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S. Maria di Sala, Venice
Press release

Record financial results for the first six months of the year: revenues up €290.1 million (+21.9% year-on-year); consolidated net income €21.8 million (+45.7%); adjusted EBITDA €37.7 million or 13.0% of revenues (+37.9%). Future Group goals: increased contribution to Circular Economy and willingness to increase market share in Food & Industrial Applications and Services areas. More than doubled investments: €4.5 million (€1.6 in the first half of 2022).

The Board of Directors of Piovan S.p.A. approved the Consolidated Half-Year Financial Report as of June 30, 2023, which confirms the growth of recent years. These are the main figures: Total Revenues €290.1 million (+21.9% compared to the first half of last year and +15.0% on a like-for-like basis); Adjusted EBITDA €37.7 million (+37.9% compared to June 30, 2022 and +32.6% on a like-for-like basis and excluding certain non-recurring items); Consolidated Net Income €21.8 million +45.7% compared to the same period in 2022 (as a percentage of revenue and other income of 7.5%); Consolidated EBIT for the first half of 2023 €32.5 million +49.7% compared to June 30, 2022. Earnings per share were €0.44 as of June 30, 2023, compared with €0.30 in the same period of 2022.

The growth in revenues and - above all - the marked improvement in profitability achieved in the first half of 2023 can mainly be attributed to the good balance of our business portfolio, both in terms of end-markets and geographies, to the implementation of our strategy always focused on the needs of our customers, and to the first positive results deriving from the integration of the Group in North America” declares Nicola Piovan, Executive Chairman of Piovan S.p.A.

The Group also confirms its ability to seize the opportunities arising from the ecological transition, both by contributing to the circular economy in the packaging sector and the development of technological solutions that enable the reduction of fossil fuels in electric mobility. Solutions that require an increasingly innovation-oriented approach, which has always been part of our DNA” adds Filippo Zuppichin, Chief Executive Officer of Piovan S.p.A.

Revenues by geographical area: EMEA, APAC, NORTH AMERICA, SOUTH AMERICA.
In North America, market share gains, good performance of the controlled company Pelletron US and the Food area, and the positive effect of the EUR/USD exchange rate are reported. The APAC market is recovering +64.6 percent with major orders in late 2022 and early 2023. The EMEA market continues the positive performance. Finally, the South American market shows growth of 35.4 percent.

Revenues by business area: Technical Polymers, Food and Industrial Applications, Services.
In the Technical Polymers business area (+27.3%), the numbers are positive in all geographical areas thanks to (i) the increased use of recycled materials in rigid packaging, a sector where the Group is a leader; (ii) the good performance of the automotive sector in which electric models are replacing metal components with those in technical polymers; and (iii) investments in new pipelines and more generally in components with high technical content. Of note is the contribution in the Services area with a significant +30.3% over the same period of the previous year and in line with the Group's growth strategies in this specific business sector. The Food & Industrial Applications area is impacted by the development time of projects that will materialize in the coming months of 2023, especially in the North American market.

Proximity to customers: new sales branch in Indonesia.
The PiovanGroup has always prioritized customer proximity through global presence and ensuring a strong partnership with customers. The Group in January 2023 established PT Piovan Technology Indonesia, a new sales subsidiary in order to serve locally and directly the customers in that country as well.

Circular Economy: technological evolution for sustainable development.
Fiscal year 2023 also sees the PiovanGroup committed to the process of change towards the Circular Economy. The Group's strategic guidelines are geared toward a sustainable vision of success, particularly in the research and development of advanced technological innovations to manage environmental impact. The same European legislation that encourages the use of recycled plastics and compostable polymers favors the sale of PiovanGroup technologies.
The fields of automation, treatment and screening of recycled and compostable plastics are those where Group has developed strong leadership, registering various patents related to the topic of recycling. At present, the company estimates that about 32.4 percent of the automation sold in the packaging, fiber, and recycling sector is using recycled material.

Organic growth.
The Company is present in highly diversified sectors and in a plurality of geographic areas. Following record performance in 2022 and a first half of 2023 that tends to confirm it, the company looks to the future with optimism despite uncertainties in the geopolitical system.

For a full reading of the financial results, please see the price sensitive press release available here.