Informazione
Regolamentata n.
2251-61-2026Data/Ora Inizio Diffusione 6 Agosto 2026 14:23:59Euronext Milan
Societa' :GVS
Utenza - referente :GVSN03 - Bala Rozemaria
Tipologia :1.2
Data/Ora Ricezione :6 Agosto 2026 14:23:59 Data/Ora Inizio Diffusione :6 Agosto 2026 14:23:59 Oggetto :GVS: H1 2026 Consolidated Financial Results
Approval
Testo del comunicato
Vedi allegato
GVS CONFIRMS REVENUE AND PROFITABILITY GROWTH IN THE FIRST
HALF OF 2026
CONSOLIDATED REVENUE UP +3.3% AT CONSTANT EXCHANGE RATES TO EURO 215.0
MILLION
ADJUSTED EBITDA UP +2.2% TO EURO 55.4 MILLION, WITH MARGIN INCREASING TO
25.7%
ADJUSTED NET PROFIT AT EURO 23.8 MILLION, WITH MARGIN AT 11.1%
GVS H1 2026 Results Highlights
Consolidated revenue of Euro 215.0 million, +3.3% at constant exchange rates compared with the first half of 2025 Adjusted EBITDA of Euro 55.4 million, +2.2% year -on-year. Adjusted EBITDA margin of 25.7%, +62 basis points compared with the first half of 2025 Adjusted EBITDA in the second quarter of 2026 amounted to Euro 29.5 million, with a margin of 26.8% Adjusted net profit, excluding foreign exchange gains and losses, of Euro 23.8 million, with revenue margin of 11.1% Net financial debt of Euro 239.3 million and leverage ratio of 2.2x
*** Zola Predosa (BO), 6 August 2026 - The Board of Directors of GVS S.p.A. (the “Company” or the “Group”), a leader in the supply of advanced filtration solutions for highly critical applications mainly
in the healthcare sector, met today and approved the consolidated half -year financial report as at 30 June 2026, prepared in accordance with IFRS international accounting standards .
ANALYSIS OF THE GROUP’S ECONOMIC PERFORMANCE
In the first six months of 2026, GVS reported consolidated revenue of Euro 215.0 million, up 3.3% year -
on-year at constant exchange rates and down 0.3% at current exchange rates.
The Healthcare & Life Sciences division , which accounts for 67.3% of the total, recorded revenue of Euro 144.6 million, up 2.1% at constant exchange rates ( -1.1% at current exchange rates) compared with the same period of the previous year, mainly thanks to the contribution of the Transfusion Medicine sub -division, which recorded revenue growth of +10.9% at constant exchange rates (+5.4% at current exchange rates).
The Safety division accounts for 19.4% of the total and stood at Euro 41.6 million, up 8.2% at constant exchange rates (+3.4% at current exchange rates) compared with the same period of the previous year.
The Energy & Mobility division , which accounts for 13.4% of the total, reported revenue growth of 2.4% at constant exchange rates ( -1.4% at current exchange rates) compared with the same period of the previous year, with sales of Euro 28.8 million, marking a return to organic growth co mpared with the performance recorded in recent years.
Adjusted EBITDA increased by 2.2% compared with the first six months of 2025 to Euro 55.4 million, with revenue margin of 25.7%, an improvement of 62 basis points compared with the margin recorded in the first six months of 2025, equal to 25.1%. Adjusted EBITDA in the sec ond quarter of 2026 amounted to Euro 29.5 million, with revenue margin of 26.8%, the highest level recorded since Q4 2021.
Adjusted EBIT , equal to Euro 37.5 million, decreased by 5.2% compared with the same period of the previous year (Euro 39.5 million) as a result of higher depreciation and amortisation on property, plant and equipment and right -of-use assets, with revenue margin of 17.4%, compared with 18.3% recorded in 2025.
Adjusted net financial expenses , excluding foreign exchange gains of Euro 6.7 million in the first six months of 2026 and foreign exchange losses of Euro 22.2 million in the corresponding period of 2025, increased in the period under review, from Euro 5.0 million for the period ended 30 June 2025 to Euro 5.2 million for the period ended 30 June 2026, mainly due to the signing of new financing agreements during the first half of 2026 for a principal amount of approximately Euro 80 million.
Adjusted net profit , excluding foreign exchange gains and losses and the related tax impact, amounted to Euro 23.8 million, with revenue margin of 11.1% and down 9.1% compared with the same period of the previous year, due to higher depreciation and amortisation linked to re cent extraordinary investments in the new production plants in China and the United Kingdom.
Net financial debt as at 30 June 2026 amounted to Euro 239.3 million. The decrease in net financial debt compared with 31 December 2025, equal to a total of Euro 0.8 million, was mainly due to cash generated from operating activities of Euro 57.4 million, which was higher than th e cash absorbed by
changes in working capital of Euro 21.7 million and used for net investments in property, plant and equipment and intangible assets for the period (Euro 16.6 million), net financial expenses (Euro 5.4 million), tax payments (Euro 5.7 million), payments rel ating to employee benefit funds (Euro 2.6 million) and the subscription/renewal of lease agreements (Euro 4.8 million).
EVENTS AFTER THE END OF THE PERIOD
In July 2026, at the end of the acceptance period for the voluntary partial tender offer on its own shares, agreed with Borsa Italiana S.p.A., investors subscribed for a total of 4,352,863 shares (representing 2.30% of the share capital), resulting in a ca sh outlay for the Company of Euro 18,717,310.90. This amount was recognised in the consolidated financial statements as at 30 June 2026 under other current payables, with no impact on the Company’s net financial debt and net financial position at the same date, as it is a non -financial liability. The cash outflow occurred on 17 July 2026 and, with a view to optimising and imp roving the efficiency of its financial structure, the Company entered into a new financing arrangement.
On 14 July 2026, GVS therefore obtained from Mediobanca SpA, UniCredit SpA , BNL BNP Paribas and BPER Banca a total amount of Euro 19.1 million by way of bullet financing, in accordance with the agreement signed on 19 May 2026. The maturity of the financing is set at 19 May 2031. The interest rate applicable to the financing agre ement corresponds to the 6 -month Euribor plus a spread of 1.70% for the period until 18 January 2027, and is variable in subsequent years based on the ratio of the Group’s net financial position to EBITDA.
BUSINESS OUTLOOK
During 2026, the GVS Group will continue on its path of continuous improvement in economic and financial performance, continuing to implement the following strategic actions already communicated upon approval of the 2025 results:
- MedTech: creation of new sub -divisions to strengthen commercial focus on higher -growth segments and maximise M&A synergies;
- Transfusion Medicine: having completed the full integration of the Whole Blood business, the focus is on sales growth and new product development;
- Life Sciences: revenue growth supported by validations with pharmaceutical customers and new distribution agreements;
- Safety: consolidation of business expansion, supported by the gradual ramp -up of new products across all geographies;
- Mobility: stabilisation of revenue, continuing the growth of solutions linked to electric and hybrid vehicles and recovering volumes in agricultural machinery applications.
With reference to recent developments in the international geopolitical framework and the continuation of the conflict in the Middle East, the GVS Group continues to monitor the current context on a daily basis in order to assess potential future effects, particularly in terms of stronger inflationary
dynamics in raw material procurement markets and energy costs, so as to promptly adopt appropriate measures aimed at preserving the Group’s profitability.
Following the results achieved in the first half and the current visibility on the effects of the geopolitical framework mentioned above, the Company confirms the forecasts for 2026 results communicated upon approval of the 2025 financial statements, equal to:
- low single digit growth at constant exchange rates in consolidated revenue compared with 2025, progressively increasing during the year;
- an adjusted EBITDA margin increasing by between 20 and 50 basis points compared with
2025;
- a leverage ratio expected as at 31 December 2026 of around 1.8x, excluding the impact of the voluntary partial tender offer on its own shares announced by the Company on 13 April 2026 and concluded in July 2026.
Following the completion of the Group’s investment cycle and the continued development of its strategic initiatives, the Company announces that its new 2026 -2028 Business Plan will be presented to the financial community on September 24, 2026. The Business Plan will outline the Group’s key strategic priorities and financial targets for the next three -year period .
***
DECLARATION PURSUANT TO ARTICLE 154 -BIS, PARAGRAPH TWO, OF THE CONSOLIDATED FINANCE ACT
The manager in charge of preparing the corporate accounting documents, Dr Emanuele Stanco, declares, pursuant to Article 154 -bis, paragraph two, of Legislative Decree no. 58/98, that the accounting information contained in this press release corresponds to the documentary evidence, books and accounting records.
***
The consolidated half -year financial report as at 30 June 2026, approved by the Board of Directors today, will be made available to the public at the registered office and on the Company’s website www.gvs.com and on the authorised storage mechanism eMarket Storage, managed by Teleborsa Srl.
***
CONFERENCE CALL
The financial results for the first half of 2026 will be presented on Thursday, 6 August 2026 at 15:30 CET during a webinar / conference call held by the Group’s Top Management.
The event may be followed by webinar or by telephone, by registering at the link below:
CLICK HERE TO REGISTER FOR THE CONFERENCE CALL & WEBINAR
The presentation illustrated by Top Management will be available before the start of the conference call on the authorised storage mechanism eMarket Storage, managed by Teleborsa Srl, as well as on the Company’s website www.gvs.com (in the Investor Relations/Financial Presentations section).
***
This press release is available on the regulated information dissemination system eMarket SDIR, managed by Teleborsa Srl, as well as on the Company’s website www.gvs.com (in the Investor Relations/Press Releases section).
***
Contacts
Investor Relations GVS S.p.A.
Guido Bacchelli
Head of Strategy, Corporate Development and IR
investorrelations@gvs.com
DISCLAIMER
This press release contains forward -looking statements relating to future events and operating, economic and financial results of GVS. Such forecasts are by their nature subject to risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ, even significantly, from those announced due to a range of external factors not necessarily under GVS’s control.
Consolidated Financial Statements as at 30 June 2026 Consolidated Income Statement
(In thousands of Euro) Period of 6 months ended 30
June
2026 2025
Revenue from contracts with customers 215,036 215,595 Other operating income 2,119 3,684 Total revenues 217,155 219,279 Purchases and consumption of raw materials, semi -finished and finished products (62,415) (64,568) Personnel costs (67,243) (68,777) Services Cost (30,287) (31,280) Other operating costs (2,633) (3,076)
EBITDA 54,577 51,578
Net impairment losses on financial assets (661) (281) Amortisation, depreciation and write downs (23,437) (22,336)
EBIT 30,479 28,961
Financial income 7,321 758 Financial expenses (6,037) (28,349) Profit (loss) before tax 31,763 1,370 Income taxes (8,381) (348) Net profit (loss) 23,382 1,022 Group’s share 23,390 1,024 Minority share (8) (2) Basic net result per share (in Euro) 0.13 0.01 Diluted net result per share (In Euro) 0.13 0.01
Analysis of Reclassified Income Statement Period of 6 months ended 30 June (In thousands of euro) 2026 of which 2026 % 2025 of which 2025 % non -
recurring Adjusted non -
recurring Adjusted
Revenues from sales and services 215,036 215,036 100.0% 215,595 215,595 100.0% Other operating income 2,119 - 2,119 1.0% 3,684 370 3,314 1.5% Total revenue 217,155 - 217,155 101.0% 219,279 370 218,909 101.5% Raw material purchase costs and changes in
inventories
(62,415) (62,415) -29.0%
(64,568) (64,568) -29.9% Service costs (30,287) (540) (29,747) -13.8% (31,280) (422) (30,858) -14.3% Other operating costs (2,633) (22) (2,611) -1.2% (3,076) (524) (2,552) -1.2% Value added 121,820 (562) 122,382 56.9% 120,355 (576) 120,931 56.1% Personnel cost (67,243) (213) (67,030) -31.2% (68,777) (2,003) (66,774) -31.0%
EBITDA 54,577 (775) 55,352 25.7% 51,578 (2,579) 54,157 25.1%
Depreciation and amortisation (23,437) (6,240) (17,197) -8.0% (22,336) (7,993) (14,343) -6.7% Provisions and write -downs (661) (661) -0.3% (281) (281) -0.1%
EBIT 30,479 (7,015) 37,494 17.4% 28,961 (10,572) 39,533 18.3%
Financial income and expenses 1,284 (218) 1,502 0.7% (27,591) (470) (27,121) -12.6% Profit (loss) before tax 31,763 (7,233) 38,996 18.1% 1,370 (11,042) 12,412 5.8% Income taxes (8,381) 1,782 (10,163) -4.7% (348) 2,751 (3,099) -1.4% Groups and minority shareholders’ net profit 23,382 (5,452) 28,834 13.4% 1,022 (8,291) 9,313 4.3%
Consolidated Balance Sheet
(In thousands of euro) At 30 June 2026 At 31 December
2025
ASSETS
Non -current assets Intangible assets 439,662 434,345 Right of use assets 26,110 25,244 Tangible assets 168,706 163,602 Deferred tax assets 1,347 1,370 Non -current financial assets 1,257 1,252 Non -current derivative financial instruments 1,589 607 Total non -current assets 638,671 626,420
Current assets
Inventories 105,813 90,399 Trade receivables 65,018 50,770 Assets from contracts with customers 1,051 2,435 Current tax receivables 6,018 11,015 Other receivables and current assets 12,663 11,870 Current financial assets 3,472 2,929 Current derivative financial instruments 518 522 Cash and cash equivalents 92,471 78,692 Total current assets 287,024 248,632
TOTAL ASSETS 925,695 875,052
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital 1,892 1,892 Reserves 425,384 416,834 Net profit (loss) 23,390 18,431 Group net shareholders’ equity 450,666 437,157 Shareholders’ equity attributable to non -controlling interests 17 25 Total shareholders’ equity 450,683 437,182 Non -current liabilities Non -current payables for the purchase of equity investments and earn -outs 4,208 3,902 Non -current financial liabilities 234,120 177,735 Non -current leasing liabilities 13,952 13,321 Deferred tax liabilities 32,281 32,321 Provisions for employee benefits 2,606 2,833 Provisions for non -current risks and charges 863 1,318 Non -current derivative financial instruments 821 -
Total non -current liabilities 288,851 231,431
Current liabilities
Current payables for the purchase of equity investments and earn -outs - 6,770 Current financial liabilities 71,884 111,247 Current leasing liabilities 8,554 8,981 Provisions for current risks and charges 500 500 Current derivative financial instruments 57 -
Trade payables 51,593 42,630 Liabilities from contracts with customers 4,520 6,868 Current tax payables 3,863 3,719 Other current payables and liabilities 45,190 25,725 Total current liabilities 186,161 206,440
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 925,695 875,052
Consolidated Cash Flow Statement
(In thousands of euro) Period of 6 months ended 30
June
2026 2025
Profit (loss) before tax 31,763 1,370
- Adjustment s for:
Amortisation , depreciation and write -downs 23,437 22,336 Capital losses / (capital gains) from sale of assets (30) (64) Financial expenses / (income) (1,284) 27,591 Other non -monetary changes 3,545 6,909 Cash flow generated / (absorbed) by operations before variations in net working capital 57,431 58,142 Change in inventories (14,219) (20,102) Change in trade receivables (12,620) (8,122) Change in trade payables 6,426 2,893 Change in other assets and liabilities (1,300) (7,247) Use of provisions for risks and charges and for employee benefits (2,568) (4,486) Taxes paid (5,680) (9,213) Net cash flow generated / (absorbed) by operations 27,470 11,865 Investment in tangible assets (10,578) (40,970) Investment in intangible assets (5,979) (3,605) Disposal of tangible assets 126 172 Investment in financial assets (677) (169) Disinvestment in financial assets 398 28,271 Consideration for business combinations, net of acquired cash and cash equivalents (6,929) (19,128) Net cash flow generated / (absorbed) by investing activi ties (23,639) (35,429) New financial payables 82,594 20,041 Repayments of financial payables (63,621) (25,685) Repayment of leasing payables (4,859) (4,451) Financial expenses paid (5,787) (6,003) Financial income collected 658 758 Treasury shares - 97 Net cash flow generated/(absorbed) by financing activities 8,985 (15,243) Total change in cash and cash equivalents 12,817 (38,807)
Cash and cash equivalents at the start of the period 78,692 102,991 Total change in cash and cash equivalents 12,817 (38,807) Conversion differences on cash and cash equivalents 962 (2,152) Cash and cash equivalents at the end of the period 92,471 62,032
Consolidated Net Financial Debt
(In thousands of euro) At 30 June 2026 At 31 December 2025 (A) Cash on hand 92,471 78,692 (B) Cash equivalents - -
(C) Other current financial assets 3,472 2,929 (D) Liquidity (A)+(B)+(C) 95,942 81,621
(E) Current financial payables 8,742
16,071
(F) Current portion of non -current payables 71,202 110,468 (G) Current financial indebtedness (E) + (F) 79,944 126,538
(H) Net current financial indebtedness (D) -(G) 15,998 (44,918)
(I) Non -current financial payables 253,101 194,959 (J) Debt instruments - -
(K) Trade and other non -current payables 2,208 224 (L) Non -current financial indebtedness (I) + (J) + (K) 255,309 195,183
(M) Total net financial indebtedness (H) -(L) (239,311) (240,101)
Fine Comunicato n.2251-61-2026 Numero di Pagine: 11