SOL S p A : Presentazione 2023

Corporate Presentation

Financial Statements 31 December 2023

SOL GROUP | The story of a friendship

97 years, 3 generations and professional management

1927	1960	1998
Giovanni Annoni	Alessandro e Renzo Annoni	Giovanni, Marco Annoni
Aldo Fumagalli Romario	Giulio e Ugo Fumagalli Romario	Aldo, Giulio, Matteo Fumagalli Romario

1927	1960	1987	1989	2002	2010	2015	2021
Gas plants for	European	Birth of	Hydro-pwr
Founded	Entry in India	Entry in Brasil	Entry in Cina
industry	expansion	Vivisol Srl	entry

2

SOL GROUP | Home Care & Technical Gases

Our business

48%	60%	40%
Home Care
Technical Gases
	Health Care	(Industries)

12%

Technical Gases

(Hospitals)

Manufacturing, food, agriculture, industrial and environmental applications

Medicinal gases & services for hospitals

Medicotechnical assistance and care for patients in their homes

2023 Data

3

SOL GROUP | Numbers

Where we operate

2023 Data

4

SOL GROUP | Figures

Sales progression, EBITDA and margin

				Sales [k€]
1.600
						Sales 12_2023: 1.487 k€
1.400
1.200	CAGR '92-'23: +8%
	Organic: +6%
1.000	M&A: +2%
800
600							International
400
200							Domestic
0
1992	1996	1999	2002	2005	2008	2011	2014	2017	2020	2023

EBITDA [€] & Margin [%]

										382	400
										328	350
	Margin
	EBITDA									300
								255	261
										250
								211
					168	167	187				200
				148
130	132	132	143							150
										26%	100
								26%	23%	24%
23%	23%	22%	22%	22%	24%	22%	22%	23%			50
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023	0

5

SOL GROUP | Figures

Sales progression, EBITDA and margin

			Constant but measured investments
%
75																		2,4
											Net Debt/EBITDA
70
											Capex/Sales (M&A excluded)		2,1
65
60																		1,8
55
			1,6		1,6		1,5
50			1,5	1,5
	1,3			1,4				1,4						1,5
45							1,3			1,2	1,2
40														1,1		1,2
35													1,0
30																		0,9
25					21%									21%
20					17%		18%
	16%	16%	16%		16%	14%	16%			16%			0,6
15			12%		12%
10																		0,3
5
0																		0,0
	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

Maintaining Returns - ROCE [%]

20										15,1%		14,9% 15,9%
15
10,7%			9,2%		9,9%	10,0%
	8,8%
10						12,9%
	9,5%				10,8%		11,1%
5			9,6%
02011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

Growing our dividend - DPS [c€]

40														37,0
35
													33,0
30
													24,0
25
													17,5
20												15,0
15								10,0	10,0 12,0			22,0
		6,1	6,7	8,1	8,4		17,5
10	3,9	5,4				15,0
5						9,5	10,0	11,0
4,7	5,4	6,1	6,7	6,8	8,1
0
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023

6

SOL GROUP | Sized opportunities despite difficult contexts

Mergers and acquisitions

	IRELAND - TG
Over	REINFORCEMENT of presence
through POLAR ICE (dry ice)
120 M€
of JV / partnerships
in 2022/23	FRANCE - HC

REINFORCEMENT through

MIDIPERF (nutrition)

ITALY - HC

DIVERSIFICATION through

ITOP (2022) and COF (2023) (orthosis and prosthesis)

GERMANY - TG & HC

REINFORCEMENT of presence through PROFI GESUNDHEITS - SERVICE in HC and

WONSAK KOHLENSAURE in TG

POLAND - HC

REINFORCEMENT of presence through MAGNUS (mechanical ventilation)

INDIA - TG

DIVERSIFICATION through

	GREECE - HC
ECUADOR & PERU - TG	REINFORCEMENT of presence
INTERNATIONALISATION through	through ANAPNOI IKE
SWISSGAS DEL ECUADOR (Ecuador)	BRAZIL - HC
ICP (Peru)
	DIVERSIFICATION
	through BLA and JML
	(transitory hospitals)

BHORUKA and presence REINFORCEMENT through GREEN ASU (first 100% renewable plant)

2023 Data

7

SOL GROUP | Our plans for the future

Our six pillars

Growing and constantly	Getting enriched by the diversity
evolving	of business, people, countries

Digitalisation as part of the	Sustainability as integrated part
of the daily activities, to be built
development in every field
day by day

Finding new opportunities

and challenges in

un-expected scenarios

Human factor as key point for the Group development

8

The world of

Sustainability

SOL GROUP | Sustainability

Governance & People

SOL GROUP BOARD		41%
	6	of WOMEN
	MEN

5

WOMEN

Independence: 5/11 non-family and not executive members.

Continuity: 4/11 have more than 10 years of service in the group.

Renewal: 4/11 have less than 5 years of service in the group.

PERSONNEL COMPOSITION		15%
		26%
			Under 30
	59%	Over 50
6.372		6.372	30%
of MEN
People		29%	People	30-40
			years old
		41-50
		years old

NEW ENTRIES

51%	1.344	49%
of WOMEN	New entries	of MEN
	in 2023

2023 Data

10