GVS S p A : Interim report on operations at 31 March 2025

Published: 2025-05-15 08:45:13 ET GVS.MI

Published on 05/15/2025 at 08:45

CONTENTS

INFORMATION ABOUT THE COMPANY AND INFORMATION FOR SHAREHOLDERS 3

GROUP STRUCTURE* 4

CORPORATE BODIES 5

DIRECTORS’ REPORT ON OPERATIONS 6

Foreword 6

Group performance and analysis of the results for the period ending on 31 March 2025 6

Investments 13

Research and development 13

Additional information 14

Principal risks and uncertainties 14

Intergroup and related party transactions 15

Significant events occurring during the period 15

Events subsequent to the close of the period 15

Business outlook 16

FINANCIAL STATEMENTS AS AT 31 MARCH 2025 17

Consolidated statement of assets and liabilities* 17

Consolidated income statement* 18

Comprehensive consolidated income statement 19

Prospectus of changes in consolidated shareholders’ equity 20

Consolidated statement of cash flows* 21

EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 31

MARCH 2025 22

General information 22

Structure and content of the consolidated financial statements 22

Valuation criteria 26

Estimates and assumptions 26

Explanatory Notes to the main consolidated income statement items 26

GVS S.P.A

Via Roma 50

40069 Zola Predosa BOLOGNA, ITALY Phone +39 051 6176311

Fax + 39 051 6176200

https://www.gvs.com

Share capital: Euro 1,891,777 Tax code 03636630372

VAT number 00644831208 REA of Bologna 0305386

E-mail: [email protected]

*For information on the company name, registered office, the currency in which the Company operates, share capital of the GVS Group companies and the stake held by GVS SpA, please see the Explanatory Notes.

Chairman (independent) Alessandro Nasi

Chief Executive Officer Massimo Scagliarini

Non-Executive Directors Marco Pacini

Grazia Valentini Marco Scagliarini

Independent Directors Simona Scarpaleggia (1) (2)

Anna Tanganelli (1)

Pietro Cordova (1) (2)

Michela Schizzi (2)

Chairman Maria Federica Izzo

Standing auditors Francesca Sandrolini

Giuseppe Farchione

Alternate auditors Alessia Fulgeri

Mario Difino

Member of the Control, Risk and Sustainability and Related Party Transactions Committee

Member of the Nominations and Remuneration Committee

The Interim Report on Operations of GVS SpA (hereinafter “GVS”, the “Company”, or the “Parent Company” and together with its subsidiaries the “GVS Group” or the “Group”) is presented together with the interim consolidated financial statements at 31 March 2025.

The Interim Report on Operations is intended to provide information on the situation of the GVS Group and on operations as a whole and in the various sectors in which it operates, including through subsidiaries.

The tables below have been prepared on the basis of the consolidated financial statements at 31 March 2025, to which reference should be made. The latter were prepared in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and approved by the European Union, as well as with measures issued in implementation of Article 9 of Legislative Decree no. 38/2005.

The GVS Group is one of the world's leading suppliers of advanced filtering solutions with applications primarily in the field of Healthcare & Life Sciences.

On 14 January 2025, GVS completed the acquisition of the whole blood assets of Haemonetics and in order to reflect the Group’s strengthened presence in the whole blood market and maximise the commercial effort to meet the needs of new and existing customers, as of 1 January 2025, GVS’s Healthcare and Life Sciences division is reorganised into the following three sub-divisions:

MedTech, combining existing Liquid and Air & Gas subdivisions, with the addition of turnover related to the sale of membranes (previously included in the Laboratory subdivision) and excluding STT product lines (merged into Transfusion Medicine)

Transfusion Medicine which includes the new whole blood business acquired by Haemonetics and STT product lines;

Life Sciences, replacing the current Laboratory segment, net of membrane sales (merged in MedTech).

The organisational change was reflected in GVS’s segment reporting from the first quarter of 2025. In addition, for the Energy and Mobility and Health & Safety divisions (the latter has changed its name to Safety) the previous subdivisions have been eliminated and are monitored from a commercial standpoint as a whole.

The table below breaks down revenues from contracts with customers by division in the periods ending on 31 March 2025 and 31 March 2024.

(in thousands of Euro) Quarter ended 31 March 2025 2024

Medtech

54,104

55,054

Transfusion Medicine

16,445

10,848

Life Sciences

2,818

3,241

Healthcare & Life Sciences

73,367

69,143

Safety

19,177

18,275

Energy & Mobility

14,661

16,468

Revenue from contracts with customers

107,205

103,886

During the first three months of 2025, GVS generated consolidated revenues of Euro 107.2 million, up 3.2% on the same period of the previous year, thanks to the contribution of the Healthcare & Life Sciences division (+6.1%), which more than offset the reduction highlighted in the Energy & Mobility division.

The breakdown of revenues from contracts with customers as at 31 March 2025 is as follows:

the Healthcare & Life Sciences division, which represents 68.4% of the total, posted revenues of Euro 73.4 million, up 6.1% compared with the first three months of 2024, thanks to the acquisition of the whole blood business unit of Haemonetics;

the Energy & Mobility division, which represents 13.7% of the total, recorded a 11% decrease in turnover compared with the same period in 2024, reaching Euro 14.7 million and showing a negative performance affected by the slowdown in the automotive sector;

the Safety division represents 17.9% of the total and settled at Euro 19.2 million with an increase of 4.9% compared to the same period of the previous year.

Financial statements for the period closing at 31 March 2025 are shown below in comparison with those of the same period of the previous year, reclassified on the basis of current practice in financial analysis.

Analysis of reclassified financial position

The 3-month period closed on 31 March

(in thousands of Euro)

2025

of which non-

recurring

2025

Adjusted

2024

of which non-

recurring

2024

Adjusted

Revenue from sales and services

107,205

100.0%

103,886

100.0%

Other operating income

1,330

370

960

0.9%

1,505

250

1,255

1.2%

Total revenues

108,535

370

108,165

100.9%

105,391

250

105,141

101.2%

Raw materials purchases costs and variation in

inventories

(31,950)

-29.8%

(31,780)

-30.6%

Services costs

(15,832)

(273)

(15,559)

-14.5%

(14,199)

-13.7%

Other operating costs

(1,418)

(263)

(1,155)

-1.1%

(1,593)

(250)

(1,343)

-1.3%

Added value

59,335

(166)

59,501

55.5%

57,819

55.7%

Personnel costs

(34,254)

(537)

(33,717)

-31.5%

(33,537)

(27)

(33,510)

-32.3%

EBITDA

25,081

(703)

25,784

24.1%

24,282

(27)

24,309

23.4%

Amortisation and depreciation

(11,033)

(4,136)

(6,897)

-6.4%

(10,961)

(4,006)

(6,955)

-6.7%

Provisions and write-downs

(131)

-0.1%

(191)

-0.2%

EBIT

13,917

(4,839)

18,756

17.5%

13,130

(4,033)

17,163

16.5%

Financial income and costs

(11,413)

(279)

(11,134)

-10.4%

(633)

(772)

139

0.1%

Pre-tax result

2,504

(5,118)

7,622

7.1%

12,497

(4,805)

17,302

16.7%

Income tax

(631)

1,325

(1,956)

-1.8%

(3,054)

1,254

(4,308)

-4.1%

Group’s and minority shareholders’ net profit

or loss

1,873

(3,793)

5,666

5.3%

9,443

(3,551)

12,994

12.5%

The consolidated economic results of operations of the period closing at 31 March 2025 were as follows: total revenues from ordinary operations amounted to Euro 108.2 million (Euro 105.1 million in the first three months of 2024); EBITDA from ordinary operations amounted to Euro 25.8 million (Euro 24.3 million in the first three months of 2024); EBIT from ordinary operations came to Euro 18.8 million (Euro 17.2 million in the first three months of 2024).

EBITDA from ordinary operations grew by 6.1% compared to the first three months of 2024, with a 24.1% margin on revenues, a significant improvement compared to the 23.4% margin recorded in the first three months of 2024. The result for the period is supported by the contribution of actions aimed at recovering the profitability implemented by the Group.

EBIT from ordinary operations with a margin on revenues of 17.5% amounts to Euro 18.8 million (+9.3%) compared to Euro 17.1 million in the same period of the previous year and in line with the growth achieved at the level of EBITDA from ordinary operations.

Normalised net financial expenses (net of exchange losses of Euro 8,333 thousand in the first three months of 2025 and exchange gains of Euro 4,114 thousand in the first three months 2024) were down in the period under review, from Euro 3,975 thousand for the period ended 31 March 2024 to Euro 2,801 thousand for the period ended 31 March 2025, mainly due to the reduction in the nominal value of the loans in accordance with the amortisation schedules for the same and the contractual interest rates.

The pre-tax result of the recurring activities reached Euro 7.6 million in the period in question, with a decrease of Euro 9.6 million compared to Euro 17.3 million in 2024, mainly due to the exchange gain in 2024 compared to the exchange loss recognised in 2025.

Non-recurring income and expenses for the period ended 31 March 2025 refer to: (i) the income resulting from the indemnification to be obtained from Haemonetics to repay the redundancy incentives recognised and allocated after the acquisition of the whole blood business unit (Euro 370 thousand); (ii) costs relating to Group personnel following the ongoing reorganisation process (Euro 537 thousand),

(iii) consultancy costs and miscellaneous services received on an exceptional basis relating to the acquisition of the whole blood business of Haemonetics (Euro 273 thousand); (iv) costs allocated to the reorganisation fund mainly relating to the Puerto Rico plant (Euro 263 thousand in total); (v) depreciation of the intangible and tangible assets recognised following the purchase price allocation of the Kuss, RPB, Haemotronic and STT groups (Euro 4,136 thousand) and finally (v) interest recognised following the discounting of payables for earn out for the acquisitions of the STT group and of the whole blood business unit of Haemotronic (Euro 279 thousand), net of the related tax effect.

Non-recurrent proceeds and charges in the period ending on 31 March 2024 represent: (i) income resulting from the partial release of the provision for risks set aside in previous years for a specific dispute arising before the acquisition relating to Haemotronic SpA (Euro 250 thousand); (ii) costs relating to Group personnel following the ongoing reorganisation process (totalling Euro 27 thousand),

(iii) the cost relating to the downsizing of the indemnity to be obtained from the seller of Haemotronic SpA, for a specific dispute, for which the specific provision for risks was released for the same amount (Euro 250 thousand); (iv) amortisation of intangible and tangible assets recognised following the purchase price allocation of the Kuss, RPB, Haemotronic and STT groups (Euro 4,006 thousand) and finally (v) interest recognised following the discounting of payables for earn out for acquisitions of the STT and Haemotronic groups (Euro 772 thousand), net of the related tax effect.

Analysis of reclassified equity position

As at 31 March 2025

As at 31 December 2024

(in thousands of Euro)

Net intangible fixed assets

460,590

472,941

Right of use assets, net

22,104

23,390

Net tangible fixed assets

166,231

133,756

Financial fixed assets

1,221

3,175

Other fixed assets

2,016

2,983

Fixed capital (A)

652,162

636,245

Net trade receivables

65,382

55,368

Inventories

106,102

80,542

Payables to suppliers

(46,310)

(42,541)

Net commercial working capital (B)

125,174

93,368

Other current assets

25,902

24,223

Other current liabilities

(43,780)

(42,809)

Total current assets/liabilities (C)

(17,878)

(18,586)

Net working capital (D)= (B) + (C)

107,296

74,782

Other non-current liabilities (E)

(28,917)

(29,937)

Employee termination indemnity and end of service indemnity (F)

(2,953)

(2,924)

Provisions for risks and charges (G)

(6,941)

(7,148)

Net invested capital (H) = (A+D+E+F+G)

720,647

671,017

Shareholders’ equity

(445,009)

(451,230)

Consolidated shareholders’ equity (I)

(445,009)

(451,230)

(Short-term financial indebtedness)/Liquidity

(23,290)

49,375

(Net medium-/long-term financial indebtedness)

(252,347)

(269,161)

Net financial indebtedness (L)

(275,637)

(219,786)

Own funds and net financial indebtedness (M) = (I+L)

(720,647)

(671,017)

Fixed assets at 31 March 2025 increased by Euro 15,917 thousand, mainly as a result of fixed assets acquired with the whole blood business unit of Haemonetics and investments made in respect of tangible and intangible assets, net of period depreciation and negative exchange rate conversion. Specifically, tangible fixed assets recorded an increase of Euro 32,475 thousand, of which Euro 35,510 thousand relating to the whole blood business unit of Haemonetics and Euro 6,463 thousand to investments capitalised during the period, net of amortisation and depreciation and the negative exchange rate conversion reserve, equal to Euro 3,875 thousand and Euro 4,453 thousand respectively. Net intangible assets decreased by Euro 12,351 thousand, of which Euro 5,518 thousand for amortisation in the period and Euro 9,687 thousand for the negative exchange rate conversion reserve, net of investments for Euro 1,685 thousand. The net decrease in rights of use of Euro 1,286 thousand is mainly due to amortisation and the negative exchange rate reserve of Euro 1,640 thousand and Euro 230 thousand respectively, net of the period increases of Euro 590 thousand. Lastly, financial assets and other fixed assets decreased by Euro 1,954 thousand and Euro 967 thousand respectively, mainly due to the use of the down payment paid in previous years to Haemonetics for the acquisition of the whole blood business unit and the decrease in the fair value of active derivatives.

The balance of trade net working capital at 31 March 2025 shows an increase of Euro 31,806 thousand compared to 31 December 2024, mainly due to the increase in inventories and net trade receivables of Euro 10,014 thousand, the rise in warehouse stock of Euro 25,560 thousand, net of the increase in trade payables of Euro 3,768 thousand. The deterioration in net commercial working capital between the two dates was mainly due to the whole blood business unit of Haemonetics, acquired in January 2025.

The increase in other current assets at 31 March 2025, amounting to Euro 1,680 thousand, is mainly attributable to prepaid expenses, advances to suppliers and receivables from government agencies for contributions to be collected.

The increase in other current liabilities at 31 March 2025 compared with 31 December 2024, amounting to Euro 971 thousand, is mainly attributable to the increase in payables to employees, directors and deferred income, net of the reduction in payables for direct and indirect taxes.

Shareholders' equity decreased by Euro 6,222 thousand at 31 March 2025, mainly due to the total result for the period equal to a negative Euro 6,637 thousand, net of the increase in reserves relating to the long-term incentives plan (Euro 462 thousand).

The reader is referred to the next section for information on changes in net financial indebtedness. Analysis of net financial indebtedness and net financial position

Trends in net financial indebtedness and net financial position are analysed below.

(in thousands of Euro)

As at 31 March 2025

As at 31 December 2024

(A)

Cash and cash equivalents

56,076

102,991

(B)

Cash equivalents

Term deposits

28,460

Financial assets held for trading

2,122

2,401

Financial lease receivables

315

124

(C)

Other current financial assets

2,437

30,985

(D)

Liquidity (A)+(B)+(C)

58,513

133,976

Financial payables to parent companies

1,130

2,041

Financial lease liabilities to other companies in the GVS Group

2,166

2,402

Financial lease liabilities

5,454

5,632

Other financial liabilities

15,709

20,729

(E)

Current financial indebtedness

24,459

30,804

(F)

Current portion of non-current indebtedness

57,344

53,797

(G)

Current financial indebtedness (E)+(F)

81,803

84,601

(H)

Net current financial indebtedness (D)-(G)

(23,290)

49,375

Non-current bank borrowings

222,978

245,480

Other financial liabilities

15,917

8,786

Financial lease liabilities to other companies in the GVS Group

1,643

2,250

Non-current financial lease liabilities

11,198

11,888

(I)

Non-current financial indebtedness Passive derivative financial instruments

251,736

268,404

(J)

Debt instruments

(K)

Trade payables and other non-current payables

611

757

(L)

Non-current financial indebtedness (I)+(J)+(K)

252,347

269,161

(M)

Total net financial indebtedness (H)-(L)

(275,637)

(219,786)

The increase in net financial debt at 31 March 2025 compared with 31 December 2024, totalling Euro 55,851 thousand, is mainly due to the acquisition of the whole blood business unit of Haemonetics, for which the group paid the seller at closing Euro 40,497 thousand and a payable for earn out of Euro 14,238 thousand, payable by February 2028 in various annual tranches. For the sake of completeness, it should be noted that the purchase cost of the business unit also includes the amount of Euro 1,952 thousand already paid to the seller as a deposit in previous years, with no effect on the change in net financial debt in the two periods compared. Excluding the extraordinary transaction mentioned above, net financial debt at 31 March 2025 did not change significantly compared with 31 December 2024 as cash generated from operations, amounting to Euro 27,210 thousand, net of the cash absorbed by changes in working capital, amounting to Euro 13,258 thousand, was substantially aligned with the cash used to pay taxes (Euro 2,370 thousand) and investments (Euro 8,147 thousand) and net financial expenses for the period (Euro 3,080 thousand). Current financial debt, equal to a positive Euro 49,375 thousand as at 31 December 2024, amounts to a negative Euro 23,290 thousand as at 31 March 2025. Non-current financial debt, equal to a negative Euro 269,161 thousand as at 31 December 2024, amounts to a negative Euro 252,347 thousand as at 31 March 2025.

The Group’s net financial position (including non-current active derivatives and excluding net current and non-current leasing liabilities recorded in accordance with the provisions of IFRS 16) amount to negative Euro 254,604 thousand at 31 March 2025 and negative Euro 195,861 thousand at 31 December 2024, as indicated below.

(in thousands of Euro) As at 31 March 2025 As at 31 December 2024

(M) Total net financial indebtedness (275,637) (219,786)

Non-current active derivative financial instruments

887

1,877

Financial lease liabilities (net)

20,146

22,048

Total net financial position

(254,604)

(195,861)

The following table shows the adjusted net financial indebtedness:

(in thousands of Euro)

As at 31 March 2025

As at 31 December 2024

(M) Total net financial indebtedness

(275,637)

(219,786)

GVS Group loan (including interest)

1,130

2,041

Total adjusted net financial indebtedness

(274,507)

(217,745)

Adjusted net financial debt at 31 March 2025 is calculated excluding financial payables in the amount of Euro 1,130 thousand, equal to the interest to be paid in relation to the shareholder loan received from GVS Group S.r.l. (Euro 75,000 thousand), converted into share capital and share premium during 2024,in line with the provisions of the definition of net financial debt in existing loan agreements, in relation to the method of calculating financial covenants.

Cash flow statement

The cash flow statement appears below.

(in thousands of Euro) Quarter ended 31 March 2025 2024

Pre-tax result

2,504

12,497

- Adjustment for:

Amortisation, depreciation and write-downs

11,033

10,961

Capital losses / (capital gains) from sale of assets

(63)

(27)

Financial costs / (income)

11,413

633

Other non-monetary variations

2,323

1,118

Cash flow generated / (absorbed) by operations before variations in net working capital

27,210

25,182

Variation in inventories

(7,408)

(68)

Variation in trade receivables

(11,838)

(8,383)

Variation in trade payables

6,414

4,875

Variation in other assets and liabilities

(426)

(1,127)

Use of provisions for risks and charges and for employee benefits

(1,471)

(141)

Taxes paid

(3,281)

(4,207)

Net cash flow generated / (absorbed) by operations

9,200

16,131

Investments in tangible assets

(6,462)

(7,544)

Investments in intangible assets

(1,685)

(1,896)

Disposal of tangible assets

Investment in financial assets

(485)

(75,679)

Disinvestment in financial assets

28,760

Payment for purchase of business unit net of cash on hand acquired

(50,625)

Net cash flow generated / (absorbed) by investment

(30,433)

(85,076)

Repayment of long-term financial liabilities

(21,440)

(23,095)

Repayment of lease liabilities

(2,111)

(2,221)

Financial costs paid

(1,652)

(2,484)

Financial income collected

158

963

Treasury shares

(45)

(36)

Net cash flow generated/(absorbed) by financial assets

(25,091)

(26,873)

Total variation in cash on hand

(46,325)

(95,817)

Cash on hand at the start of the year

102,991

191,473

Total variation in cash on hand

(46,325)

(95,817)

Conversion differences on cash on hand

(590)

585

Cash on hand at the end of the year

56,076

96,240

During the period ended 31 March 2025, operations generated lower liquidity of Euro 6,932 thousand compared to the same period of the previous year, mainly due to a greater absorption of liquidity due to the management of net working capital influenced by the increase in trade receivables and inventories only partially offset by the increase in trade payables.

Net investment activity during the period showed a lower absorption of cash of Euro 54,643 thousand compared to the same period in the previous year, mainly due to investments in financial assets in the first three months of 2024 of Euro 75,679 thousand compared to disinvestments of Euro 28,760 thousand in the corresponding period of 2025. We also note that the quarter ended 31 March 2025 was penalized by the payment of Euro 40,497 thousand for the purchase of the whole blood business unit of Haemonetics and by the payment of part of the earn out to the seller of the Haemotronic group for Euro 10,000 thousand.

Indicators

The Group’s principal economic and financial indicators and other indicators at 31 March 2025 and 31 March 2024 are listed below.

Period ended 31 March

(in thousands of Euro) 2025 2024

ROE (net profit/total net shareholders’ equity)

11%

ROI (EBIT from ordinary operations/net invested capital)

10%

ROS (EBIT from ordinary operations/ordinary total revenues)

17%

16%

EBITDA

25,081

24,282

Adjusted EBITDA

25,784

24,309

Net interest expense (excluding exchange gains / losses and interest for discounting earn (2,801) (3,975)

out)

Net financial debt

(275,637)

(331,283)

Net financial position

(254,604)

(303,576)

Total intangible fixed assets/Total fixed assets

71%

74%

Total intangible fixed assets/Total assets

51%

48%

Acid test (short-term assets/short-term liabilities)

1.0

Net interest expense / payables to lenders

3.7%

3.5%

Indebtedness ratio (net financial indebtedness/shareholders’ equity)

0.62

0.95

Net financial position/shareholders’ equity

0.57

0.87

EBITDA/Interest

8.95

6.11

Adjusted EBITDA/Interest

9.21

6.12

Net financial position/EBITDA

2.54

3.13

Net financial position/adjusted EBITDA

2.47

3.12

Net financial debt / EBITDA

2.75

3.41

Net financial indebtedness/adjusted EBITDA

2.67

3.41

The Group’s investment policy aims to achieve diversification in terms of product range and creation of new technological solutions for integration into the range of products it offers for sale. The development of new products is important for the Group, in order to continuously increase the satisfaction of its customers. Moreover, in the period under examination here, the Group invested in improvement of the efficiency of production through reinforcement and boosting of automation processes and adaptation of its productive capacity to ensure immediate flexibility in response to a possible increase in activity and adaptability to emerging trends.

It should be noted that, with reference to the period ended 31 March 2025, the main investments concerned the production plants in Italy, the plants in the United States of America, the United Kingdom and in Mexico, in addition to the construction of a new production plant in Suzhou, China.

With research and development centres all over the world, GVS offers an extremely efficient service tailored to respond to its customers’ requests: from product conception and design to validation and mass production.

The Group’s R&D work aims to introduce new products and implement new production processes. These activities are divided into a number of different phases, from conception and start of the process of designing and new product process to large-scale industrial production. The main indicators for the period under review compared with the same period of the previous year are shown below.

Period ended 31 March

(in thousands of Euro) 2025 2024

Research and development costs 5,272 6,370

Research and development costs/revenues from contracts with customers 4.9% 6.1%

The Company does not own, and has never owned, stocks or shares in its parent company, even through an intermediary and/or company; therefore, it did not buy or sell any such stocks or shares in the first quarter of 2025.

Starting from 8 October 2021, the Company launched the buyback program authorised by the Shareholders’ Meeting of 27 April 2021. In September 2024, GVS SpA, renewed under the same terms and conditions, in implementation of the shareholders’ resolution authorising the purchase and disposal of treasury shares of 7

The Group did not conduct any atypical or unusual transactions during the period.

In conducting its business, the Company is exposed to financial risk, as described in the Explanatory Notes, representing:

market risk, deriving from oscillating exchange rates between the Euro and the other currencies in which the Group operates, and of interest rates;

credit risk, deriving from the possibility of a counterpart defaulting;

liquidity risk, deriving from insufficiency of financial resources to fulfil financial commitments.

The Group’s goal is to maintain balanced management of its financial exposure over the years in order to guarantee a debt structure that is balanced with the composition of the company’s assets and capable of guaranteeing the necessary flexibility in operations through use of liquidity generated by current operations and resort to bank loans.

The capacity of characteristic management to generate liquidity and the capacity for indebtedness allow the Group to adequately satisfy the requirements of its operations and financing of operative working capital and investment capital, and to fulfil its financial obligations.

The Group’s financial policy and management of financial risk are guided and monitored at the central level. In particular, the central finance function assesses and approves provisional financial requirements, monitors trends and applies appropriate corrective actions where necessary.

In relation to the wars in Ukraine and in the Middle East, the Company monitors the geopolitical context and the situation in these countries on a daily basis to assess the potential direct and indirect effects in future, both in terms of strengthening the inflation dynamics in the supply markets of raw materials and energy costs, and in terms of sales reduction in the affected areas. Currently, the Group’s direct exposure to the areas concerned is marginal.

With regard to relations with subsidiary, associated, parent and affiliated companies, please see the analytical indications given in the explanatory notes to these interim financial statements. The following is a summary of the types of transactions that have taken place:

Company Type of transaction

Parent Company - GVS Group S.r.l. Financial, consolidated fiscal

Subsidiaries Commercial, performance of services costs and financial, consolidated fiscal

Associated companies - Companies in the GVS Group Services costs

GVS SpA and the subsidiary Haemotronic SpA participate in the optional national tax consolidation system under the GVS Group. Transactions with subsidiaries are primarily commercial (sale of raw materials and finished goods, and provision of services for production) and financial (provision of intergroup loans) in nature and are conducted under the conditions normally in effect on the market. The Company and a number of its subsidiaries have stipulated contracts for the leasing of real estate properties with companies directly or indirectly controlled by GVS Group S.r.l., under the conditions normally in effect on the market.

With regard to transactions with related parties, including intergroup transactions, it should be noted that these were neither atypical nor unusual and are part of the normal course of business of Group companies. They were carried out in compliance with internal procedure that contains rules aimed at ensuring their transparency and fairness, pursuant to the CONSOB Regulation No. 17221/2010.

In the notes to the consolidated financial statements, the Company provides the disclosures required pursuant to Art. 154-ter of the TUF as indicated by CONSOB Regulation No. 17221 of 12 March 2010 and subsequent CONSOB Resolution No. 17389 of 23 June 2010. The disclosure on transactions with related parties required by the CONSOB Communication of 28 July 2006 is presented in the attached tables.

On 14 January 2025, GVS successfully completed the acquisition of Haemonetics’ whole blood assets, in line with terms entered into on 3 December 2024. The purchase price paid at closing, which reflects the price adjustment mechanism and subject to potential further adjustments in accordance with the terms of the acquisition agreement, amounted to Euro 42,450 thousand, on a cash free/debt free basis, and includes the warehouse relating to the whole blood business and the real estate property of the Covina production plant, in addition to specific plant and machinery. In addition to the purchase price, paid to the seller at closing for Euro 40,497 thousand and for the amount of Euro 1,952 thousand, already paid to the seller as a deposit in previous years, the group recorded a payable for earn out of Euro 14,238 thousand, payable by February 2028 in various annual tranches. The economic effects of the acquired assets have been recorded in the consolidated financial statements since the closing date.

In April 2025, GVS SpA entered into four interest rate swap-type derivative contracts with Mediobanca

Banca di Credito Finanziario SpA, Unicredit SpA and the Credit Agricole Italia SpA group for a total nominal amount of Euro 127,500 thousand, aimed at fully hedging the risk of fluctuation of the interest rates of part of the loan granted by the same credit institutions in the course of 2022. Such derivative financial instruments, having a decreasing nominal value equal to the nominal value of the hedged items, guarantee a fixed interest rate for the entire duration of the loan.

During first quarter of 2025, the GVS Group continued on its path of continuous improvement in economic and financial performance, focusing its strategy on:

the full integration within the new Transfusion Medicine subdivision of the whole blood

business acquired by Haemonetics earlier this year;

the continuation of industrial efficiency actions, aimed at supporting further improvement of the Group's margins;

the implementation of the new organisational structure of the Healthcare & Life Sciences

division, aimed at maximising the growth potential of the various markets.

With regard to the potential impact of the new tariffs recently introduced by the US administration, it should be noted that:

the new tariff environment represents an opportunity for GVS, thanks to the local-for-local

business model and the consolidated US manufacturing platform (6 US factories);

GVS is in discussion with several customers who are considering relocating productions in the United States and Mexico;

the new tariffs currently in force are expected to have a limited impact on the Group's FY 2025 results, amounting to approximately 50 basis points of normalised EBITDA margin, assuming the absence of corrective actions by the Company (such as price increases or shifts in production in American production plants);

the Group's trade flows between Mexico and the United States are currently exempt from any tariffs, as they are in compliance with the USMCA Treaty.

Following the results achieved in the first three months, the Company confirms the forecasts for the 2025 financial year results announced at the time of approval of the 2024 financial statements, equal to:

mid-to-high single digit growth in consolidated turnover compared with 2024, gradually accelerating during the year thanks to the gradual integration of revenues from the whole blood business;

a normalised EBITDA margin increasing between 150 and 250 basis points compared to 2024;

A leverage ratio of below 2x as of 31 December 2025.

Zola Predosa, 15 May 2025

For the Board of Directors Massimo Scagliarini Chief Executive Officer

‌Consolidated statement of assets and liabilities*

(in thousands of Euro)

As at 31 March 2025

As at 31 December 2024

ASSETS

Non-current assets

Intangible assets

460,590

472,940

Right of use assets

22,104

23,389

Tangible assets

166,231

133,756

Deferred tax assets

889

859

Non-current financial assets

1,461

3,422

Non-current derivative financial instruments

887

1,877

Total non-current assets

652,162

636,243

Current assets

Inventories

106,102

80,542

Trade receivables

65,382

55,368

Assets from contracts with customers

1,179

1,561

Current tax receivables

9,373

10,768

Other receivables and current assets

15,093

11,893

Current financial assets

2,437

30,985

Current derivative financial instruments

257

Cash and cash equivalents

56,076

102,991

Total current assets

255,899

294,108

TOTAL ASSETS

908,061

930,351

SHAREHOLDERS’ EQUITY AND LIABILITIES

Share capital

1,892

Reserves

441,195

415,917

Net income

1,880

33,370

Group net shareholders’ equity

444,967

451,179

Shareholders’ equity attributable to non-controlling interests

Total shareholders’ equity

445,009

451,231

Non-current liabilities

Liabilities for the purchase of equity investments and non-current earn out

15,376

8,245

Non-current financial liabilities

223,519

246,021

Non-current leasing liabilities

12,841

14,138

Deferred tax liabilities

28,917

29,937

Provisions for employee benefits

2,953

2,924

Provisions for risks and charges

6,121

6,648

Total non-current liabilities

289,727

307,913

Current liabilities

Liabilities for the purchase of equity investments and current earn out

15,420

19,346

Current financial liabilities

58,763

57,221

Current leasing liabilities

7,620

8,034

Provisions for current risks and charges

820

500

Current derivative financial instruments

382

Trade payables

46,310

42,542

Liabilities from contracts with customers

4,929

5,868

Current tax payables

8,684

10,159

Other current payables and liabilities

30,719

27,155

Total current liabilities

173,325

171,207

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

908,061

930,351

(*) Pursuant to CONSOB Resolution No. 15519 of 27 July 2016, the effects of transactions with related parties on consolidated statement of assets and liabilities are highlighted in the attached tables.

(in thousands of Euro) Notes

Quarter ended

31 March

2025

2024

Revenue from contracts with customers

5.1

107,205

103,886

Other operating income

5.2

1,330

1,505

Total revenues

108,535

105,391

Purchases and consumption of raw materials, semi-products and finished products

5.3

(31,950)

(31,780)

Personnel costs

5.4

(34,254)

(33,537)

Service costs

5.5

(15,832)

(14,199)

Other operating costs

5.6

(1,418)

(1,593)

EBITDA

25,081

24,282

Net impairment losses on financial assets

(131)

(191)

Amortisation, depreciation and write-downs

5.7

(11,033)

(10,961)

EBIT

13,917

13,130

Financial income

5.8

158

5,077

Financial costs

5.8

(11,571)

(5,710)

Pre-tax result

2,504

12,497

Income tax

5.9

(631)

(3,054)

Net income

1,873

9,443

Group’s share

1,880

9,436

Minority share

(7)

Basic net profit per share (in Euro)

5.10

0.01

0.05

Diluted net profit per share (in Euro)

5.10

0.01

0.05

(*) Pursuant to CONSOB Resolution No. 15519 of 27 July 2016, the effects of transactions with related parties on consolidated income statement are highlighted in the attached tables.

(in thousands of Euro) Quarter ended 31 March

2025 2024

Net income

1,873

9,443

Other components of the comprehensive income statement which will be reclassified in the income statement in subsequent years

Profits (losses) on cash flow hedges

(990)

(833)

Effect of taxation

238

200

Difference due to conversion of financial statements in foreign currency

(7,758)

3,373

(8,510)

2,740

Other components of the comprehensive income statement which will not be reclassified in the income statement in subsequent years

Actuarial profit (loss) due to employee defined benefit plans

Effect of taxation

Total other components in the comprehensive income statement

(8,510)

2,740

Comprehensive net profit

(6,637)

12,183

Group’s share

(6,626)

12,177

Minority share

(11)

(in thousands of Euro) Share

capital

Share premium reserve

Legal reserve

Extraordinary reserve

Reserves

Translation reserve

Negative reserve for treasury shares

Actuarial profits and losses reserve

Profit (loss) carried over and other reserves

Net income

Group net shareholders’ equity

Shareholders’ equity attributable to non-controlling interests

Total shareholders’ equity

As at 31 December 2023

1,750

92,770

350

64,902

(7,676)

(2,524)

244

170,987

13,647

334,451

334,478

Net income

9,436

9,443

Total other components in the comprehensive income statement

3,373

(633)

2,740

(1)

2,739

Comprehensive net profit

3,373

(633)

9,436

12,177

12,183

Allocation of net profit from previous year

13,647

(13,647)

Purchase of treasury shares

(66)

(36)

Increase in reserves for long-term incentives

509

As at 31 March 2024

1,750

92,770

350

64,902

(4,303)

(2,590)

244

184,540

9,436

347,099

347,132

(in thousands of Euro) Share

capital

Share premium reserve

Legal reserve

Extraordinary reserve

Reserves

Translation reserve

Negative reserve for treasury shares

Actuarial profits and losses reserve

Profit (loss) carried over and other reserves

Net income

Group net shareholders’ equity

Shareholders’ equity attributable to non-controlling interests

Total shareholders’ equity

As at 31 December 2024

1,892

167,491

350

55,199

1,085

(2,836)

234

194,393

33,370

451,179

451,231

Net income

1,880

(7)

1,873

Total other components in the comprehensive income statement

(7,755)

(752)

(8,507)

(3)

(8,510)

Comprehensive net profit

(7,755)

(752)

1,880

(6,627)

(10)

(6,637)

Allocation of net profit from previous year

33,370

(33,370)

Purchase of treasury shares

(28)

(17)

(45)

Increase in reserves for long-term incentives

462

As at 31 March 2025

1,892

167,491

350

55,199

(6,670)

(2,864)

234

227,456

1,880

444,968

445,009

(in thousands of Euro)

Quar

2025

ter ended 3

1 March

2024

Pre-tax result

2,504

12,497

- Adjustment for:

Amortisation, depreciation and write-downs

11,033

10,961

Capital losses / (capital gains) from sale of assets

(63)

(27)

Financial costs / (income)

11,413

633

Other non-monetary variations

2,323

1,118

Cash flow generated / (absorbed) by operations before variations in net 27,210 25,182

working capital

Variation in inventories

(7,408)

(68)

Variation in trade receivables

(11,838)

(8,383)

Variation in trade payables

6,414

4,875

Variation in other assets and liabilities

(426)

(1,127)

Use of provisions for risks and charges and for employee benefits

(1,471)

(141)

Taxes paid

(3,281)

(4,207)

Net cash flow generated / (absorbed) by operations

9,200

16,131

Investments in tangible assets

(6,462)

(7,544)

Investments in intangible assets

(1,685)

(1,896)

Disposal of tangible assets

Investment in financial assets

(485)

(75,679)

Disinvestment in financial assets

28,760

Payment for purchase of business unit net of cash on hand acquired

(50,625)

Net cash flow generated / (absorbed) by investment

(30,433)

(85,076)

Repayment of long-term financial liabilities

(21,440)

(23,095)

Repayment of lease liabilities

(2,111)

(2,221)

Financial costs paid

(1,652)

(2,484)

Financial income collected

158

963

Treasury shares

(45)

(36)

Net cash flow generated/(absorbed) by financial assets

(25,091)

(26,873)

Total variation in cash on hand

(46,325)

(95,817)

Cash on hand at the start of the year

102,991

191,473

Total variation in cash on hand

(46,325)

(95,817)

Conversion differences on cash on hand

(590)

585

Cash on hand at the end of the year

56,076

96,240

(*) Pursuant to CONSOB Resolution No. 15519 of 27 July 2016, the effects of transactions with related parties on consolidated cash flows are highlighted in the attached tables.

GVS S.p.A. (hereinafter referred to as “GVS”, the “Company” or the “Parent Company” and, with its subsidiaries, as the “GVS Group” or simply the “Group”) is a company established and domiciled in Italy, with registered offices in Zola Predosa (BO), Via Roma 50, organised according to the law of the Republic of Italy.

GVS is controlled by the company GVS Group S.r.l. (hereinafter the “GVS Group”), which directly holds 63% of the share capital. There is no other entity exercising direction and coordination of the Company. The ultimate parent is Lighthouse 11 SpA, which directly holds 50.52% of the share capital of the GVS Group.

The GVS Group is one of the world's leading suppliers of advanced filtering solutions with applications primarily in the field of Healthcare & Life Sciences.

The Interim Report on Operations as at 31 March 2025 was prepared in accordance with the measurement and valuation criteria established by the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Commission in accordance with the procedure set out in Art. 6 of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, while for the purposes of the information provided in this report reference was made to Article 154-ter of Legislative Decree 24 February 1998 No. 58.

The accounting standards adopted for this interim report are the same as those used to prepare the annual consolidated financial statements closing at 31 December 2024, to which reference should be made for further details, with the exception of the following:

accounting standards, or amendments to existing accounting standards, effective from 1 January 2025, and

income taxes, recognised on the basis of the best estimate of the weighted average tax rate expected for the entire year, in line with the provisions of IAS 34.

For comparison purposes, the consolidated financial statements at 31 March 2025 show, for the income statement the figures related to the first three months of 2024, while for the balance sheet the balances for the year ended 31 December 2024.

The Group chose to represent its statement of profit and loss according to the nature of the expense, while the assets and liabilities in the statement of financial position are divided into current and non-current. The statement of cash flows is prepared by the indirect method. The schemes employed are those that best represent the Group’s economic and financial standing.

The currency in which the Company operates and uses for presentations is the Euro.

The statements and tables contained in this periodic report are shown in thousands of Euros. The Interim Report on Operations is not subject to audit.

With reference to business continuity, it should be noted that the Group’s economic and financial performance as at 31 March 2025, are in line with the initial expectations of the budget. It should also be noted that cash and cash equivalents at 31 March 2025, amounting to Euro 56.1 million, the credit lines currently available and the cash flows that will be generated by operations, are considered more than sufficient to meet the Group's obligations and finance its operations.

On the basis of the information available at the date of approval of this Interim Report on Operations and in consideration of the above, the Directors believe that the going concern assumption with which they have drawn up these consolidated interim financial statements is appropriate.

With regard to performance in the first three months of 2025, please read the Directors' Report on Operations.

The interim report on operations includes the statement of financial position and the statement of profit and loss of the Company and its subsidiaries, prepared on the basis of their accounting situations and, where applicable, opportunely corrected to ensure that they conform to EU-IFRS.

The table below lists information on the company name, registered offices, currency of operation, share capital and portion thereof owned directly by the Group for all GVS’s subsidiaries.

Company name

Registered offices

Currency

Share capital at 31 March

2025

Direct owner

Percentage of control

As at 31 March 2025

As at 31 December 2024

YUYao Yibo Medical Device Co. Ltd

China - Yuyao

CNY

5,420,000

GVS Technology (Suzhou) Co. Ltd.

100.00%

GVS Technology (Suzhou) Co. Ltd.

China - Suzhou (PRC)

CNY

182,658,405

GVS SpA

100.00%

Suzhou GVS Trading Co. Ltd.

China - Suzhou (PRC)

CNY

250,000

GVS Technology (Suzhou) Co. Ltd.

100.00%

GVS North America Inc

USA - Sanford (MA)

USD

GVS North America Holdings Inc

100.00%

GVS Filtration Inc

USA - Findlay (OH)

USD

GVS North America Holdings Inc

100.00%

GVS NA Holdings Inc

USA - Sanford (MA)

USD

0.10

GVS SpA

100.00%

Fenchurch Environmental Group Ltd

United Kingdom - Morecambe

GBP

1,469

GVS SpA

100.00%

GVS Filter Technology UK Ltd

United Kingdom - Morecambe

GBP

27,000

Fenchurch Environmental Group Ltd

100.00%

GVS do Brasil Ltda

Brazil - Municipio de Monte Mor, Campinas

BRL

20,755,226

GVS SpA

99.95%

EG Filtros Ltda

Brazil - Limeira, São Paulo

BRL

90,000

GVS do Brasil Ltda

100.00%

GVS Argentina Sa

Argentina - Buenos Aires

ARS

1,510,212

GVS SpA

94.12%

GVS Filter Technology de Mexico

Mexico - Nuevo Leon

MXN

50,000

GVS SpA

99.90%

GVS Korea Ltd

Korea - Seoul

KRW

100,000,000

GVS SpA

100.00%

GVS Microfiltrazione Srl

Romania - Ciorani

RON

1,300

GVS SpA

100.00%

GVS Japan KK

Japan - Tokyo

JPY

86,408,313

GVS SpA

100.00%

GVS Russia LLC

Russia - Moscow

RUB

10,000

GVS SpA

100.00%

GVS Filtre Teknolojileri

Turkey - Istanbul

TRY

1,000,000

GVS SpA

100.00%

GVS Puerto Rico LLC

Puerto Rico - Fajardo

USD

GVS SpA

100.00%

GVS Filtration SDN. BHD.

Malaysia - Petaling Jaya

MYR

3,000,000

GVS SpA

100.00%

GVS Filter India Private Limited

India - Mumbai

INR

100,000

GVS SpA

100.00%

Abretec Group LLC

USA - Detroit (MI)

USD

14,455,437

GVS North America Holdings Inc

100.00%

RPB Safety LLC

USA - Detroit (MI)

USD

Abretec Group LLC

100.00%

RPB Manufacturing LLC

USA - Detroit (MI)

USD

Abretec Group LLC

100.00%

RPB IP LLC

USA - Detroit (MI)

USD

Abretec Group LLC

100.00%

GVS Filtration Co., Ltd.

Thailand - Bangkok

THB

12,000,000

GVS SpA

100.00%

Shanghai Transfusion Technology Co. Ltd

China - Shanghai (PRC)

CNY

111,757,543

GVS Technology (Suzhou) Co. Ltd.

100.00%

Suzhou Laishi Transfusion Equipment Co. Ltd.

China - Suzhou (PRC)

CNY

2,271,895

Shanghai Transfusion Technology Co. Ltd

100.00%

GVS Vietnam Company Limited

Vietnam - Ho Chi Minh City

VND

449,800,000

GVS SpA

100.00%

GVS Technology Singapore PTE. LTD.

Singapore

SGD

500,000

GVS SpA

100.00%

Haemotronic SpA

Italy - Mirandola (MO)

EUR

5,040,000

GVS SpA

100.00%

GVS TM Inc

USA - McAllen, Texas

USD

2,500,000

Haemotronic SpA

100.00%

Haemotronic de Mexico S DE RL DE CV

Mexico - Raynosa

MXN

29,603

Htmex Inc

100.00%

Note that as of the date of the consolidated interim financial statements at 31 March 2025, all companies included in the consolidation area are consolidated using the full consolidation method.

We note that on 14 January 2025, GVS completed the acquisition of Haemonetics’ whole blood assets, in line with terms entered into on 3 December 2024. The economic effects of the acquired assets have been recorded in the consolidated financial statements since the closing date. Consequently, the income statement and statement of financial position data at 31 March 2025 are not fully comparable with the income statement and statement of financial position data for the previous year. In 2025, GVS Fortune Holding LTD, Goodman Brands LLC, RPB Safety LTD, GVS Logistics Management (Shanghai) CO. LTD were sold and HTMEX Inc. changed its name to GVS TM Inc.

The table below lists the exchange rates used for conversion of the financial statements of companies operating in a currency other than the Euro for the periods indicated:

2025 (average)

2024 (average)

Brazilian real

6.2507

6.4253

6.1647

5.3752

Argentine peso

1,158.1498

1,070.8061

1,110.3882

906.0238

Chinese renminbi

7.8442

7.5833

7.6551

7.8044

American dollar

1.0815

1.0389

1.0523

1.0856

Hong Kong dollar

8.0686

8.4902

Japanese yen

161.6000

163.0600

160.4525

161.2023

Korean won

1,594.7100

1,532.1500

1,528.3330

1,444.371

Russian ruble

89.7980

117.7300

98.4978

98.6959

Turkish lira

41.0399

36.7372

38.2093

33.6188

Mexican peso

22.0627

21.5504

21.4988

18.4466

Romanian ron

4.9771

4.9743

4.9763

4.9735

Indian rupee

92.3955

88.9335

91.1378

90.1387

Malaysian ringitt

4.7992

4.6454

4.6806

5.1287

New Zealand dollar

1.8532

1.772

Thai baht

36.7060

35.6760

35.7222

38.7346

Vietnamese dong

27.654

26,478

26.748

26.670

British pound

0.8354

0.8292

0.8357

0.8562

Singapore dollar

1.4519

1.4164

1.4186

1.4552

Consolidation is carried out by using the line-by-line method, which consists of the inclusion of all assets and liabilities in their entirety. Subsidiaries are consolidated from the date on which control is effectively transferred to the Group, and cease to be consolidated on the date on which control is transferred outside the Group. The assets and liabilities, expenses and income of companies consolidated on a line-by-line basis are fully included in the consolidated financial statements. The book value of equity investments is eliminated against the corresponding portion of shareholders’ equity of the investee companies by assigning to the individual assets and liabilities their current value at the date of acquisition of control (acquisition method as defined by IFRS 3 “Business Combinations”). Any residual difference, if positive, is recorded at the asset item “Goodwill”; if negative, on the income statement. Reciprocal payables and receivables, costs and revenues between consolidated companies and the effects of all significant transactions between them are eliminated. Minority interests in equity and results for the period are shown separately in the consolidated shareholders’ equity and income statement: such an interest is determined on the basis of the percentage they hold in the fair values of assets and liabilities recognised at the original acquisition date and in the changes in equity after that date. Subsequently, profits and losses are attributed to minority shareholders according to the percentage held by them and losses are attributed to minority shareholders even if this implies that minority interests have a negative balance. Changes in the parent company’s interest in a subsidiary that do not result in the loss of control are entered in the accounts as equity transactions. If the parent company loses control of a subsidiary, it eliminates the assets (including any goodwill) and liabilities of the subsidiary, eliminates the book values of any non-controlling interest in the former subsidiary, eliminates cumulative exchange differences recognised in equity, recognises the fair value of the consideration received, recognises the fair value of any retained interest in the former subsidiary, recognises any gain or loss in profit or loss, and finally reclassifies the parent company’s share of the components previously recognised in comprehensive income to the income statement or loss or retained earnings, as appropriate.

The valuation criteria used for the purposes of preparing the consolidated financial statements for the period ended 31 March 2025 are in line with the provisions of the IFRS adopted by the European Union. Please refer to the content of the 2024 Annual Financial Report as regards the reference international accounting standards and the criteria for preparing the aforementioned accounting schedules chosen by the Group.

The preparation of this Report requires the Directors to make estimates and assumptions that affect the values of costs, assets and liabilities on the financial statements. If in the future these estimates and assumptions, which are based on management's best valuation, should differ from the actual circumstances, they will be modified appropriately in the period in which the circumstances change. It should also be noted that certain valuation processes, in particular the more complex ones such as the determination of any impairment of fixed assets, are generally carried out in full only at the time of preparation of the annual financial statements, when all the necessary information is available, except in cases where there are impairment indicators that require an immediate assessment of any loss in value.

Transfusion Medicine which includes the new whole blood business acquired by Haemonetics and STT product lines;

Life Sciences, replacing the current Laboratory segment, net of membrane sales (merged in MedTech).

The table below breaks down revenues from contracts with customers by division in the periods ending on 31 March 2025 and 31 March 2024.

(in thousands of Euro) Quarter ended 31 March 2025 2024

Medtech

54,104

55,054

Transfusion Medicine

16,445

10,848

Life Sciences

2,818

3,241

Healthcare & Life Sciences

73,367

69,143

Safety

19,177

18,275

Energy & Mobility

14,661

16,468

Revenue from contracts with customers

107,205

103,886

During the three months of 2025, GVS achieved consolidated revenues of Euro 107.3 million, an increase of Euro 3.3 million compared to the revenues recorded during the three months of 2024, thanks to the contribution of the Transfusion Medicine division, whose growth due to the acquisition of the whole blood business of Haemonetics, more than offset the reduction highlighted in the Energy & Mobility division.

For further information on the trend in turnover compared with the same period of the previous year, please refer to what is set out in the Directors' Report on Operations.

The table below breaks down revenues from contracts with customers by type of sale in the periods ending on 31 March 2025 and 31 March 2024.

(in thousands of Euro)

Qua

2025

rter ended 31 March

2024

Business-to-business (BTB)

81,726

79,282

Business-to-consumer (BTC)

25,479

24,605

Revenue from contracts with customers

107,205

103,886

The table below breaks down revenues from contracts with customers by geographic area in the periods ending on 31 March 2025 and 31 March 2024.

(in thousands of Euro)

Qua

2025

rter ended 31 March

2024

North America

48,108

47,592

Europe

29,286

29,096

Asia

20,487

19,403

Other countries

9,324

7,795

Revenue from contracts with customers

107,205

103,886

The table below breaks down other operating income for the periods ending on 31 March 2025 and 31 March 2024.

2025

2024

Contributions for operating expenses

298

664

Release of provision for risks

250

Recovery and chargeback

651

196

Insurance refunds

125

Recovery of scrap

Capital gains on sales

Other

267

178

Other operating income

1,330

1,505

(in thousands of Euro) Quarter ended 31 March

Contributions for operating expenses mainly refer to government subsidies obtained by GVS SpA and the subsidiary Haemotromic SpA to cover operating costs for the period.

As at 31 March 2024, the release of the provision for risks of Euro 250 thousand was recognised as a result of the downsizing of a specific dispute relating to Haemotronic SpA, arising before the acquisition. Following consultation with the legal advisors, it was decided to partially release the fund and account for the relevant non-recurring income.

The table below breaks down purchases and consumption of raw materials, semi-finished goods and finished products in the periods ending on 31 March 2025 and 31 March 2024.

(in thousands of Euro)

Quarter ended 31 March 2025 2024

Purchases of raw materials

37,506

35,323

Variation in inventories of products in progress, semi-finished goods and finished products

(1,124)

(2,149)

Variation in inventories of raw materials, subsidiary materials and goods

(4,432)

(1,394)

Purchases and consumption of raw materials, semi-products and finished products

31,950

31,780

The reduction at 31 March 2025 in the incidence of costs for purchases and consumption of raw materials, semi-finished products and finished products on revenues from contracts with customers was mainly due to the contribution of the actions aimed at recovering profitability implemented by the Group, net of the higher costs due to the acquisition of the whole blood business unit of Haemonetics.

The table below breaks down personnel costs in the periods ending on 31 March 2025 and 31 March 2024.

(in thousands of Euro)

Quarter ended 31

2025

March

2024

Salaries and wages

25,700

25,461

Social security contributions

7,488

7,430

Cost of termination indemnity

529

554

Other costs

537

Personnel costs

34,254

33,537

The increase in personnel costs during the period ended 31 March 2025 compared with the same period in the previous year is mainly due to higher costs due to the acquisition of the whole blood business unit of Haemonetics.

Personnel costs for the period ended 31 March 2025 include Euro 537 thousand of non-recurring expenses relating to the ongoing reorganisation process within the Group.

The table below breaks down service costs in the periods ending on 31 March 2025 and 31 March 2024.

2025

2024

Utilities and cleaning services

3,988

3,713

Maintenance

1,346

1,578

Transportation

2,397

1,719

Consulting services

1,180

1,020

Travel and lodging

912

743

Subcontracting

1,253

1,141

Marketing and trade fairs

452

372

Insurance

554

505

Services related to personnel

631

645

Commissions

1,113

1,114

Directors’ fees

733

757

Other services

1,273

892

Service costs

15,832

14,199

(in thousands of Euro) Quarter ended 31 March

The increase in service costs during the period ended 31 March 2025 compared with the same period in the previous year is mainly due to higher costs due to the acquisition of the whole blood business unit of Haemonetics.

The table below breaks down other operating costs in the periods ending on 31 March 2025 and 31 March 2024.

2025

2024

Leasing costs

640

539

Indirect taxation

414

314

Membership fees and charity contributions

136

Allocation to provision for risks

263

Lower compensation from counterparty

250

Other minor costs

354

Other operating costs

1,418

1,593

(in thousands of Euro) Quarter ended 31 March

Leasing costs include: (i) leasing fees for properties of modest value, for which the Group avails itself of the exemption permitted under IFRS 16, (ii) variable components of a number of leasing fees and

(iii) costs connected with use of property under leasing agreements not subject to IFRS 16.

Other operating costs, for the period ended 31 March 2025, include non-recurring expenses relating to costs allocated to the provision for the relocation and rationalisation of the Group's production sites (totalling Euro 263 thousand).

Other operating costs, for the period ended 31 March 2024, include the cost of downsizing the indemnity to be obtained from the seller of Haemotronic SpA, for a specific dispute, for which the special provision for risks was issued in the same amount (see paragraph 5.2).

The table below breaks down amortisation, depreciation and writedowns in the periods ending on 31 March 2025 and 31 March 2024.

(in thousands of Euro) Quarter ended 31 March

Amortisation and write-downs of intangible assets 5,518 4,898

Depreciation and write-downs of tangible assets 3,875 4,098

Amortisation and write-downs of right of use assets 1,640 1,965

The table below breaks down financial income in the periods ending on 31 March 2025 and 31 March 2024.

(in thousands of Euro)

Quarter ended 31 March

2025 2024

Net profits on exchanges

4,114

Other financial income

158

963

Financial income

158

5,077

The table below breaks down financial costs in the periods ending on 31 March 2025 and 31 March 2024.

2025

2024

Interest on bonded loans

Interest on loans

2,487

4,031

Net losses on exchanges

8,333

Interest on leasing liabilities

168

163

Amortised cost

146

124

Interest payable to parent companies

528

Interest for discounting for earn out

279

772

Other financial costs

158

Financial costs

11,571

5,710

(in thousands of Euro) Quarter ended 31 March

Financial costs and income in the periods ending 31 March 2025 and 31 March 2024, include the losses and the net unrealized exchange gains deriving mainly from the adjustment in Euro of intra-group loans granted in dollars by GVS to the subsidiaries GVS NA Holdings Inc., GVS Technology (Suzhou) Co. Ltd., GVS TM Inc. and GVS Filter Technology de Mexico.

Disclaimer

GVS S.p.A. published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2025 at 12:44 UTC.