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• Total consolidated revenue and other income of € 419.9 million; Consolidated Adjusted Net Profit of € 32.7 million; Consolidated Adjusted EBITDA of € 55.7 million; Consolidated Operating Profit (EBIT) of € 47.0 million excluding the PPAs of Ipeg and NuVu
• The negative Net Financial Position, steadily improving, amounted to €50.5 million  
• Profitability on a percentage basis improves and cash position remains strong
• Growth in Food & Industrial Automation
• Consolidation in Asia with new plants in China and India
• In the first nine months of 2024, investments amounted to approximately € 8.9 million

The Board of Directors of Piovan S.p.A. today approved the consolidated financial results for the first nine months of 2024. Total consolidated revenues and other income amounted to € 419.9 million, -1.7% compared to 30 September 2023. Consolidated Adjusted Net Profit for the first nine months of 2024 was € 32.7 million, 7.8% of total revenues and other income (+4.1% compared to the first nine months of 2023). Consolidated Adjusted EBITDA was € 55.7 million, stable compared to 30 September 2023 (13.3% of revenues and other income). Consolidated EBIT, excluding the effects of the IPEG Purchase Price Allocation ('PPA') and the NuVu PPA, amounted to € 47 million (11.2% of total revenues and other income). EBIT was impacted by acquisition, reorganisation and integration costs. The negative Net Financial Position was € 50.5 million (negative € 87.3 million at 30 September 2023), confirming the excellent cash generation. Basic earnings per share were € 0.66 at 30 September 2024.

The financial performance of the PiovanGroup at 30 September 2024 remained satisfactory, particularly in terms of profitability, thanks to the increase in market share in a shrinking market and the integration of the acquired companies. The Group has demonstrated its adaptability and competitiveness in an improving but still unstable macroeconomic environment. The Group's strength and distinguishing feature is its broad international presence, with subsidiaries and production sites, in a variety of geographical areas, including those undergoing major development, and in diversified sectors. In addition, a global sales and service network ensures excellent support for customers around the world.

Revenue by business segment
• Technical Polymers Area: Revenues in this area (75% of the total) were down 4%. The decline is due to the weakness of the market since mid-2023 and high interest rates.
• Food & Industrial Applications Area: +11.5% compared to the first nine months of 2023. The growth in the backlog for major projects and the increase in the customer base are worthy of note.
• Services: +2.3% compared to the same period last year. The Group's strategy is to grow this segment, which continues to perform well

Revenue by geographic area
Revenue growth in the APAC market (+14.9%), in line with the Group's interests and with the consolidation of NuVu and the resumption of business in China; market share gains in EMEA (+3.6%); market declines in North America (-7.3%) and South America (-15.7%), reflecting the decline in orders and the fall in demand.

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