Investors

In 2024, in a market environment characterized by a downturn, the PiovanGroup maintained a good performance, supported by gains in market share and the integration of acquired companies. The Group's strength lies in its presence in several geographical areas and in diversified sectors. The consolidation in China and India is highlighted.

The Board of Directors of Piovan S.p.A. today approved the consolidated financial statements and the draft financial statements of the company for the year 2024, including the sustainability report. Total Consolidated Revenue and Other Income of € 571.8 million are in line with the previous year (-3.2% compared to 2023 on a like-for-like basis*). Operating Profit for 2024 is €46.3 million (€48.9 million in 2023). As a percentage of total value, revenue and other income is 8.1% (8.6% in 2023). Consolidated Adjusted EBITDA of €78.5 million (13.7% of total revenues and other income) remains essentially stable compared to December 31, 2023. Consolidated Operating Profit (EBIT) of € 63.4 million, excluding the effects of the IPEG Purchase Price Allocation ("PPA") and the NuVu PPA (11.1% of total revenues and other income), decreased from € 68.6 million at December 31, 2023 due to one-time charges in 2024, mainly related to the acceleration of incentive plans following the acquisition by Investindustrial. Consolidated Adjusted Net Profit, an indicator introduced in 2024, amounted to € 47.7 million (8.3% of total revenues and other income), a decrease of € 0.7 million (-1.1%) compared to December 31, 2023.

The Group confirms its excellent cash generation with a negative Net Financial Position of €32.4 million at December 31, 2024 (€15.2 million excluding the impact of the application of IFRS 16) compared to a negative position of €57.8 million at December 2023.

“Despite a challenging and uncertain macroeconomic environment, the Group continues to consolidate its growth, with a financial performance that exceeds the record performance of 2023. In a year of significant changes, we have laid the foundation for the Group's future development by staying true to our three historic core pillars: CUSTOMERS, PEOPLE and INNOVATION” states Nicola Piovan, Executive Chairman of Piovan S.p.A.

“The results show that the Group is consolidating its global leadership, thanks to a mix of internal and external growth. The new plants in China and in Cuneo strengthen our market presence, and the expansion in India, with the acquisition of control of Nu-Vu Conair and more recently of Penta Auto Feeding India, supports our growth in the most promising markets. We continue to invest to gain market share through a focused strategy and a constant search for new development opportunities” added Filippo Zuppichin, Chief Executive Officer of Piovan S.p.A.

Revenue by business segment
Technical Polymers revenue decreased approximately by 1.8%, although there are signs of recovery. The Service Area, +1.6%, is driven by the Group's expansion strategy. The Food & Industrial Applications Area revenue reported a 21.0%, with excellent prospects for 2025, both in terms of major projects and a growing customer base.

Revenue by geographic area
EMEA: +6.4% over 2023, driven by market share gains and expansion in Food & Powders. Asia: +30.1% due to NuVu consolidation and market growth. Sales decline in the Americas: -7.5% in North America; -14.8% in South America.

Strengthening in India and China, key areas for the future
In China, the Group's new APAC headquarters (a 15,000 m² facility with a total investment of more than 10 million euros) opened in Suzhou, Jiangsu in January 2025. It will provide facilities, engineering consultancy, training and after-sales service to all subsidiaries in the APAC region.
In India, last February 6, the Group completed the purchase of 50% of Penta Auto Feeding Limited ("Penta India") from Kabra Extrusiontechnik Limited, thus acquiring 100% ownership. The remaining 50% of Penta India was already owned by Penta S.r.l. - a wholly owned subsidiary of Piovan S.p.A. In India the Group had acquired a 1% stake in NuVu Conair Private LTD ("NuVu") during 2024, bringing its total shareholding to 51% and thus control of NuVu.

Contribution to the circular economy with products and solutions for the recycling supply chain
Since the 2000s, long before recycling became a global trend, PiovanGroup has been a pioneer in the sector and has achieved significant leadership in it today. The company has invested in technologies for the automation, processing and sorting of recycled and compostable plastics. Including the eleven months of NuVu, the company estimates that approximately 20.7% of the packaging, fiber and recycling automation sold last year were dedicated to processing recycled material. New regulations in India and China regarding the use of recycled plastic in food packaging point to interesting developments for the Group in these markets.
The recent significant improvement in the CDP Climate Change rating from C in 2023 to B in 2024 is noteworthy.

Sale of controlling interest in Piovan S.p.A. by Pentafin S.p.A. and related events
On July 19, 2024 a preliminary agreement was signed between Pentafin S.p.A. and Investindustrial (through Automation Systems S.p.A.) for the transfer of control of the Piovan Group. The transaction, finalized in January 2025, opens a new chapter for the future of the Piovan Group together with Investindustrial, with which it shares the same vision, values and focus on sustainability.
Following the closing of the transaction, Investindustrial launched a mandatory public takeover offer for the remaining shares of the Company at a price of Euro 14.00 per Piovan share (the "Offer"). The acceptance period of the Offer, agreed with the Borsa Italiana, started at 8:30 a.m. on March 3, 2025 and will end at 5:30 p.m. on March 21, 2025, unless extended. The purpose of the Offer is to acquire the entire share capital of the Issuer and, in any event, to delist the Company from Euronext STAR Milan. For further information on the Offer, please refer to the documentation available on the website piovan.com, section OPA.

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

*As used in this document, "on a like-for-like basis" means that the results achieved by NuVu are excluded.