•H1 2026 RESUL TS PRESENT A TION
•August 6th, 2026
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H1 2026 Sales at €215m, +3.3% organic growth vs. H1 2025H1 2026 key trends and figuresExecutive Summary €239.3m NFP as of June 2026, with Leverage Ratio(1)at 2.2x€55.4m adjusted EBITDA in H1 2026, +2.2% YoY , with 25.7% margin (+62 bps vs. H1 2025) Q2 2026 adjusted EBITDA at €29.5m, with 26.8% margin €23.8m of Adjusted Net Income net of FX impact, with 11.1% margin (1) Leverage ratio calculated as NFP / L12M Adjusted EBITDA
ibdroot \projects \IBD-LN\fiberglass2019 \643420_1 \7. Marketing Materials \03 Analyst Presentation \Project Vicky_Analyst Presentatio n_ v55.pptx5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm
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268.0
239.3
2.4x
2.2x
H1 2025 H1 2026
NFP Leverage (1)54.2 55.4
25.1%25.7%
H1 2025 H1 2026
Adj. EBITDA margin %146.2 144.629.2 28.840.3 41.6215.6 215.0
H1 2025 H1 2026
Healthcare&Life Sciences Energy&Mobility SafetySALESH1 2026 Results At -a-Glance Organic revenue growth and EBITDA % expansion continue in H1 2026 (1) Leverage ratio calculated as NFP / L12M Adjusted EBITDAAdjusted EBITDA and % Net Financial Position and Leverage •H12026 organic sales growing +3.3%,across allthethree divisions :Safety (+8.2%),Mobility (+2.4%)and Healthcare (+2.1%) •Adj.EBITDA up+2.2%YoYto€55.4m,with 62bpsofmargin expansion •Net Financial Position at€239.3m,with Leverage Ratio(1)at2.2x€m €m
+2.2%
Reported
-0.3%€m
+8.2%
+2.4%
+2.1%Excl. FX
+3.3%
Excl. FX
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-7.7 2.7 4.4 215.0 215.6 Sales H1 2025 FX
EffectVolume
EffectNet
Price EffectSales H1 2026Sales –H1 2026 vs. H1 2025 +3.3% YoY organic growth, supported by volume and pricing • +3.3% growth excl. FX vs. H1 2025, supported by volumes (+1.3% YoY) and pricing
(+2.0% YoY)
• -€7.7m ( -3.6% YoY) adverse FX impact, mostly linked to EUR/USD depreciation€mSALES –H1 2025 TO H1 2026 BRIDGE Organic Growth : +3.3%
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110.8 107.929.3 30.96.1 5.9146.2 144.6
H1 2025 H1 2026
MedTech Transfusion Medicine Life Sciences40.341.6
H1 2025 H1 2026
Safety29.2 28.8
H1 2025 H1 2026
Energy&MobilityHealthcare & Life SciencesSales –H1 2026 Performance by Division Transfusion Medicine and Safety leading the growth Safety Energy & Mobility
Reported
-1.1%€m €m €m •Healthcare sales +2.1%excl.FX,ledbyTransfusion Medicine (+10.9%)inacceleration vs.Q1(+7.9%) •Safety sales up+8.2%YoYexcl.FX,broadly inline with Q1performance (+8.6%) •Mobility division back toorganic growth (+2.4%excl.FX)+10.9%
-0.3%+3.1%
Reported
+3.4%Excl. FX
+2.4%Excl. FX
+2.1%
Reported
-1.4%Excl. FXExcl. FX
+8.2%
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54.2
-1.9 1.1 4.4
-2.4 55.4
Adj. EBITDA
H1 2025 FX
EffectVolume and
Mix EffectNet Price EffectOther Adj. EBITDA
H1 2026 Adj. EBITDA –H1 2026 vs. H1 2025
62 bps of margin expansion, supported by pricing
•H1 2026 Adj. EBITDA
growing +5.7% excl. FX vs.
H1 2025, driven by positive
pricing effect
•“Other” includes the negative impact from raw material cost inflation, fully offset by ad -hoc price
increase €mADJ. EBITDA –H1 2025 TO H1 2026 BRIDGE
ADJUSTED EBITDA % 25.7% 25.1%
Growth excl. FX: +5.7%62 bps of margin expansion
ibdroot \projects \IBD-LN\fiberglass2019 \643420_1 \7. Marketing Materials \03 Analyst Presentation \Project Vicky_Analyst Presentatio n_ v55.pptx5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm
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26.2
23.8
12.1%
11.1%
H1 2025 H1 2026
Adj. Net Income margin %9.328.8
4.3%13.4%
H1 2025 H1 2026
Adj. Net Income margin %Adj. Net IncomeAdj. Net Income –H1 2026 vs. H1 2025 11.1% margin excl. FX impact vs. 10.2% in Q1 2026 Adj. Net Income Excl. FX Gains/Losses
€m €m
•Adjusted Net Income isimpacted byFXgains and losses, mostly non-cash items related tothemark -to-market ofUSD denominated intercompany
loans
–H1 2025 Adjusted Net Income includes €22.2m of FX losses(1) –H1 2026 Adjusted Net Income includes €6.7m of FX gains(2) •Net Profitability, excl.FXimpact onfinancial charges and related taxeffects, declining -9.1%YoY ontheback ofhigher D&A, mainly related tonew plants inUKand China-9.1% (1) EUR/USD as of 31/12/2024: 1.04, EUR/USD as of 30/06/2025: 1.17 (2) EUR/USD as of 31/12/2025:1.17, EUR/USD as of 30/06/2026: 1.14
ibdroot \projects \IBD-LN\fiberglass2019 \643420_1 \7. Marketing Materials \03 Analyst Presentation \Project Vicky_Analyst Presentatio n_ v55.pptx5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm
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57.4
(21.7)
(5.7)
(16.6)
(5.4)(2.6)
(4.8)0.0
(267.2) (268.0)
NFP
30-Jun-25Operating
Cash -FlowDelta
NWCTaxes Capex Net Financ.
CostsDelta
FundsLeasing
Renew.Others NFP
30-Jun-2657.4
(21.7)
(5.7)
(16.6)
(5.4)(2.6)
(4.8)0.0
(239.3) (240.1)
NFP
31-Dec-25Operating
Cash -FlowDelta
NWCTaxes Capex Net Financ.
CostsDelta
FundsLeasing
Renew.Others NFP
30-Jun-26Net Financial Position –H1 2026 vs. FY 2025 Stable NFP vs. December 2025 mostly linked to NWC seasonality
€mNET FINANCIAL POSITION –FY 2025 TO H1 2026 BRIDGE
LEVERAGE RATIO(1) 2.2x 2.2x
(1) Leverage ratio calculated as NFP / L12M Adjusted EBITDA2.4x •Stable NFP vs.
December 2025
mostly linked to
NWC seasonality
(-€21.7m negative
impact)
•€16.6m of
ordinary capex, in line with historical
trend
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FY 2026 –Strategic Focus and Guidance
FY 2026
GUIDANCE
CONFIRMEDLow single digit growth excl. FX vs. FY 2025 20-50 bps of margin expansion vs. FY 2025 In the region of 1.8x , excluding the impact of the voluntary partial tender offer on treasury sharesSALES
Adj. EBITDA %
Leverage Ratio (x)FY 2026 STRATEGIC FOCUSFY 2026 guidance confirmed. New business plan on Sep 24th • MedTech :Establish new subdivisions tosharpen commercial focus onhigher -growth segments and maximise M&A synergies • Transfusion Medicine :new TM platform build -out completed with the full integration ofWhole Blood business ;focus now ondriving business growth and accelerating new product development • Safety :continue business expansion, supported bytheramp -upofnew products across allgeographies • Life Sciences :drive revenue growth through validations with pharmaceutical customers and new
distribution agreements
• Mobility :stabilize revenues, continuing the growth ofEV-related solutions and recovering volumes in agricultural vehicle applications New 2026 -2028 Business plan to be presented on September 24th, 2026
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€ m H1 2025 of which non-recurring H1 2025 Adjusted % H1 2026 of which non-recurring H1 2026
Adjusted %
Revenues from sales and services 215.6 - 215.6 100.0% 215.0 - 215.0 100.0% Other operating income 3.7 0.4 3.3 1.5% 2.1 - 2.1 1.0% Total revenues 219.3 0.4 218.9 101.5% 217.2 - 217.2 101.0% Cost of raw materials, purchases and change in inventories (64.6) - (64.6) -29.9% (62.4) - (62.4) -29.0% Personel cost (68.8) (2.0) (66.8) -31.0% (67.2) (0.2) (67.0) -31.2% Cost of services (31.3) (0.4) (30.9) -14.3% (30.3) (0.5) (29.7) -13.8% Other operating costs (3.1) (0.5) (2.6) -1.2% (2.6) (0.0) (2.6) -1.2%
EBITDA 51.6 (2.6) 54.2 25.1% 54.6 (0.8) 55.4 25.7%
Amortisation and depreciation (22.3) (8.0) (14.3) -6.7% (23.4) (6.2) (17.2) -8.0% Provisions and write -downs (0.3) - (0.3) -0.1% (0.7) (0.7) -0.3%
EBIT 29.0 (10.6) 39.5 18.3% 30.5 (7.0) 37.5 17.4%
Financial income 0.8 - 0.8 0.4% 7.3 7.3 3.4% Financial expenses (28.3) (0.5) (27.9) -12.9% (6.0) (0.2) (5.8) -2.7% Profit (loss) before taxes 1.4 (11.0) 12.4 5.8% 31.8 (7.2) 39.0 18.1% Income tax (0.3) 2.8 (3.1) -1.4% (8.4) 1.8 (10.2) -4.7% Net profit 1.0 (8.3) 9.3 4.3% 23.4 (5.5) 28.8 13.4%H1 2026 Results –Financial Statements H1 2025 and H1 2026 P&L –Statutory Adjusted View (1) (1)(2) (2) (1) H1 2025 financial expenses include €22.2m of FX losses (2) H1 2026 financial income includes €6.7m of FX gains
ibdroot \projects \IBD-LN\fiberglass2019 \643420_1 \7. Marketing Materials \03 Analyst Presentation \Project Vicky_Analyst Presentatio n_ v55.pptx5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm
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€mAs of
31-Dec-2025 As of
30-Jun-2026
Net intangible fixed assets 434.3 439.7 Net right of use 25.2 26.1 Net tangible fixed assets 163.6 168.7 Financial fixed assets 1.3 1.3 Other fixed assets 2.0 2.9 Fixed capital (A) 626.4 638.7 Net trade receivables 50.8 65.0 Inventories 90.4 105.8 Payables to suppliers (42.6) (51.6) Net commercial working capital (B) 98.5 119.2 Other current assets 25.4 19.7 Other current liabilities (36.1) (51.4) Total current assets/liabilities (C) (10.7) (31.7) Net working capital (D)= (B) + (C) 87.8 87.6 Other non -current liabilities (E) (32.3) (32.3) Employee termination indemnity and end of service indemnity (F) (2.8) (2.6) Provisions for risks and charges (G) (1.8) (1.4) Net invested capital (H) = (A+D+E+F+G) 677.3 690.0 Shareholders’ equity (437.2) (450.7) Consolidated shareholders’ equity (I) (437.2) (450.7) Short -term financial indebtedness)/Liquidity (44.9) 16.0 (Net medium/long term financial indebtedness) (195.2) (255.3) Net financial indebtedness (L) (240.1) (239.3) Own funds and net financial indebtedness (M) = (I+L) (677.3) (690.0)H1 2026 Results –Financial Statements Reclassified Balance Sheet -FY 2025 –H1 2026
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H1 2026 Results –Financial Statements Cash Flow Statement –H1 2025 –H1 2026
€m H1 2025 H1 2026
Pre-tax result 1.4 31.8 Amortisation, depreciation and writedowns 22.3 23.4 Capital losses / (capital gains) from sale of assets (0.1) (0.0) Financial expenses / (income) 27.6 (1.3) Other non -monetary changes 6.9 3.5 Cash flow generated operations before delta NWC 58.1 57.4 Change in inventories (20.1) (14.2) Change in trade receivables (8.1) (12.6) Change in trade payables 2.9 6.4 Change in other assets and liabilities (7.2) (1.3) Use of provisions for risks and charges and for employee benefits (4.5) (2.6) Taxes paid (9.2) (5.7) Net cash flow by operations 11.9 27.5 Investments in tangible assets (41.0) (10.6) Investments in intangible assets (3.6) (6.0) Disposal of tangible assets 0.2 0.1 Investment in financial assets (0.2) (0.7) Disinvestment in financial assets 28.3 0.4 Consideration for company business combinations net of acquired cash and cash equivalents (19.1) (6.9) Net cash flow by investment (35.4) (23.6) New financial payables 20.0 82.6 Repayment of financial payables (25.7) (63.6) Repayment of leasing liabilities (4.5) (4.9) Financial expenses paid (6.0) (5.8) Financial income collected 0.8 0.7 Treasury shares 0.1 -
Net cash flow from financial activities (15.2) 9.0 Total change in cash and cash equivalents (38.8) 12.8 Cash and cash equivalents at the start of the year 103.0 78.7 Total variation in cash on hand and conversion differences (41.0) 13.8 Cash on hand at the end of the period 62.0 92.5
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Pursuant toart.154-bis, paragraph 2,ofthe Italian Unified Financial Act ofFebruary 24,1998 ,the executive incharge ofpreparing the corporate accounting documents atGVS S.p.A.,Emanuele Stanco ,declares that theaccounting information contained herein correspond to document results, books and accounting records .
This presentation contains certain forward -looking statements that reflect theCompany’s management’s current views with respect tofuture events and financial and operational performance oftheCompany and itssubsidiaries .These forward -looking statements arebased onGVS S.p.A.’scurrent expectations and projections about future events .Because these forward -looking statements are subject torisks and uncertainties, actual future results orperformance may differ materially from those expressed inorimplied bythese statements due toany number ofdifferent factors, many ofwhich arebeyond the ability ofGVS S.p.A.tocontrol orestimate precisely, including changes inthe regulatory environment, future market developments, fluctuations intheprice, and other risks .You arecautioned nottoplace undue reliance ontheforward -looking statements contained herein, which aremade only asofthedate ofthis presentation .GVS S.p.A.does notundertake any obligation topublicly release anyupdates orrevisions toanyforward -looking statements toreflect events orcircumstances after thedate ofthis presentation .
This presentation does notconstitute arecommendation regarding thesecurities oftheCompany .This presentation does notcontain anoffer tosellorasolicitation ofanyoffer tobuy anysecurities issued byGVS S.p.A.oranyofitssubsidiaries, inItaly pursuant toSection 1,lett)letter (t)ofLegislative Decree no.58ofFebruary 24,1998 ,orinanyother country orstate .
The information contained inthis presentation does not purport tobecomprehensive and has not been independently verified byany independent third party .The reader should consult any further disclosures GVS may make indocuments itfiles with theItalian Securities and Exchange Commission and with theItalian Stock Exchange .Disclaimer