Thank you. Good afternoon and good morning to everybody, and welcome to the first half presentation of GVS.

A quick snapshot on the number. A plus 3% -- 3.3% organic growth versus the previous year with sales at 215 million, an EBITDA at 55.4 million, plus 2.2% versus the previous year with a 25.7% margin, an improvement of 62 bps versus the first half of the previous year.

Interesting to notice that we have an acceleration in Q2 at 29.5 million with a 26.8 margin. Of course, Q2 is always one of our best Qs, so, but is interesting to see this movement.

23.8 million of adjusted net income with 11.1% margin, and a net financial position at 239 million with a leverage ratio of 2.2. Now we go into the division, and so we can see a nice growing in all the division.

We have plus 2.1 on Healthcare, plus 2.4 in Energy & Mobility, and plus 8.2 in Safety, and that brings our sales at plus 3.3. Adjusted EBITDA, as I mentioned, at 55.4, plus 2.2% versus the previous year, 25.7, a 62 bps margin expansion versus previous year.

Net financial position that from 268 million decreased to 239 million with a leverage of 2.2. Now I leave the speech to Guido for some more detail on these numbers.

Please go ahead.

Thank you, Massimo, and good afternoon to everyone. Let's comment now variance analysis of revenue in the first half 2026.

The first effect we comment is the FX. We have a negative impact of 7.7 million negative FX.

This is mostly related to depreciation of US dollar. US dollar accounts for 6.5 million out of the 7.7, and it's mostly related to the FX we already registered in the first quarter because in this second quarter, the negative FX impact is just 1.3 million euro, and we expect this trend will revert into positive in the second part of the year.

We already have a positive print in the month of July 2026. Volume grew 2.7 million euro, plus 1.3%, and then we had positive impact of pricing of approximately 2 percentage points, and Marco will then comment in the following slide the reason of this extra price performance.

If we move to the next slide, we have the performance of the single division. First positive remark is that all the three divisions posted positive organic growth in the first half, also Energy & Mobility that get back to positive growth in this half.

Starting from Healthcare, the main contributor for the growth of Healthcare and Life Science is the Transfusion Medicine that recorded a growth of almost 11 plus 11 percentage points, plus 10 plus 9.9, and is also in acceleration the trend of Transfusion Medicine compared to the Q1 of 2026 where the growth was 7.9%. Safety is always very stable, well above 8% year-on-year growth, continuing the performance that registered in the first quarter of this year and in the previous quarter.

Then, as already mentioned, Mobility division is back to organic growth and registered in the first half 2026 a positive performance excluding FX of plus 2.4. Now I leave the floor to Marco to discuss the EBITDA.

Thanks, Guido. Good morning, good afternoon, everybody.

EBITDA, we said we went from 25.1% on the left of the slide to 25.7 on the right portion of the slide, we increased by around 60 bps our margin. In the EBITDA in absolute terms went up from 54.2 to 55.4, being the main reason pricing.

In the first half, pricing went up year-on-year by 2%. It was 1.5% in Q1.

The reason of the increase was that we reacted immediately to offset raw material pricing going up due to the geopolitical scenario, which in the end is not affecting our P&L and our cash generation due to our strong and fast reaction. You see other minus 2.4, there you have the impact of the raw material going up, and you have also some production inefficiencies generated by the movement of the Transfusion Medicine products production from the Haemonetics plant into our Mexican plants.

Then we can go to the second slide dedicated to the financials. On the right part, you see the adjusted net income excluding the impact of the FX, which is mainly a non-cash item linked to the intercompany loans.

You see we are going from 26.2 to around 24, and the margin is 11.1%, which is slightly lower than the previous year, and this is due to the depreciation going up because we have built two new plants in the second part of the year of the previous year, UK and China. This trend will be reverted over the next few quarters.

Now the third slide on the financial is about net financial position. If you look on the left side, the net financial position 12 months ago was 268.

Now we are at 239, which means that we improved our net financial position over the past 12 months by around 30 million. It would have been 40 million, but as you probably remember, we invested 10.0 million euros through a buyback of our shares in the second half of the previous year.

The let's say ordinary generation of cash was over the past 12 months 40 million euros. If you compare the end of June net financial position with the net financial position at the end of 2025, you see it's broadly flat from 240 to 239, and the reason is that our net working capital, as usual in the first half, went up.

You see 21.7 deterioration or increase of our net working capital, which is mainly due to the stock. We are going to recover that, as we have always done over the next six months.

The leverage ratio is now 2.2, as it was at the end of the previous year, and as for the net financial position, you will see in a few moments, we are not going to change our forecast for the year, we will recover net of the impact of the voluntary tender offer we executed, we're going to recover, and we are estimating to close the year with a leverage ratio of 1.8 excluding the impact of the voluntary tender offer. Now I can give the floor to Massimo.

Just a comment, and it's important to remember that this year the stock is grown also because we protect ourselves from the fast increasing of all the raw material, we close contract with the supplier to keep stable the price at least in the first half of the year. That's is also one of extraordinary reason why this year --

We will recover that. Oh yeah, yeah,

yeah, absolutely.

We hope that before the end of the year.

Absolutely, absolutely. Strategic focus and guidance.

Nothing is really changed from the last conference. The guidance are confirmed.

The news is that the 24th of September we will present our new business plan, from 2026 to 2028, and in this occasion, we will share with you our vision for the action and the focusing of the next 2.5 year. Just again, for maybe eventually who was not in the last conference, the MedTech, we are focusing on the subdivision, and we are focusing on the reorganization of the sales team so that we can be more effective on the niche where we believe we have a higher grow potential.

Transfusion Medicine, the platform is complete, we now need to step-by-step accelerate on the sales as we are doing. Safety is continue the expansion through new product and new geography, Life Science expansion through new customer and new distribution agreement, and Mobility, the focus is to keep stable the revenue and grow into the EV-related solution.

Say that, sales are confirmed at low single-digits grow, adjusted EBITDA from 20 to 50 bps of margin expansion, and leverage ratio in region of 1.8, as Marco say, excluding the voluntary partial tender offer on treasury share that will increase a little bit this number. I know that this will be a question that you will make when we open the Q&A section, the principal reason why we want to keep the guidance besides the result that we had in the first half, it's because the geopolitical situation is still very complex, plus third quarter is always a very important quarter for us in terms of results, we prefer before to do any change to have more visibility on the third quarter.

I believe that now we have finished and so we can move to the Q&A question.

Hi, Massimo, Marco, Guido. Thank you for the time.

I want to start on Transfusion Medicine where you've internalized production, but also been ramping up in terms of new products. I guess, curious as to what was the bigger driver of the growth acceleration quarter-on-quarter in terms of the commercial and also the industrial actions you're taking, and how you see those developing as we go forward?

Consider that it's really a question of time. Moving the machine and moving everything and starting the production in our plant from the plant of Haemonetics is just the first step.

Then you have to validate and to certify all the product code one by one, and so that takes times, and so more product code, more SKU we have validated, more we can accelerated our growth. This is the reason why you see the difference between Q1 and Q2.

In Q2, we have more product code certified and approved that they can go out for sales.

Thank you. Good afternoon.

Two questions. One is on the margin protection, which, as you said, was pretty effective both in Q1 and even more in Q2 because we have seen a slight acceleration of the margin progression in Q2, if any, notwithstanding the more dense environment on the input cost.

The pricing, as you said, has accelerated from around 1.5% in Q1 to 2% in the first half. My question is, what's next in terms of protection, your visibility on the protection of the margin also for the remaining part of the year?

Then, if I may, also second question is on the trading conditions. On the organic growth, you are performing, I would say, decently because you have done 3.3%, slightly above in Q1 and slightly below in Q2, but more or less 3% plus in both quarters, let's say.

I was looking in my Excel, Q3 last year was not particularly strong year-on-year in terms of organic, was I think down. I don't think the comparison in Q3, which is what you are currently observing, is particularly challenging.

Do you want to share with us in general you have low single-digit guidance, you are at three plus, 3.3. Do you have any specific reason, apart the prudence on the geopolitical situation which remains dense, but do you have specific reason to identify or to expect a slowdown maybe, for example, in already in Q3 or not?

Thanks.

No, I don't have a specific worry about the Q3 or the Q4. It's just question of prudence.

The geopolitical situation is very dense. Transfusion Medicine is a brand new division, I really prefer to move with prudence and protect and confirm the guidance at least until the end of the third quarter when we will have a very clear and solid visibility before to bet on a final result.

The first question was about pricing, raw material, and how we are offsetting. I see no risk on that because we monitor daily raw material pricing, and we adjust immediately pricing for customers.

In Q3, for sure, we have already, let's say, negotiated the raw material pricing for Q3, and we have also done the same job for pricing to customers. Matteo, we have demonstrated our ability to react fast.

Don't expect any margin acceleration or deterioration due to the geopolitical situation. No impact I'm expecting on the margins due to the geopolitical scenario.

If I may, Marco, on this point, how it works, the pricing revision? You go to your customer with a sort of objective delta on your input cost, they are sort of forced to recognize the price increase because you go with hard data, or not?

With hard data. We explain, we give them the right justification.

They know the market. They know plastic going up, it's something very, let's say, open.

We just explain them how our costs are affected by the raw material trend, and we adjust it.

If I can add, and if I understand the question of Matteo, is just with few customer of Energy & Mobility that we need to go with physical paper to show them the increase of raw material or the increase of the labor cost, etc. Majority is just an open negotiation where we explain when necessary the increase, and negotiate the increase with the customer.

Again, it was not real discussion. Everybody was expecting this price increase, and everybody have made price increase to their customer, it was a let's say a very common topics on the first half of this year.

Thank you.

Good afternoon, everybody. Two questions from my side.

The one is a follow-up on the guidance. It's clear that you do not expect an impact from the geopolitical scenario on your margin.

I was wondering if there is anything else that could impact the profitability in the second half. Otherwise, with this 60 basis point margin expansion in the first half, I think that the high end of the guidance could be the target.

Correct me if I'm wrong. The second one is on the Energy & Mobility basically because we saw a return to growth in the second quarter.

Can you just comment a little bit more on this, and do you expect this division to stabilize going forward? Thank you.

The first question is on the guidance. Let be clear on that.

We are not adjusting our guidance because we are waiting for Q3, but this does not imply that we are concerned about the geopolitical scenario or that we are concerned about the comparison versus last year. We gave you the guidance a few months ago, we said, "Okay, we are going to revise probably guidance at the end of Q3," but we're not envisaging a specific risk.

I perfectly understand what you're saying. You're saying that our margin year-on-year is on the upper part of the range, it's going up 62 points.

Our guidance is between 20 and 50, I understand your point, but now we are prudent. We are waiting for Q3, and that's it.

I just want to bring an example. We have a customer in Middle East, and we had few containers delivered to this customer, and this container were delivered exactly when the Hormuz Channel was closed.

All the sales delayed because the ship had to be discharged on the land, all the product had to be loaded in truck and driven to our customer. This, it might be 2 million, 3 million euro delayed in term of sales, and that can impact the results.

Again, geopolitical situation, it's a very complex, we just prefer to be prudent and wait the Q3 where we have a more clear visibility. Of course, if nothing is changing, everything remain correct, at the same standard, yeah, we believe that can be for sure versus the high part of the

We know we are doing well.

Yes.

[laughter]

Exactly.

The second question was about Energy & Mobility, the revert of the trend.

Yeah. What we have seen is that after the Hormuz Channel, we had a very strong reshoring in US when before with just the tariffs was just mentioned, but was not exactly happening.

Now we see a more, let's say, concrete reshoring, and this for sure have been impacted the results of the Energy and Mobility.

Very clear. Thank you.

Ciao Massimo, Marco, Guido. Just a quick one on sales trajectory, please.

Could you give us a sense of the sales growth monthly shape within Q2? Was growth relatively even across April, May, and June, or maybe did you see the trend building or fading as the quarter progressed?

Also, what about July? Was it better or worse than the exit rate of Q2?

Ciao Anna. Hi Anna.

Okay. No, it's a constant acceleration.

If I have to be extremely clear in this, yes, month by month, we have seen an improvement in sales. Of course, you have to consider that we had a nice result on Transfusion Medicine, a plus 10% that influenced the result.

We are expecting improvement on this division because, again, as I mentioned before, more product code we are validating and certified with the customer, more sales we can expect in term of expansion. In general, also on the MedTech side, I see definitely more reactive market.

Let's say that I am quite positive on what I am seeing now. July have been a good month.

Yeah.

Okay. Thank you very much.

Yes. Hi, good afternoon to everybody.

I have three questions, okay, if I may. The first one is just linked to what you said before on the MedTech performance because, as you mentioned before, Healthcare & Life Science was driven the performance by the Transfusion Medicine, but on the other side on MedTech, basically slowdown.

If you can comment a little bit about the reason behind this, let's say, underperformance of this segment, and how do you see going forward this division? This is the first question.

Thanks.

Okay. For what regards the healthcare, the MedTech, the core business, again, remember that we still have some influence from the assembled line and don't allow to read correctly the performance of this subdivision.

In reality, the subdivision is performing positive with a nice grow compensating, let's say, better than what we expect the assembled line.

If I understood well, it was strictly, let's say, the performance to the contract manufacturing agreements you had. That's, let's say, your point?

Yes.

Excluding this, the MedTech, which kind of performance would have done?

I don't have the pure number. I don't know if Guido, you have calculated.

I think they reached low single-digit growth, more in line with the overall performance of the division, so.

Okay. Thanks.

Then if we step back a little bit to the Transfusion Medicine, as you said before, there is an acceleration. I understood that you're not, let's say, totally happy about this inefficiencies that the ramp-up of the production had.

Can you give us a sense of how this process is proceeding, if you believe that all this, let's call it inefficiencies, are overall solved or and let's say in the end if you're happy, or do you see, let's say, a large room to improve the profitability for this segment? Thanks.

Inefficiency are never resolved in an industrial business. Inefficiency is something that you have on your back for all your life.

It's something that you fight every day. Now this is a completely brand new production, of course it will bring more inefficiency compared with a new one.

Just the learning curve of all the operator, the setup of all the automatic machine, etc., that bring definitely higher inefficiency compared with a consolidated business. Yes, my expectation is that step-by-step, we will improve this inefficiency, and we will improve the marginality also related to this Transfusion Medicine division.

Because

correct me if I'm wrong, today Transfusion Medicine is basically dilutive, right?

Is

slightly dilutive in terms of margin.

Yes, that's right.

Alessandro, these inefficiencies are expected. It is true that, okay, compared to the last year, we have some, let's say, slight negative impact on the margins, but we know it.

Probably it's going to take at least until the end of the year, then probably you will not hear of that anymore.

Understood. Then the third question is on the tariffs.

The first question is if you are, let's say, still paying tariffs in this context, and secondly, have you applied or are you assessing any possibility to ask for the refund? Thanks.

Yes, we already got some money back in the first half, $700k. We get the expectation around 800k in Q3.

We didn't make comments on that because the positive impact of the tariffs was offset in the first half by US government contribution going down by 1.2 million because last year in the first half, we got some money from the US government COVID-related. Last year we got 1.2 million euros for the COVID.

In this year, we got $700k for the tariffs. The impact of the two is negative, and it's embedded where if you look at the adjusted EBITDA variance analysis, it's the last box, the minus 2.4 other.

There you find what I have just described.

Understood. Just sorry if I may a follow-up on the financial expenses that, okay, you had the impact on the FX gain.

Can you let's say give me an idea of some kind of guidance for the full year in terms of operating, recurring net financial charges? Thanks.

For the net financial charges? Sorry, I didn't get your question.

What are you referring to --

Net interest.

Net interest, yeah.

Excluding the impact on the intercompany loans?

Yes.

Okay. They are slightly going down each quarter.

You can assume €200k, €300k each quarter because the gross debt is going down.

Okay. Thanks.

You're welcome.

Yes, apologies, gentlemen, I had one follow-up and then just a clarification if I may. Just in terms of the recent depreciation increase, is that a fair run rate we should be assuming now in terms of the foreseeable quarters?

Yes, if you look at the P&L, that's the rate you should forecast. Yes.

Great. Thank you, Marco.

Then

Massimo, your comments on the Middle East shipment challenges were helpful case study. I just wonder if that delay happened from 1Q into 2Q or from 2Q into third quarter?

That was

in February

and moved from Q1 to Q2, yes.

They delivered the goods,

yes.

Yes, yes, yes,

yes.

Understood. Thank you.

Okay. Buongiorno.

Spero

mi sentiate.

Sì. Ecco.

Thank you very much. Just two details.

The first one is, could you quantify the euro revenue decline from the dialysis contract in the first half?

No, I don't have the

data.

No, but it's -- Because

that would allow us to understand the organic growth from everything else.

Yeah.

The second point is, there has been an acceleration in pricing, the effect has been 2% in the first half, which is great to see. You've been much faster than in 2022.

While you've been fast to act, I wanted just to understand whether this is something that you were able to contractualize in the meantime since then, or this is just your, let's say, commercial action on clients and clients being quicker in agreeing with those pricing? It would make a difference to me.

Thank you.

Consider that we don't have a great number of contract because due to our position is much better for us to not contractualize our relationship with the customer. I remember to you that in the healthcare business in particular, when you are in, you are linked to the customer for the life.

Having a contractualization normally take you out a lot of flexibility in price increase and in commercial action. Generally speaking, the relation with the customer in this case is a communication where we increase the price.

We have, of course, a negotiation with the most important one, and only where we have fixed contract that allow us to move the price only, for example, at the beginning of the year, at the end of the year, we have to wait the window of the contract to execute this price increase. I don't know if I answer your question.

How come that this time around the effect has been seen quicker than in 2022-2023? Has the percentage of contract that can be redefined just once a year changed and reduced, and therefore now you are able to change the contract like four times a year, I don't know, but within shorter time periods?

No,

in 2022, we were sleeping. We were definitely slow in acting in the right way.

We have learned a lot from the 2022 lesson, and now we are much more quicker even as a process and procedure on how to act and how to move and how to control the result versus the 2022. We have learned something in these years.

I go back to the dialysis questions. Is it right to assume that you still had around, let's say, between 10 and 15 million of that product that would have had a long-tail fading that we need to take into account?

If so, in how many year or month or years do you think that is going to be zeroed?

It will never be zero, as I mentioned in other conference, because we want to support our customer. It will not be so important as is today.

I don't recall exactly what was the decline that we were mentioning.

I think we will be more precise in September when we're going to comment the business plan because this will be something that we're going to comment.

Make more sense, yes.

Grazie.

Thank you to everybody. A nice summer to everybody, and we will meet in September for the business plan.

Thank you. Thank you very much.