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S. Maria di Sala, Venice
Press release

PiovanGroup confirms record results. Revenues reach € 570.5 million (+7.4%) and Adjusted EBITDA € 78.9 million (+25.8% and 13.8% of revenues). Consolidated Net Profit of €48.9 million, up 40.5% compared with 31 December 2002. The Group confirms its excellent cash generation, closing with a NFP of €57.8 million compared to €88.1 million in December 2022. Increased investments: €9.7 million (+67.2%) compared to €5.7 million in 2022. Future objectives: to further strengthen the contribution to the circular economy with solutions for the recycling supply chain, growth through acquisitions, expansion of the Food & Industrial Applications and Services divisions.

The PiovanGroup is solid and growing. This is confirmed by the Consolidated Financial Statements of the Group and the Draft Financial Statements of the Company for the year 2023, approved today by the Board of Directors of Piovan S.p.A. ("Piovan" or the "Company").

"2023 was another record-breaking year for the Piovan Group: despite the macroeconomic environment affected by numerous instability factors, such as the conflicts in Ukraine and the Middle East, our financial performance for the year confirmed our ambitious targets, with revenue exceeding Euro 570 million, EBITDA close to Euro 80 million and net profit close to Euro 50 million. Ninety years after its founding and sixty years from the ’Company’s entry into the polymers sector, we have now embarked on a journey to simplify the architecture of our brands, with the aim of developing the identity of the Piovan Group on the international market and supporting the effective integration of our Group" states Nicola Piovan, Executive Chairman of Piovan S.p.A..

"We are very pleased with the Group’s performance, which – despite a market weakened by high interest rates levels – has continued to gain market share thanks to a strategy of constantly looking for new opportunities. Exemplified by the recent strengthening in India with the acquisition of a majority stake in Nu-Vu Conair and the continued expansion in emerging markets" added Filippo Zuppichin, Chief Executive Officer of Piovan S.p.A..

In summary, the economic performance of the Group in 2023 compared to 31 December 2022 is as follows: Total consolidated revenues and other income €570.5 million, +7.4% (+4.6% on a like-for-like basis); EBITDA €78.4 million, +27.3% compared to €61.6 million in FY 2022; Consolidated Adjusted EBITDA €78.9 million (13.8% of revenues and other income), +25.8% (+23. 6% on a comparable basis and excluding certain non-recurring items); Consolidated Operating Profit (EBIT) of €68.6 million (12% of revenues and other income), up 32.2% from €51.9 million in the previous year; Consolidated Net Profit of €48.9 million, up €14.1 million (+40.5%) from the previous year. Earnings per share are €0.97 at 31 December 2023 (€0.68 at 31 December 2022).

Revenues by market area
• Technical Polymers Area: Sales of €430.1 million and solid performance in all regions. The increase (+8.3% compared to 31 December 2022) is due to (i) higher investments in new technical materials, (ii) increased investments in the automotive sector, where the transition to electric models requires increasingly advanced polymers and (iii) growth in components for medical applications.
• Food & Industrial Applications: -9.0%, but recovering from the previous decline of 19.9% in the first half of 2023. Order intake in powder automation for the creation of new engineered materials took resources from the development of solutions in food powders.
• Services: +13.8% in revenue, confirming the Group's focus on developing an excellent after-sales service, also by taking advantage of the highly decentralized structure of its sales offices.

Revenues by geographic area
• North America: Sales up 10%, driven by market share gains and consistent performance of refrigeration and heat transfer products, with Thermal Care leading the way.
• Asia: +22.2%, driven by market share gains and the Group's development of the Indian market.
• Europe: Overall solid performance with continued market share gains. (Note: the Food projects being developed in Europe are targeted at North America).
• South America: +14.1% thanks to a satisfactory backlog at the beginning of the year.

Sustainability remains a strategic asset for aligning the company's interests with those of its stakeholders. From this point of view, a number of medium- to long-term sustainability goals have been approved. More details will be available in the 2023 Sustainability Report, which will be published at the end of March on
New European legislation encourages the use of recycled plastic in packaging and the use of compostable polymers wherever possible.
This is an opportunity for the PiovanGroup, which in recent years has developed technologies for the automation, treatment and sorting of recycled and compostable plastics, strengthening its leadership in this field thanks to various patents relating to recycling that have enabled it to achieve an advantageous technological position. The company currently estimates that approximately 30.8% of the automation sold to the packaging, fiber and recycling industries is used for applications related to recycled materials.

Remarkable facts
Creation of new sales companies to serve customers in these countries locally and directly (a strength of the PiovanGroup): PT Piovan Technology Indonesia (March 2023), Piovan Korea Ltd (December 2023). In 2024, the Group intends to increase investments in areas with the greatest growth potential and to continue to be present in a variety of geographical areas and in highly diversified sectors.
Acquisition of the assets of ProTec Polymer Processing GmbH, through its subsidiary FDM GmbH, relating to the Material Handling, Dosing and Recycling markets, with the aim of growing in the service/post-sales market and increasing market share with leading OEMs in the German market.
Acquisition of a 1% stake in Nu-Vu Conair Private Ltd, giving the Group a total of 51% of the share capital of this Indian company, which has around 250 employees, sales of over 20 million euros and a 150,000 square ft production facility (currently being expanded by a further 80,000 square ft), significantly strengthening its competitive position in India, one of the fastest growing markets in the industry.

Foreseeable operational developments
The Group reaffirms its intention to continue along its strategic path, which includes increasing its contribution to the circular economy by developing products and solutions dedicated to the recycling supply chain, growth through acquisitions, favored by the reduction of debt, the desire to increase its market share in the Food & Industrial Applications segment, and further expansion in the Services segment, also by capitalizing on its position as market leader in terms of installed fleet.

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