Slide 1: H1 2025 Results Virtual Roadshow
H1 2025 Results Virtual Roadshow 2nd October 2025 1
Slide 2: Disclaimer
Disclaimer This document ("Document") is strictly confidential and was prepared by Valtecne S.p.A in order to provide the recipients with adequate information relating to the results achieved in the period by Valtecne S.p.A., a company listed on Euronext Growth Milan. The Document does not claim to
Slide 3: Speaker
Speaker Adolfo Ottonello General Manager MBA at POLIMI Graduate School for Management, Degree in Electronic Engineering Previous jobs: 3
Slide 4: H1 2025 Consolidated Financial Results
H1 2025 CONSOLIDATED FINANCIAL RESULTS 4
Slide 5: Group structure
Group structure Paolo Mainetti 100,0% Vittorio KPM S.r.l. 6,4% Mainetti 61,6% 13,8% bare full ownership ownership 61,6% Usufruct Free float 18,2% 60,0% Utilità Group (Zamberlan family) 40,0% 5
Slide 6: Introduction
Introduction After the acquisition of a 60% stake in Utilità Srl, finalized in March 2025, this is the first accounting period where Valtecne SpA must prepare the consolidated financial statements. Given that consolidated financial statements at 30 June 2024 are not available: ꟷ Economic figures
Slide 7: H1 2025 - Results Highlights
H1 2025 - RESULTS HIGHLIGHTS (€M) VALUE OF Top line, showing mid-single-digit declining Revenues (-5,3%) and growing Value of REVENUES PRODUCTION Production (consolidated figure n.a., organic figure +7,7%), is a result of expanding €19,4 €20,3 medical business on one side and still struggling indu
Slide 8: Revenues (consolidated)
Revenues (consolidated) REVENUES (€M) Medical Industrial 2025 vs. 2024 24,0 20,5 -5,3% 20,0 19,4 6,0 4,8 -19,2% 16,0 12,0 8,0 14,5 14,6 +0,4% 4,0 0,0 H1 2024 H1 2025 Medical share 70,8% 75,1% Consolidated revenues declined by 5,3%. Medical line came in stationary (+0,4%) due to a challenging compari
Slide 9: Revenues and VoP (Valtecne only)
Revenues and VoP (Valtecne only) REVENUES VALUE OF PRODUCTION (€M) (€M) Medical Industrial 2025 vs. 2024 Medical Industrial 2025 vs. 2024 20,0 20,0 17,1 -3,9% 17,0 16,4 +7,7% 15,9 16,0 16,0 3,8 5,4 3,9 -27,4% -28,4% 5,3 12,0 12,0 8,0 8,0 12,5 +6,9% 13,3 11,7 10,5 +26,0% 4,0 4,0 0,0 0,0 H1 2024 H1 20
Slide 10: EBITDA (consolidated)
EBITDA (consolidated) EBITDA* (€M) 6,0 5,5 5,0 4,6 4,0 3,0 2,0 1,0 0,0 Adjusted EBITDA Reported EBITDA % on VoP 26,9% 22,6% Adjusted EBITDA margin approached 27%, a profitability better than stand- alone figure. Same dynamics in terms of reported EBITDA margin (22,6%). * The accounting adjustments t
Slide 11: EBITDA (Valtecne only) (1/2)
EBITDA (Valtecne only) (1/2) Adjusted EBITDA* EBITDA (€M) 2025 vs. 2024 (€M) 2025 vs. 2024 5,0 4,0 3,8 3,7 -1,1% 4,4 4,3 -1,0% 4,5 3,5 4,0 3,0 3,5 3,0 2,5 2,5 2,0 2,0 1,5 1,5 1,0 1,0 0,5 0,5 0,0 0,0 H1 2024 H1 2025 H1 2024 H1 2025 % on VoP 27,7% 25,4% % on VoP 23,7% 21,7% Adjusted EBITDA in line wit
Slide 12: EBITDA (Valtecne only) (2/2)
EBITDA (Valtecne only) (2/2) EBITDA (€M) 6,0 1,2 0,7 0,6 4,0 3,8 3,7 2,0 0,0 EBITDA H1 2024 Value of Production Labour costs Other costs EBITDA H1 2025 The increase of labor and other operating costs due to past years inflation completely offset the rise of Value of Production, resulting in almost u
Slide 13: Working Capital
Working Capital DSO DPO (days) (days) 2025 vs. 2024 2025 vs. 2024 100 140 88 +35,6% 120 80 100 65 100 85 -15,2% 60 80 60 40 40 20 20 0 0 FY 2024 pf H1 2025 FY 2024 pf H1 2025 DSO worsening affected by seasonality H1 vs. FY * For H1 2025, seasonality has been taken into account on the basis of H1 – H
Slide 14: Cash Flow
Cash Flow (*) Of which 6,8 due to (€M) Utilità acquisition 6,0 4,6 4,0 2,0 0,0 -2,0 -4,0 -8,0 -6,0 -2,2 -0,1 -5,8 0,0 -1,0 -6,8 -8,0 EBITDA CAPEX Change in NWC Funds Operating CF Net Interests Taxes Free Cash Flow H1 2025 neutral in terms of FCF, given that cash decrease is very close to acquisition
Slide 15: Net Financial Position (1/2)
Net Financial Position (1/2) Net Financial Position (€M) 4,0 0,7 2,6 2,3 2,0 0,9 0,5 0,0 NFP FY 2024 pf (*) Long term debt Short term debt Cash and equivalents NFP H1 2025 After acquisition cash-out, NFP slightly worsened mainly due to dividends paid by Valtecne (€0,6M) * FY24 pro forma already incl
Slide 16: Net Financial Position (2/2)
Net Financial Position (2/2) Adj. NFP / Adj. EBITDA Net Financial Position / EBITDA 2025 vs. 2024 2025 vs. 2024 0,4 0,37 +34% 0,4 0,27 0,12 +115% 0,05 0,0 0,0 FY 2024 pf H1 2025 (*) FY 2024 pf H1 2025 (*) Slight worsening of ratios NFP/EBITDA going from FY24 pro forma (already taking into account th
Slide 17: Outlook H2 2025
Outlook H2 2025 The orthopaedic market is expected to increase by 4,3% in 2025, a growth rate higher than historical average. Group’s orthopaedic customers are accelerating their expansion plans, also in light of a more stable scenario regarding US commercial tariffs. The dental segment shows a good
Slide 18: Appendix
Watecne Appendix
Slide 19: Financial Statements (consolidated)
Financial Statements (consolidated) Profits & Losses H1 2024 H1 2025 Balance Sheet FY 2024 H1 2025 (€K) (€K) Pro forma Operating Revenues 20,505 19,422 1,438 5,758 Intangible Assets Inventory var. – Finished products (437) Tangible Assets 9,866 10,134 Inventory var. – WIP 573 Financial Assets 6,619
Slide 20: Financial Statements (Valtecne only)
Financial Statements (Valtecne only) Profits & Losses H1 2024 H1 2025 Balance Sheet FY 2024 H1 2025 (€K) (€K) Operating Revenues 17,080 16,407 766 677 Intangible Assets Inventory var. – Finished products (740) (461) Tangible Assets 8,082 8,836 Inventory var. – WIP (1,083) 573 Financial Assets 406 7,
Slide 21: Valtecne S.p.A. contact details
Valtecne S.p.A. Via Al Campo Sportivo, 277 23010 Berbenno di Valtellina (SO) - ITALY info@valtecne.com 21