GVS (GVS) investor relations material

Executive summary

• Sales reached €215 million in H1 2026, up 3.3% organically, driven by volume (+1.3%) and pricing (+2.0%), with all divisions contributing positively.

• Adjusted EBITDA rose 2.2% year-over-year to €55.4 million, with margin expanding by 62 basis points to 25.7%.

• Adjusted net income was €23.8 million, with an 11.1% margin, impacted by FX gains and higher depreciation.

• All divisions posted positive organic growth, with Safety leading at 8.2% and Transfusion Medicine accelerating above 10%.

• Net profitability, excluding FX, declined 9.1% year-over-year due to higher depreciation and amortisation from new plants.

Financial highlights

• Revenue from contracts with customers was €215 million for H1 2026, up 3.3% at constant exchange rates.

• Adjusted EBITDA margin improved to 25.7%, up 62 bps year-over-year.

• Adjusted EBIT was €37.5 million, down 5.2% year-over-year due to higher depreciation and amortisation.

• Net financial debt stood at €239.3 million, with a leverage ratio of 2.2x.

• Cash and cash equivalents at period end were €92.5 million, up from €62.0 million at June 2025.

Outlook and guidance

• FY 2026 guidance confirmed: low single-digit sales growth (excl. FX), 20–50 bps EBITDA margin expansion, and leverage ratio around 1.8x by year-end, excluding tender offer impact.

• No changes to guidance until more visibility after Q3 due to geopolitical uncertainties.

• New 2026–2028 business plan to be presented in September 2026.

• Strategic focus includes MedTech sub-division creation, Transfusion Medicine sales growth, Life Sciences expansion, Safety product ramp-up, and Mobility revenue stabilisation.