020
NET PROFIT	18,407	10,493
Net Profit attributable to:
- owners of the parent company	18,853	11,070
- Non-controlling interests	(446)	(577)
Earnings per share
- basic	0.37	0.22
- diluted	0.37	0.22

Earnings per share

Earnings per share were € 0.37 as of September 30, 2021, compared to € 0.22 on September 30, 2020.

Consolidated Balance Sheet Items Overview

Consolidated Net Financial Position

Beginning with the 2021 Half Year Financial Report, the Company has adopted the new layout for Net Financial Position (NFP) called for in the Consob Call for Attention No. 5/21 of April 29, 2021, which implements the EMSA Guidelines 32-382-1138 of March 4, 2021.

Compared to the layout previously used by the Company, the account "trade payables and other non-current liabilities" is now also included.

The consolidated net financial position at September 30, 2021 was positive and equal to € 3.7 million, compared to positive € 4.0 million at December 31, 2020 and to € 2.6 million at September 30, 2020.

Excluding the effects of the application of the IFRS 16 accounting standard, the consolidated net financial position at September 30, 2021 would amount to € 14.1 million (compared to € 14.4 million at December 31, 2020).

€/000	30.09.2021	31.12.2020	30.09.2020
A. Cash	86,000	87,452	57,165
B. Cash equivalents	-	-	5,000
C. Other current financial assets	4,105	5,146	5,239

D. Liquidity (A+B+C)	90,105	92,598	67,404
E. Current financial debt (including debt instruments, but excluding current
portion	(31,333)	(23,046)	(24,814)
of non-current financial debt)
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