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• Total consolidated revenue and other income of € 287.5 million; Consolidated Adjusted Net Profit of € 22.9 million; Consolidated Adjusted EBITDA of € 38.8 million; Consolidated Operating Profit (EBIT) of € 33.3 million
• Negative Net Financial Position, steadily improving, stabilised at € 56.9 million  
• Order intake accelerated in Q2 2024; further improvement expected
• Resignation of the members of the Board of Directors effective upon completion of the sale and purchase transaction between Automation Systems S.p.A. and Pentafin S.p.A. of the controlling stake in Piovan S.p.A.

The Board of Directors of Piovan S.p.A. approved the consolidated financial results for the first half of 2024. Total consolidated revenue and other income amounted to € 287.5 million, -0.9% compared to the first half of 2023. Adjusted Operating Profit was € 22.9 million in H1 2024, 8% of total revenue (+10.6% compared to H1 2023). Consolidated Adjusted EBITDA is € 38.8 million (13.5% of revenue and other income, +3.0% compared to Adjusted EBITDA in H1 2023). Consolidated Operating Income (EBIT), excluding the effects of IPEG's Purchase Price Allocation ("PPA") and NuVu's provisional PPA, was € 33.3 million (11.6% of total revenue and other income, +2.4% compared to 30 June 2023). Negative Net Financial Position improved: € 56.891 million compared to 30 June 2023 when it was negative at € 102.578 million. Earnings per share as at 30 June 2024 amounted to €0.54.

In summary, the financial results of the PiovanGroup in the first half of 2024 are good, especially in terms of profitability due to the increase in market share and the integration of the acquired companies. The company shows resilience in turnover and continues to improve profits, both as a percentage of turnover and in absolute value, in a macroeconomic framework that is still unstable but improving. A strength is the Group's international presence, with subsidiaries and production sites, in a variety of geographic areas - including those undergoing major development - and in diversified sectors. Great support is provided by the global sales and service network.

“The results obtained in this first half of the year – in a macroeconomic context characterized by great uncertainty – confirm once again the strength of PiovanGroup, which, thanks to its global presence, its attention to customers and the focus on innovation, has been able to confirm its positioning. These qualities are the same ones appreciated and shared by Investindustrial, the international partner with a strong entrepreneurial spirit that will accompany our Group on its future path of growth” - declares Nicola Piovan, Executive Chairman of Piovan S.p.A.

“We are very satisfied with the Group's performance in this first half-year and confident that the coming months will show a further acceleration in our financial performance, given the positive trend in orders collection in recent months that have allowed us to continue gaining market shares” - adds Filippo Zuppichin, Chief Executive Officer of Piovan S.p.A.

Revenue by business segment
• Technical Polymers Area: -4.3% with a 4% recovery in Q2 and an improving trend (revenues in this area are 75.9% of the total). The decrease is due to a weak market since mid-2023, caused by high interest rates, with higher impacts on consumer goods and construction. The Recycling sector suffers from European regulatory uncertainty, which is now improving. Automotive (10% of total) and Fibre sector revenues, which had decreased in 2023, increased.
• Food & Industrial Applications Area: +25.3% compared to H1 2023. Revenues reflect acceleration in the development and production of major projects. Order intake, at an all-time high, and an increased customer base point to improvements in the second half of the year in the Food segment.
• Serviços: +2.9% compared to the same period of the previous year, maintaining the good performance shown during 2023 and reflecting the benefits of the Group's strategy focused on growth in this segment.

There was a significant recovery in order intake in Q2 2024, indicating an increase in market share. The backlog remains constant compared to the end of December 2023, higher than the Group's historical averages.

Revenue by geographic area
Specifically, the following should be noted: the significant increase in market share in the EMEA area; the resilience of the automotive sector in North America; the satisfactory backlog in Asia, which suggests a partial recovery in the second half of the year; and finally, a general contraction in demand in South America, partially offset compared to the first quarter of the year.

Sustainability and evolution of the international regulatory context
In Europe, after a few months of uncertainty that held back the polymer recycling market, the finalisation of new regulations favours both reuse and recycling. Added to this are the regulatory changes expected in India and China on the use of recycled plastic in food packaging, which will favour the development of the Asian markets. For the PiovanGroup this is an opportunity: since 2006 it has in fact contributed to the construction of hundreds of recycling plants and thousands of plants enabling the production of new products with recycled plastic. Technological leadership is supported by 292 patents, divided into 125 patent families, of which 18 relate to the circular economy (4 in 2023 alone). Lastly, Condenso, a product effective in condensing Volatile Organic Compounds (VOCs) from post-consumer plastics, was a finalist in the Plastics Recycling Awards Europe 2024 in the Recycling Machinery Innovation category.

Foreseeable facts
On 19 July 2024, Pentafin S.p.A., the main shareholder of Piovan S.p.A., and Automation Systems S.p.A., a company indirectly owned by Investindustrial, signed a sale and purchase agreement for the transfer of control of the PiovanGroup. Should the closing take place, it will open a new chapter for the future of the PiovanGroup, which will be written together with Investindustrial, with which it shares vision, values and a focus on sustainability. The main objective will be to consolidate Piovan's leadership and strengthen its international positioning, expanding into new markets and application segments.
The resignation of the Board of Directors on 31 July is intended to allow for the appointment of a new administrative body that will reflect the future control structure of the Company.

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