Thank you. Good afternoon and good morning to everybody.

Welcome to the 2025 result presentation of the GVS Group. A quick snapshot on the number.

Hope everyone can see. Sales at €425 million, +2% excluding FX versus 2024.

Adjusted EBITDA at 107, +3% versus 2025, and 25.2% as a margin, 95 bps better than previous year. Adjusted net income, net of FX impact, at +5.9%, €47.4 million, increasing the margin to 11.2% from the 10.4% of 2024.

Net financial position, €240 million, with a leverage ratio post-M&A at 2.2. These are the quick snapshot.

Now some more detail by division. We have the Healthcare & Life Sciences division at +1.5% versus previous year, and if we exclude effect of the dialysis impact is +5.7%.

Energy & Mobility -7.5%, and Safety + nearly 12% versus previous year. Adjusted EBITDA, as I mentioned before, +3% at 107, as a margin from 24.3% to 25.2%.

Net final financial position, €240 million, 2.2. Is interesting to see that without external effect is 1.6.

Now I leave the speech to Guido for some more granular detail.

Thank you, Massimo, and good afternoon to everyone. Slide 4, we have the bridge between sales full year 2024 and sales full year 2025.

The first impact we comment is the FX. We have a negative impact of €12.5 million.

The main factor out of the 12.5 is linked to the depreciation of the US dollar that accounts for almost €9 million out of the 12.5. Then we have the remaining part that is equally spread among other three currency, the depreciation of other three currency that are Chinese, Brazilian, and Korean currency depreciation.

Excluding the FX, we have a growth of 2% year-on-year that is composed by a +1.4% equal to €6.1 million that is pricing. It is a data that is fully in line with the performance we have recorded in the previous year.

Then we have +0.6% of volumes, or €2.5 million. This volume effect is impacted by several factors.

The most important are the M&A contribution, the Haemonetics whole blood business we have acquired in January 2025 that account for €15.8 million of positive contribution. On the opposite side, we have a negative impact by the US dialysis business that accounts in volume for -€10 million.

This is a topic that we have already discussed in the previous conference. All in all, the overall growth again excluding FX is +2%, but if we consider only the like-for-like perimeter, but we exclude also the impact of the US dialysis, we have anyhow an overall growth of 0.7% in the year.

We now move in the following slides and where we have the breakdown of the sales by different division. As Massimo said before, Healthcare & Life Sciences reported positive growth excluding FX of 1.5%.

Going to a little bit diving into the different subdivision, we have Life Sciences reporting a negative performance of 3.7% that is in any case significantly better than the result we had in the 9 months that was almost -8%, it was really an improvement in the fourth quarter. The Transfusion Medicine recorded a performance close to +30%, as discussed is linked to the M&A contribution and is in line with the 9-month result performance.

Regarding the MedTech, we have a -3.9%, but if we exclude the impact of the US dialysis business, this turns into a positive growth of 0.6% that is also in acceleration compared to the 0.1% growth excluding dialysis we had in the first 9 months of 2025. Safety division is reporting a very healthy performance, almost 12 percentage point of growth excluding FX, and this basically confirms the very positive trend we saw also in the previous quarter and the previous year.

Regarding Energy & Mobility, the division today Energy & Mobility accounts for 13% of our overall sales, reported a decrease in sales in the year excluding FX of -7.5%. Also in this case there was a strong fourth quarter, and if you recall the performance in the first 9 months was -10.8% excluding FX, it was a substantial improvement in the last quarter.

Now I hand over to Marco for the EBITDA.

Thanks, Guido. Hello, everybody.

EBITDA is up year-over-year from €104 million to €107. EBITDA margin is up as well by around 95 95 bps, being the main reason pricing, already described by Guido, €6 million year-over-year or 1.4%, 140 bps pricing increase, which translates into 140 bps pricing translates into more or less 100 EBITDA margin increase.

EBITDA margin increase is explained by pricing. If we look at EBITDA margin in absolute terms, you see that the increase of pricing is partially offset by mix and FX, mainly due to the decrease of the dollar FX, 4% year-over-year.

Then you see on the right side of the slide, €2 million of improvement is due to the fact that we decreased the short-term incentives paid to the management. Now we can go to the next slide, adjusted net income, excluding FX related to the intercompany loans.

I believe that you are now familiar with that metric. You see the adjusted net income trend is mirroring the one of the EBITDA margin.

There is an increase year-over-year from 10.4% to 11.2%, more or less 80 bps increase. The trend is already explained by the EBITDA variance analysis.

On top of that, I want to say that the €47.4 million of adjusted net income is a very good approximation of the cash we have generated last year. As a matter of fact, you can see in the next slide that ordinary cash generated in 2025 is €43.3 million, which means that we generated around €30 million in the fourth quarter.

Then, of course, the net financial position is affected by extraordinary actions as well. You probably remember M&A, €44.6 million, the acquisition we made in January, the transfusion medicine products we bought from Haemonetics.

Then around €9 million is money spent to complete the two plants, one in China, the other in the UK. Then €10.3 million is the buyback.

In the end, as already said by Massimo at the beginning of the call, we were able to decrease the leverage ratio, if you exclude all the extraordinary effects, from 2.1 to 1.6. We improved our leverage ratio by 50 points.

Now I believe I can give the floor to Massimo. Yeah.

Okay.

Where will be focusing on 2026? What are the activity for 2026?

There are, of course, hundreds of activity, but just to resume in a more synthetic way: on the MedTech division, we are working on establishing new subdivision, and this will allow us to sharpen the commercial focus on the most important niche of the MedTech where we are expecting the higher growth result. Of course, this will maximize the commercial M&A synergy, the one that we are expecting from the last acquisition.

Transfusion Medicine: we have completed the platform from Asia to United States, and now, of course, the focus will be growing the business on the sales side and accelerating the new product development, the one that we are missing in our portfolio. Safety: continue the expansion supported by the ramp-up of the new products across all the geography.

Life Science: the the main driver will be the validation with pharmaceutical customer and the new distribution agreements that we are working on right now. Mobility: the main focus will be to stabilize the revenue and continuing the growth of the EV-related solution, plus recovering volume in the agricultural and vehicle application.

All this activity will bring us is bringing us to this guidance. What we are expecting is a low single-digit growth excluding FX for versus 2025, with a progressive acceleration in the revenue through the year.

Adjusted EBITDA: an improvement of from 20 to 50 bps versus 2025, and a leverage ratio in the region of 1.8. With this, we have closed the presentation, and I think we can move to the Q&A section.

Yes, good afternoon, everyone, and thanks for the opportunity. I want to start with the guidance, if I can.

Just curious if you can help frame the price-volume expectations in the growth rate, and then also in terms of the commentary on phasing, i.e. progressive acceleration through the year.

Is that led more by your expectations in terms of how you see markets developing, or is it more a relation to some of the sort of internal operational challenges in terms of hemodialysis and that side of the business?

For the pricing... Okay.

In terms of pricing, we are assuming in 2026 an increase by 1.4%, which is what we saw in 2025 and in 2024. Of course, that is not including potentially extraordinary actions to recover a possible increase in the raw material.

Just assuming no impact from all what is happening in Iran and so on, let's say on a steady state 1.4% pricing. As for the volumes, the organic growth, we said low single digit, for example you can assume 3%.

If you look at the reported revenues, you should also take into account a negative FX. If we assume as an average FX today's FX, we would have a negative 3% generated from FX.

Now you can build your case for the current year assuming 3% 1.4% pricing, 3% organic growth, and just to be precise, -4% FX. That's based on today's FX.

Then maybe you ask also about the ramp-up across the quarters. I don't know if Massimo, you want...

Yeah. ...to give the answer.

Basically, we are Now the production of TM is all under our control. We are already producing everything in our plants.

Of course, we want to monitor this, and we see this growing gradually during the year, so that's let me say the explanation of this gradual expansion through the year.

Transfusion Medicine, just to...

Transfusion Medicine, yes. Yes.

Plus the MedTech reorganization, and then the more focus, etc., also this will start to pay back during the year. These are the reasons why we see this.

We have made this statement.

Thank you, Marco. Thank you, Massimo.

Maybe picking up on one of those comments, which was going to be my third question, but I'll bring it forward. As we think about, I think it's the Haemonetics business where there was some revenue lost back in the third quarter, I think in the slides you had about $15.8 million contribution for the year.

Do I remember correctly that 28 million was the sort of expectation net of intercompany sales, if we sort of roll the clock back 12 months? I guess as we think about 2026, and now I think you said you're now sort of in control there in terms of the output, is that how we should think about demand recovery?

Is there a catch-up dynamic? Just have I got that clear?

It's a catch-up dynamic. We have backlog that we have to recovery, and we are gradually recovering all the backlog.

This is correct.

Thank you. Then maybe on the MedTech growth opportunities, appreciate some is 2026, but there's obviously a longer-term mindset here.

Maybe could you substantiate it a little bit more in terms of, shall we say, the therapeutic focus or product areas that you define as higher growth? Then also what sort of market growth rates should we think about for those higher-growth segments that you're looking to focus on?

We are working on this. When we will be ready, we will communicate to the market the new subdivision, and so that will highlight where we want to focus and put our energy for the future.

I prefer to finish the job, and then when we are ready, to have a formal and official communication to the market.

Understood. Thank you.

You're welcome.

Good afternoon, everybody. Let's say two questions from my side.

Starting from the guidance, it's clear that you are guiding for this low single-digit organic trend in 2026, but can you help us understanding your expectation by division, and specifically on the Safety, because it reported a strong performance in 2026. I was wondering if in your guidance of low single-digit in 2026, you are assuming a material slowdown in the Safety business.

Still on the guidance, can you quantify the expected headwind from the hemodialysis business included in this low single-digit top-line trend? The second one is on the geopolitical scenario, the Middle East war.

It's pretty clear your let's say statement on the top line in the press release, but I was just wondering if you can elaborate a little bit more on the potential impact on your input cost, and I'm clearly referring to the plastics. Just to be clear, does your guidance on EBITDA already factor in some pressure on the gross margin side related to the plastic, or not?

Thank you.

Okay. In terms of growth, we don't go into the single division.

Let me tell you that is a very complex mix because we have expectation of strong growth from certain division, then we have expectation, for example in the MedTech, of being impacted again by the dialysis decrease. There is a mix of different input in this guidance.

Mobility, again, we think it will stabilize, but is for sure is a very critical division to be controlled and predicted for next year. Is a mix between nice potential of growth versus some threat of potential of decline in the area that I mentioned to you.

This bring us to this guidance of low single-digit growth. For what regards the actual geopolitical situation, we are working to fix the pricing at least through the third quarter of this year, do not have any type of impact in price, and more important in shortage of raw material, because right now, at least from the appearance, from what we see, it seems that we are back to 2022.

We are preparing ourselves for another year of turbulence in terms of pricing, shortage of raw material, etc., etc. The nice thing is that this year we are just focusing on improving our process, protecting our business, growing our business, versus 2022 where we were acquiring and integrating company, we had much more things on the table than what we have today.

Our vision is quite clear, we know what we have to do, and we are moving to protect business in the best way.

Very clear. If I may, just a clarification on the forex impact.

You were mentioning it is 4% negative impact from the forex. On which euro-dollar assumption is based?

1.17.

17, okay. Thank you.

Thank you.

You're welcome.

Hi, good afternoon. I have, let's say, four questions, okay?

The first one, if you can just jump back to your comment on the dialysis in the US and the contract you have still in place. Can you remind us, let's say, if it's fair to assume, let's say roughly 20 million exposure, okay, to this contract in the US?

The view here is clearly to assume further decline this year, but in the end, when you talk with let's say these clients, are you thinking about, let's say, keeping this kind of sales, or we are going, let's say, through a gradual phaseout and therefore going to zero in the coming 2, 3 years? Just this is the first question, just a comment on this line of sales that you have.

Thanks.

Yeah. Generally speaking, as I mentioned before, I don't like the dialysis business because it's a very low margin type of business.

My intention is to gradually exit from this business. That's why I am forecasting also for this year a decreasing in this area, and this will follow for the next 3, 4 years.

Then for sure it will remain one part of the dialysis business because that is a service that we give to our customer, but it will have definitely less impact with their fluctuation comparing with today. Today the fluctuation are impacting our revenue quite strongly, and so we want to minimize this situation and to be more in control of our revenue and of course margins.

Thanks for this answer. Then the second question, sorry, is on the whole blood, let's say, sales contribution, because I recall that originally we were thinking about, let's say, at regime to see these new product division helping you, let's say, to get the €30 million, €35 million sales, excluding let's say also some, how can we say, intercompany or sales already done in the past.

Can you tell us, let's say, where we are here for this division? I recall it in the past that you also mentioned that you were starting, let's say, not to approach new clients for this division, but to build, let's say, a much better backlog for the coming quarters.

Let's say an update on this because in my understanding, we should have seen in theory compared to last year where you got basically in the first part almost, I don't want to say zero, but a very marginal amount of sales, I would have expected let's say some incremental sales here. I would like to have, let's say, a comment on this.

Thanks.

Yes, we are definitely expecting incremental sales on TM division, no doubt on this. There are important bids that will arrive by the end of '26, really important bid.

Of course, I am not bidding, apologize for the

game

of words, I'm not bidding on this, and I prefer to see a more gradual growth because, as I mentioned before, we internalized all the production process in December. We are now seeing this full supply chain and production developing, but I prefer to be calm in proposing growth until I don't see all this supply chain work smoothly and nicely, as have been showing in the first two months of the year, but I want a little bit more time before to bet on this.

Massimo, sorry, just if I understood well, clearly you see now, let's say, the full platform working. If we look at, let's say, the first, let's say, 2 2 months, okay, let's exclude March, what you see is, I don't know, a division printing some margins, clearly not the one you have, but let's say your view is to see, let's say, a flawless production for this division in order to better understand which kind of profitability you can reach this year?

Is it correct?

No, in terms of profitability, we have already the confirmation that we are where we expected. This is, again, is a positive.

It's more a question of when you launch a new process, and so complex process, because we are fully verticalized, we start from the plastics and we finish with the product that collect the blood and deliver the blood to a patient. It's a very long process that include different plant and sterilization, etc., etc.

I just want to see that everything is running smoothly and nicely for at least six months before to start mentioning strong growth, etc., etc. This is also why we see the progressive acceleration during the year.

Understood. Thanks.

Then the third question, they are four, eh? The third question is on the, let's say, your margin guidance.

Clearly this is a margin guidance on reported, therefore, this is not something let's say including any, how can I say, FX impact on the margin, adjusted EBITDA margin trend for the year. The question is, what are the reasons that brought these lower level of, let's say, margin expansion compared to the past year?

Is it something related to what you mentioned before, therefore some increasing inflationary pressure you see on some raw materials? Because in the end, if we look, let's say, even back just to one quarter, okay, even the fourth one, you get, let's say, the magical level of sales, let's say, in the region of €110 million and you were able to get the 26% margin?

Is it something that you are including into this adjusted EBITDA margin guidance that we need to be aware of? Just to understand, because I know in the past we saw, let's say, large margin expansion you were able to achieve.

No. Marco, if you want to go, please.

If I may, first of all, in the second half, the EBITDA margin we posted is equal to the one we posted in the first half. We closed the first half with 25.1%, and the whole year is 25.2%.

If you remove the FX impact, second half versus the first half, you will find a very stable trend in terms of revenues and EBITDA margin. The 25.2% is a good reference.

Don't look at Q4th, okay? It's not the best reference because Q4 was very good in terms of sales, okay?

If I may, please, the reference is the average EBITDA margin reported in 2025. Then, what we are assuming as for the costs?

We are assuming, something which we have not yet mentioned, we are assuming to hire people to strengthen the sales team in order to extract the commercial synergies, in order to be more focused on subdivisions of the MedTech, first of all. Then, we said already FX, unfortunately FX is going to be negative year-over-year.

Then another item you should factor in your forecast is a short-term incentives, because in 2025, we decreased the amount of short-term incentives paid to managers, and now we are assuming for 2026 hopefully to increase the money we're going to pay to them. In the end, when you look at your EBITDA, it is true that we have positive pricing, we have some positive volume effect, we said 2, 3% of organic growth, but we have also some costs up.

We said about people, about short-term incentives. That's the main reason.

Okay. Thanks, very clear.

Then, let's say, the last two points are basically, the first one, if you can give us, let's say, an idea of the capex for this year, because we shouldn't have, let's say, any extraordinary item. The last one, just a comment on the fact that if you are committed, okay, this year to present at a certain point, at a certain timing, okay, a business plan update.

Thanks.

Capex and... Capex,

yeah. Capex, again, it will be in the hours of the 6%, as always.

We don't foresee any extraordinary capex for this year. For sure, all the investment will be dedicated to product development and continuous improvement to gain efficiency and to reduce industrial cost.

We are back at our origins in term of capex. The second question...

Strategic plan deadline.

We are working on the strategic plan, as mentioned before, and as soon we will be ready, we will formally publishing the new business plan. Again, it would be middle of this year, around middle of this year.

4th of July.

Sorry Massimo, I didn't get the answer on the business plan update because basically I saw a switch on silent mode, talking mode, if you can repeat the last point on this.

We are working on this. We have finished now with forecast for 2026, and so now we are working on the business plan, and the expectation is to arrive between half to the second half of this year.

Okay. Grazie mille.

Prego.

Excellent. Thank you very much, and thank you to everybody.

See you at the next presentation during this year. Thank you.

Thank you. Bye.

Thank you.