Q1 2026 RESULTS PRESENTATION
May 14th, 2026
Executive Summary
Q1 2026 key trends and figures
Q1 2026 Sales at €105m, +3.9% organic growth vs. Q1 2025
€25.9m adjusted EBITDA in Q1 2026, +0.3% YoY, with 24.6% margin (+57 bps vs. Q1 2025)
€10.7m of Adjusted Net Income net of FX impact, with 10.2% margin
€249.8m NFP as of March 2026, with Leverage Ratio(1) at 2.3x
Q1 2026 Results At-a-Glance
Solid organic revenue growth and EBITDA % expansion
SALES
Adjusted EBITDA and %
Net Financial Position and Leverage
€m
Excl. FX
€m €m
107.2
+3.9%
105.0 Excl. FX
19.2
Reported
-2.1%
19.3 +8.6%
14.7
13.6
-0.5%
73.4
72.1
+3.5%
+0.3%
25.8
25.9275.6
24.1%
24.6%
240.1
249.8
2.5x
2.2x
2.3x
Q1 2025 Q1 2026
Healthcare&Life Sciences Energy&Mobility SafetyQ1 2025 Q1 2026
Adj. EBITDA margin %Q1 2025 FY 2025 Q1 2026
NFP Leverage (1)Q1 2026 organic sales growing +3.9%, supported by Safety (+8.6%) and Healthcare (+3.5%) divisions
Adj. EBITDA growing +0.3% YoY to €25.9m, with 57 bps of margin expansion
Net Financial Position at €249.8m, with Leverage Ratio(1) at 2.3x
Sales - Q1 2026 vs. Q1 2025
+3.9% YoY organic growth, supported by volume and pricing
SALES - Q1 2025 TO Q1 2026 BRIDGE
€m
107.2 • +3.9% growth excl. FX vs. Q1 1.6 105.0 2.6 -6.4 Organic Growth : +3.9%2025, supported by volumes (+2.4% YoY) and pricing (+1.4% YoY)
- €6.4m adverse FX impact, mostly linked to EUR/USD depreciation
Sales Q1 2025 FX
Effect
Volume Effect
Net Price Effect
Sales Q1 2026
Sales - Q1 2026 Performance by Division
Healthcare organic sales growing across all the three subdivisions
Healthcare & Life Sciences
Safety
Energy & Mobility
€m | Excl. FX | €m | Excl. FX | €m | Excl. FX | |||||||
73.4 2.8 | +3.5% Reported | 72.1 2.8 | Excl. FX +6.2% | 19.2 | +8.6% Reported | 19.3 | 14.7 | -0.5% Reported | 13.6 | |||
16.4 | -1.8% | 16.2 | +7.9% | +0.5% | -7.1% |
+2.0%
53.1
54.1
Q1 2025 Q1 2026
MedTech Transfusion Medicine Life SciencesQ1 2025 Q1 2026
SafetyQ1 2025 Q1 2026
Energy&MobilityHealthcare sales +3.5% excl. FX, led by Transfusion Medicine (+7.9%) and growing across all the three subdivisions
Safety sales up +8.6% YoY excl. FX, with reported figures strongly impacted by USD depreciation
Mobility division (-0.5% excl. FX), showing signs of stabilization despite the strong negative FX impact
Adj. EBITDA - Q1 2026 vs. Q1 2025
57 bps of margin expansion, supported by pricing
ADJ. EBITDA - Q1 2025 TO Q1 2026 BRIDGE
€m
24.6%
24.1%
57bps of margin expansion
FY 2025 Adj. EBITDA
growing +6.2% excl. FX vs. Q1 2025, driven by positive pricing effect (+6.0%)
Volume growth partially
offset by negative mix
Adj. EBITDA Q1 2025
FX
Effect
Volume and Mix Effect
Net Price Effect
Other Adj. EBITDA Q1 2026
Adj. Net Income - Q1 2026 vs. Q1 2025
10.2% margin excl. FX impact
Adj. Net Income
Adj. Net Income Excl. FX Gains/Losses
12.0
-10.7%
10.7
11.2%
10.2%
Q1 2025
Q1 2026
Adj. Net Income
margin %
14.1
13.4%
5.7
5.3%
Q1 2025 Q1 2026
Adj. Net Income margin %Adjusted Net Income is impacted by FX gains and losses, mostly non-cash items related to the mark-to-market of USD denominated intercompany loans
Q1 2025 Adjusted Net Income includes €8.3m of FX losses
Q1 2026 Adjusted Net Income includes €4.4m of FX gains
Net Profitability, excl. FX impact on financial charges and related tax effects, declining -10.7% YoY on the back of higher D&A mainly related to new plants in UK and China
Net Financial Position - Q1 2026 vs. FY 2025
Quarterly NFP increase mostly linked to NWC seasonality
NET FINANCIAL POSITION - FY 2025 TO Q1 2026 BRIDGE
€m
2.3x
2.2x
2.5x
27.0 (21.3) (240.1) (3.8) (275.6) (7.1) 0.6 | ||||||||||||
(2.8) | (1.1) | (1.2) | (249.8) | |||||||||
NFP | NFP | Operating | Delta | Taxes | Capex | Net Financ. | Delta | Leasing | Others | NFP | ||
31-Mar-25 | 31-Dec-25 | Cash-Flow | NWC | Costs | Funds | Renew. | 31-Mar-26 | |||||
€9.7m of NFP increase mostly linked to NWC seasonality
27.0 (21.3) (3.8) 0.7(7.1) (2.8) (1.1) (1.2) (285.3)
Operating Delta Taxes Capex Net Financ. Delta Leasing Others NFP Cash-Flow NWC Costs Funds Renew. 31-Mar-26
€7.1m of ordinary capex, in line with historical trend
FY 2026 - Strategic Focus and Guidance ConfirmedIn the region of 1.8x, excluding the impact of the voluntary partial tender offer on treasury shares
Leverage Ratio (x)
20-50 bps of margin expansion vs. FY 2025
Adj. EBITDA %
Low single digit growth excl. FX vs. FY 2025, with a progressive
acceleration in revenue growth throughout the year
Focus on organic growth post M&A integration
FY 2026 STRATEGIC FOCUS
MedTech: Establish new subdivisions to sharpen commercial focus on higher-growth segments and maximise M&A synergies
Transfusion Medicine: new TM platform build-out completed with the full integration of Whole Blood business; focus now on driving business growth and accelerating new product development
Safety: continue business expansion, supported by the ramp-up of new products across all geographies
Life Sciences: drive revenue growth through validations with pharmaceutical customers and new
distribution agreements
Mobility: stabilize revenues, continuing the growth of EV-related solutions and recovering volumes in agricultural vehicle applications
FY 2026 GUIDANCE
SALES
Partial Tender Offer on Treasury Shares
Buyback offer for up to 23.3M shares - ~12.3% of share capital
VOLUNTARY PARTIAL TENDER OFFER ON TREASURY SHARES
- Voluntary partial tender offer on treasury shares: on 12 April 2026 GVS' BoD resolved to launch a buyback offer for up to 23.3M shares (~12.3% of share capital)
-
Offer price: €4.30/share - premium of ~11.7% vs. the weighted average price of the last trading day prior to
the announcement and ~20.5% vs. 1-month VWAP preceding the announcement; total consideration up to
~€100M
- Rationale: capital structure optimization - Company taking advantage of current share price levels to build a treasury stock portfolio for strategic/M&A use and EPS accretion
-
No delisting risk, controlling shareholder not tendering: GVS Group S.r.l. (63% of share capital) has
confirmed it will not participate in the offer
- Financing: bank debt - commitment letter received from UniCredit and Mediobanca; offer funded through new debt facility
- Timeline: subject to CONSOB approval - acceptance period of 15-40 trading days to commence upon publication of the offer document; shareholder meeting authorization expected 15 May 2026
Q1 2026 Results - Financial Statements
Q1 2025 and Q1 2026 P&L - Statutory Adjusted View
€ m | Q1 2025 | of which non-recurring | Q1 2025 Adjusted | % | Q1 2026 | of which non-recurring | Q1 2026 Adjusted | % |
Revenues from sales and services | 107.2 | - | 107.2 | 100.0% | 105.0 | - | 105.0 | 100.0% |
Other operating income | 1.3 | 0.4 | 1.0 | 0.9% | 1.0 | - | 1.0 | 1.0% |
Total revenues | 108.5 | 0.4 | 108.2 | 100.9% | 106.0 | - | 106.0 | 101.0% |
Cost of raw materials, purchases and change in inventories | (32.0) | - | (32.0) | -29.8% | (31.2) | - | (31.2) | -29.7% |
Personell cost | (34.3) | (0.5) | (33.7) | -31.5% | (33.5) | (0.1) | (33.4) | -31.8% |
Cost of services | (15.8) | (0.3) | (15.6) | -14.5% | (14.6) | (0.2) | (14.3) | -13.7% |
Other operating costs | (1.4) | (0.3) | (1.2) | -1.1% | (1.3) | - | (1.3) | -1.2% |
EBITDA | 25.1 | (0.7) | 25.8 | 24.1% | 25.5 | (0.4) | 25.9 | 24.6% |
Amortisation and depreciation | (11.0) | (4.1) | (6.9) | -6.4% | (11.5) | (3.1) | (8.4) | -8.0% |
Provisions and writedowns | (0.1) | - | (0.1) | -0.1% | (0.2) | - | (0.2) | -0.2% |
EBIT | 13.9 | (4.8) | 18.8 | 17.5% | 13.8 | (3.5) | 17.2 | 16.4% |
Financial income | 0.2 | - | 0.2 | 0.2% | 4.7 ( | 2) - | 4.7 (2) | 4.5% |
Financial expenses | (11.6) ( | 1) (0.3) | (11.4)(1) | -10.6% | (3.1) | (0.1) | (2.9) | -2.8% |
Profit (loss) before taxes | 2.5 | (5.1) | 7.6 | 7.1% | 15.4 | (3.6) | 19.0 | 18.1% |
Income tax | (0.6) | 1.3 | (2.0) | -1.8% | (4.0) | 0.9 | (4.9) | -4.7% |
Net profit | 1.9 | (3.8) | 5.7 | 5.3% | 11.4 | (2.7) | 14.1 | 13.4% |
Q1 2025 financial expenses include €8.3m of FX losses
Q1 2026 financial income include €4.4m of FX gains
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Q1 2026 Results - Financial Statements
Reclassified Balance Sheet - FY 2025 - Q1 2026
€m | As of 31-Dec-2025 | As of 31-Mar-2026 |
Net intangible fixed assets | 434.3 | 438.3 |
Net right of use | 25.2 | 24.5 |
Net tangible fixed assets | 163.6 | 165.4 |
Financial fixed assets | 1.3 | 1.2 |
Other fixed assets | 2.0 | 3.6 |
Fixed capital (A) | 626.4 | 633.1 |
Net trade receivables | 50.8 | 65.4 |
Inventories | 90.4 | 98.6 |
Payables to suppliers | (42.6) | (44.4) |
Net commercial working capital (B) | 98.5 | 119.6 |
Other current assets | 25.4 | 22.7 |
Other current liabilities | (36.1) | (33.2) |
Total current assets/liabilities (C) | (10.7) | (10.5) |
Net working capital (D)= (B) + (C) | 87.8 | 109.1 |
Other non-current liabilities (E) | (32.3) | (32.9) |
Employee termination indemnity and end of service indemnity (F) | (2.8) | (2.9) |
Provisions for risks and charges (G) | (1.8) | (1.4) |
Net invested capital (H) = (A+D+E+F+G) | 677.3 | 705.0 |
Shareholders' equity | (437.2) | (455.3) |
Consolidated shareholders' equity (I) | (437.2) | (455.3) |
Short-term financial indebtedness)/Liquidity | (44.9) | 23.4 |
(Net medium/long term financial indebtedness) | (195.2) | (273.2) |
Net financial indebtedness (L) | (240.1) | (249.8) |
Own funds and net financial indebtedness (M) = (I+L) | (677.3) | (705.0) 12 |
Q1 2026 Results - Financial Statements
Cash Flow Statement - Q1 2025 - Q1 2026
€m | Q1 2025 | Q1 2026 |
Pre-tax result | 2.5 | 15.4 |
Amortisation, depreciation and writedowns | 11.0 | 11.5 |
Capital losses / (capital gains) from sale of assets | (0.1) | (0.0) |
Financial expenses / (income) | 11.4 | (1.6) |
Other non-monetary changes | 2.3 | 1.7 |
Cash flow generated operations before delta NWC | 27.2 | 27.0 |
Change in inventories | (7.4) | (7.6) |
Change in trade receivables | (11.8) | (13.3) |
Change in trade payables | 6.4 | 0.2 |
Change in other assets and liabilities | (0.4) | (0.6) |
Use of provisions for risks and charges and for employee benefits | (1.5) | (1.1) |
Taxes paid | (3.3) | (3.8) |
Net cash flow by operations | 9.2 | 0.8 |
Investments in tangible assets | (6.5) | (4.3) |
Investments in intangible assets | (1.7) | (2.8) |
Disposal of tangible assets | 0.1 | 0.0 |
Investment in financial assets | (0.5) | - |
Disinvestment in financial assets | 28.8 | 0.2 |
Fee for company business combinations net of cash and cash equivalents acquired | (50.6) | (6.9) |
Net cash flow by investment | (30.4) | (13.8) |
New financial payables | (0.0) | 82.6 |
Repayment of financial payables | (21.4) | (43.5) |
Repayment of leasing liabilities | (2.1) | (2.5) |
Financial expenses paid | (1.7) | (1.5) |
Financial income collected | 0.2 | 0.3 |
Treasury shares | (0.0) | - |
Net cash flow by financial assets | (25.1) | 35.3 |
Total change in cash and cash equivalents | (46.3) | 22.3 |
Cash on hand at the start of the year | 103.0 | 78.7 |
Total variation in cash on hand and conversion differences | (46.9) | 22.3 |
Cash on hand at the end of the period | 56.1 | 101.0 13 |
Disclaimer
Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at GVS S.p.A., Emanuele Stanco, declares that the accounting information contained herein correspond to document results, books and accounting records.
This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on GVS S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of GVS S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price, and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. GVS S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.
This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by GVS S.p.A. or any of its subsidiaries, in Italy pursuant to Section 1, let t) letter
(t) of Legislative Decree no. 58 of February 24, 1998, or in any other country or state.
The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. The reader should consult any further disclosures GVS may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.
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