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S. Maria di Sala, Venice
Press release

•  Consolidated revenue and other income €136 million; operating profit €15 million in Q1 2024; Adjusted EBITDA €16.3 million
•  Increase in profitability (+3.4%)
•  Solid cash generation with a NFP of €54.4 million (€37 million excluding the impact of IFRS 16)
•  Full consolidation of Nu-Vu Conair Private Ltd. (NuVu), from 1 February 2024
•  Acceleration in the construction of the new Asian HQ in Suzhou, China, with completion expected by the end of the year
•  Creation of the new strategic initiative in Heat Transfer (Thermal Care)
•  Investment growth: €3.4 million in Q1 2024 (€2.2 million in Q1 2023)
•  Food up 33% with an all-time high in backlog and Service up 2.4%
  Condenso is a finalist in the Plastics Recycling Awards Europe 2024 in the category Recycling Machinery Innovation


The Board of Directors of Piovan S.p.A. approved the consolidated financial results for the first quarter 2024. Total revenues amounted to €136 million, -3.6% compared to 31 March 2023 (-2.7% on a like-for-like basis*). Operating profit for the first quarter of 2024 amounted to €15.1 million, up from €9.6 million in the first quarter of 2023. Consolidated Adjusted EBITDA was €16.3 million (12.0% of total revenue and other income), up 3.4% compared to €15.8 million in the first quarter of financial year 2023. In Q1 FY2024, operating profit (EBIT), excluding the effects of IPEG's Purchase Price Allocation ("PPA"), was €13.6 million, up from €13.3 million in Q1 FY2023. The negative Net Financial Position was €54.4 million; excluding the effects of the application of IFRS 16, it would stand at €37.0 million as of 31 March 2024. Earnings per share as at 31 March 2023 was €0.29 (€0.21 on 31 March 2023).

In a market environment made more difficult by high interest rates and an uncertain geopolitical environment, the company proved to be resilient in turnover and able to continue its profit improvement phase, both as a percentage of turnover and in absolute value.

Revenue by business segment
•  Technical Polymers Area: -8% (revenue in this area accounts for 78.5% of the total). Probable reasons: market influenced by high interest rates and the recycling sector, which in Q1 2024 is suffering from the uncertainty of European regulations in Q2 2023, resulting in a slowdown in order intake. In contrast, applications in the medical and pharmaceutical sector are growing.
•  Food & Industrial Applications Area: +33.4% compared to Q1 2023 thanks to major projects and an increased customer base. The backlog is at an all-time high.
•  Services: +2.4% compared to the same period last year, maintaining the good performance shown during 2023 and reflecting the benefits of the Group's strategy focused on growth in this segment.

The Backlog of orders at 31 March 2024 is stable compared to the numbers at the end of 2023 and higher than the Group's historical averages, fuelling confidence in the results of the remainder of 2024.

Condenso, a product effective in condensing Volatile Organic Compounds (VOCs) from post-consumer plastics, is a finalist in the Plastics Recycling Awards Europe 2024 in the Recycling Machinery Innovation category. This demonstrates the Group's commitment to sustainability through its contribution to protecting the environment, the end consumer and reducing its carbon footprint.

Evolution of the International Regulatory Context
European regulations will target the use of recycled plastics and compostable polymers. In addition, new regulations for the use of recycled plastic in food packaging are in the process of being approved in several countries in the Asian region. For the PiovanGroup, this is an opportunity to sell its own technologies developed in recent years for the automation, processing and screening of recycled and compostable plastics. The Group's leadership is also supported by recycling-related patents that place it in a position of competitive advantage. Since 2006, the Group has built thousands of plants to produce new products from recycled plastics. The company currently estimates, including two months of NuVu, that about 29.4% of the automations sold in the packaging, fibre and recycling sector in the previous twelve months are dedicated to the use of recycled material.

Future objectives of the Group
In February 2024, the Group finalised the purchase of a 1% stake in NuVu, acquiring control with a total share of 51%, strategically consolidating its presence in one of the fastest growing markets, India.
At the same time, the company is proceeding with the construction of its new Asian headquarters in Suzhou, China, scheduled for completion by the end of the year. This plant will not only significantly enhance production capacities in this strategic region for the Group, but will also feature sustainability-oriented infrastructure, such as photovoltaic plants and a dedicated training facility for employees and customers.
Also since last February, the Company has launched a new strategic initiative in industrial and process refrigeration, resulting from the integration of the business segments operated by the recently acquired Thermal Care and the existing Aquatech. This consolidation will lead to the creation of a global player in the reference sector that will operate under the Thermal Care brand.

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


* "On a like-for-like basis" in this document means restating the 2024 results to include three months of Nu-Vu Conair instead of two.