Thank you very much. Good afternoon and good morning, welcome everybody to the first quarter presentation of GVS Group.

I am not seeing the presentation on the screen right now, I don't know if the participants are seeing it. Otherwise, I will kindly ask the moderator, yeah, to set up the presentation.

Okay. Hello.

Could you please the [unclear]?

if

Yep, excellent. Perfect.

Thank you very much.

Again, good afternoon and good morning. Welcome to the Q1 presentation of the GVS Group.

A quick snapshot on the number. Okay.

First quarter at 105 million, plus 3.9% versus previous year, Q1 '25. Adjusted EBITDA 25.9, plus 0.3% versus previous year, and margin at 24.6%, 57 bps better than 2025.

Net income at 10.7 million with a margin of 10.2%, and the net financial position at 249 with a leverage of 2.3. Some quick detail.

We have a nice 3.5% grow on Healthcare & Life Science, Energy & Mobility flattish, -0.5%, and Safety a nice grow at plus 8.6% versus previous year. As I mentioned before, adjusted EBITDA at 24.6% and a value of 25.9, plus 0.3% versus previous year.

Net financial position at leverage of 2.3 with 249 million. Now I leave the speech to Guido for some granular details.

Thank you, Massimo, and good morning, good afternoon to everyone. We now comment the variance analysis on sales, Q1 2026 revenues versus Q1 2025.

The first aspect we comment is the negative FX impact of about 6%, and this is mostly related to US dollar depreciation, 5.4 million out of the 6.4 are related to US dollar. Excluding the FX, we have 3.9% organic growth, it is made by volume and pricing growth.

Starting from pricing, the 1.6 million, equivalent to 1.4% year-on-year, is in line with the performance we recorded in the last quarter and the last years. While we have a nice 2.6 million, 2.4% year-on-year volume growth compared to the first quarter of the previous year.

We have a completely like-for-like perimeter in this quarter, and this 2.6 million are referred to growth mostly of Safety, Transfusion Medicine, and Medtech. Moving now to the next slide, we see the performance division by division.

First thing we want to highlight is the very good performance of Healthcare & Life Science, not only for the growth, 3.5% excluding FX organic performance versus the previous quarter, but also the fact that all the three subdivision of Healthcare are delivering solid organic growth. Starting from Medtech, plus 2% compared to previous quarter, the Transfusion Medicine, we have almost 8 points, 7.9% of organic growth, and Life Science, 6.2% growth.

Moving then to Safety, Safety is delivering a consistent, very consistent high single-digit growth. This quarter is plus 8.6% period versus the first quarter of the previous year.

We have a strong FX impact on this, but so the organic is absolutely in line with the very good performance that this division delivered in the previous quarter. Then, as Massimo anticipated, Mobility, we have a substantial stability in the sales of Mobility, and this so is a very important, sign of stabilization after difficult quarter of the division.

We are basically flattish on organic perspective. We still see some impact of FX given also the exposure we have of the automotive business to the US market.

Now I hand over to Marco to comment the profitability.

Thank you, Guido. Good morning, good afternoon everybody on the call.

Let's move to the financials. First EBITDA.

EBITDA in absolute terms is slightly going up from 25.8 million to 25.9. If we look at the adjusted EBITDA margin, there is an improvement of around 60 bps, 60 bps, mainly driven by pricing.

We increased pricing by 1.4%. That impact has nothing to do with the reaction we are going to implement to offset raw material pricing going up.

In Q1 there is no impact of that. Then volume is positive, around 1 million.

Unfortunately, negative FX already commented by Guido. Then you see there is negative 0.9, you see other.

This is mainly due to the start-up cost linked with the transfer of the transfer medicine production from the Tijuana plant of Haemonetics to our Mexican plant. It's just a matter of time.

For sure, we are going to improve and release efficiencies in the second part of the year. Now we can move to the next slide, which is about the adjusted net income.

If you look on the left, there is a strong improvement of the adjusted net income, but this is mainly driven by FX related to the US dollar intercompany loans. If we remove that impact, you see a slightly negative trend.

The adjusted net income is equal to around 10%, which is more or less what we showed last year, but it's going down slightly due to higher D&A. Higher D&A are mainly due to the 2025 CapEx for the plants in UK and in China, and it also due to the, as I said before, the start-up of the transfer of the production of the Transfusion Medicine products.

Now the last slide is about net financial position. Here it's perfectly aligned with our guidance and with our budget.

Net financial position, as usual in the first quarter, is going up. Here you see a deterioration of around €10 million, mainly due to net working capital.

You see there is negative €21 million, as usual in Q1, this negative trend of both stock and receivables, which we are going to offset later on during the 2026. If you compare net financial positions at the end of March 2026 to the net financial position of the 12 months before, you see an improvement of around €26 million, but you should remove the extraordinary impact of the already mentioned CapEx for the new plants.

If you do that, you have an improvement of the net financial position in 12 months of around €35-€36 million, which means more or less an average improvement of €9 million per quarter, which is more or less our target. Now I can give the floor to Massimo for the conclusions of the presentation.

Nothing really changed compared with the last conference. Medtech, we're working on establish the new subdivision to have a more focus on high-growth segment.

Transfusion Medicine, the platform have been built, now we have to push on grow and accelerate the new product development. Safety, keep expanding the business using the ramp-up of new products and not only the new geography.

Life Science, validation with pharmaceutical customer and new distribution agreement. Mobility, stabilize the revenue and continue grow on EV-related solution, and recovering some volume in the agriculture vehicle application.

Guidance, again, nothing has changed. In sales, low single-digit grow with a progressive acceleration through the year.

Adjusted EBITDA, from 20 to 50 bps margin expansion versus previous year. Leverage ratio in the region of 1.8, of course excluding the impact of the voluntary partial tender offer on the treasury shares.

Here we close the presentation, and I believe we can move to the Q&A section.

Good afternoon, everybody. Thank you for taking my question for the presentation.

Let's start with two questions. The first one is on the guidance, because you are pointing to gradual improvement in organic growth through the year, while you posted already in the first quarter a, I would say, good performance at 4% versus a low single-digit target for the full year.

I was just wondering which division overperformed your initial expectation. The second one is on the Safety business, still very good performance in the first quarter.

Can you give us more color on the new product and, generally speaking, how demand and the competitive environment is evolving for the Safety business? Thank you.

Okay.

For the first question, I would say that is an overall grow that it's a little bit better than our expectation, there are not one division that is performing better than the other. For what regards the Safety, I would say that we have different product that they are in launch phase.

Of course, the full face mask that will gain full speed this year because entered in the market by the end of last year. Then we have new helmets to be used on a PAPR market or on the assisted air type of protection device.

We have even new system, radio system for communication between operator to be added to the helmet. There are many different things that will help accelerate the grow, but again, I will keep this inside what we are expecting from this division, the around 8% grow.

Very clear.

Yes.

Yes, hi. Good afternoon to everybody.

Let's say I have let's say three questions, okay, if I may. The first one relates to the Transfusion Medicine business, if you can help us to understand.

You mentioned before that the expectation for the year is this let's say gradual acceleration, with a good starting Q1, but the question is how do you see the Transfusion Medicine progressing over the year? Should we expect let's say, I don't know, a second half significantly better due to, I don't know, some development on the commercial side.

Just to understand how you see the development of this segment over the year. This is the first question.

Thanks.

I am very prudent on Transfusion Medicine because is true that now we have internalized all the production and we are fully vertically integrated, but I am basically launching 50 or 60 new product code in production. That might generate a lot of turbulence, a lot of problem.

Right now we are moving well in the right direction. I just want to be prudent because there are many variables that are playing in this kind of process.

Just maybe my question wasn't, let's say, correct on this. What is the initial feedback you're getting from clients?

Because, clearly, you are, how can I say, a sort of new entrant into the market. What is, let's say, the initial feedback you are collecting from clients?

Is a very good question. The point is the product that we have is recognized by the market as the best product.

No doubt. You can ask at every user, is absolutely the best product for this applications.

The product is in the market from many, many, many years, everyone knows the product. Of course, we are new, but we are replicating the process that have been in place on the last 20 years.

Again, we have to do everything right in our production process so to keep the top quality of the product and not making any type of mistake in this direction, and the market will prize us. If we make mistake, that might slow down our grow in this market.

That's why I have my eyes pointed on this business, and I am personally following every single step of this expansion.

Understood. Thanks.

Then the second question is on the topic related to raising cost inflation, but also on the input side for you. Can you tell us, first of all, if you are observing into your, let's say, cost base some initial tension on this and what are the countermeasure you are doing in order, let's say, to mitigate this impact clearly this year, but also, let's say, next year?

Thanks.

Basically, I am seeing letter of force majeure indication every day. This means that whatever type of contract you have is not considered anymore.

Of course, this is more a kind of preparation by everybody to understand what's going on with the barrel, with the petrol. Right now, we have already act in term of increasing our stock to cover ourselves into the future.

Of course, we are working on the pricing with the customer. This is the only two things that we can, let's say, do.

We are strengthening also our supply chain so that we are more and more local for local, and not depending on transportation across the oceans, because that the other topic that will be hot in the future. Right now, for our forecast, we don't see, Marco

confirm. No material impact in Q2 at least.

Exactly. Then, I believe that everybody is on the window to see what is going to happen with Hormuz.

Okay. Just to be clearer, on top of, let's say, the positive price trend we saw already in Q1, you haven't, let's say, announced today incremental prices increases, let's say, to customer?

Alessandro, let's say that incremental pricing to customers will offset raw material pricing. That's the summary in the end.

That's why I'm saying that no significant impact is expected. There are early signs of raw material going up, but we offset that with incremental pricing to customers.

That is all

clear,

no impact on EBITDA.

Thanks. Then the last question from my side is just, let's say, confirmation, or if you can tell us if you are still committed at a certain point of the year, probably, as you said, the second half, to give us an update on the medium term for GVS.

Thanks.

You say June 1st?

We are still committed. I suppose it will be after the summer as a period.

Thanks. Got it.

Welcome.

Good afternoon, Massimo, Marco, Guido. Apologies in advance, because I was having some firewall issues, and hence, late to the call.

I wanted to start, if I can, on the Life Sciences growth dynamics. Growth's improved there, I guess.

I think when we think back to the fourth quarter, there were some potential distribution agreements that were being mentioned. I wonder how we should think about the timing of those.

Did they support the better growth in Q1, or is that something that's still to come in the remainder of the year?

Still coming. All this kind of negotiation are not short, also because if we have to substitute another player, is not something that happen quickly.

They are coming, this is the positive news.

Super. Thank you.

Then just turning, you've said in the past net income represents a reasonable proxy for your free cash flow, should be around 10 to 12 million per quarter. You had 10.7 of net income in Q1, but then the free cash outflow, on my maths, around 10 million negative.

Appreciate inventories and receivables usually up in the first quarter seasonally, but I wonder, how do we think about the net working capital expectations as we look ahead through the rest of the year?

You are right, because in the end our expectation is to fully offset that trend in the second part, which means that our target in the end is to have zero impact of the working capital. This is at the end of the year.

If you look at the history of the company, you see in the first half negative trend of the working capital, in the second half you have the opposite trend.

Marco. Makes sense.

I think that's it for the moment.

Excellent. Thank you very much.

Thank you to everybody, and see you at the next conference call. Thank you for the participation.

Thank you. Bye.