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• 2026-2028 BUSINESS PLAN • September 24th, 2026
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31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 195,218,240 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 FY 2026 Guidance Update
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 3 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 FY 2026 Guidance Revised Upwards Mid-single-digit organic (excl. FX) revenues growth vs. FY 2025 50-100 bps of margin expansion vs. FY 2025 In the region of 2x Revenues Adjusted EBITDA % Leverage Ratio (x)
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 4 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 FY 2026 Revenue Growth by Division Division(1) FY 2026 Organic Revenues Growth vs. FY 2025 Transfusion Medicine Life Sciences Safety Energy & Mobility MedTech GVS Group Low-single-digit High-teens Low-single-digit Low-teens Mid-single-digit Mid-single-digit Growth Drivers Commercial synergies Market share recovery New distribution agreements Improving order intake US customers re-shoring traditional fuel-system production Volume growth accelerating across divisions (1) The Healthcare & Life Sciences division is represented by the three reporting segments: MedTech, Transfusion Medicine and Life Sciences.
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31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 195,218,240 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 2026-2028 Business Plan
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 6 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 2026-2028: Harvesting the Investment Cycle The 2022-2025 investment cycle now turns into performance — organic revenue growth from commercial synergies, margin expansion from operating leverage, and continued deleveraging from strong cash generation 1 1 2026-2028 Sustained Organic Revenue Growth Synergies, new product releases and geographical expansion 2 Further Profitability Increase Pricing and operating leverage 2026–2028 Value Drivers 2026–2028 Targets Mid-single-digit Organic sales CAGR +100 bps Adjusted EBITDA margin expansion ~1x Leverage Ratio 2028E 3 Fast Deleverage Converting EBITDA growth into cash
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 7 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 2026-2028: Strategic Focus by Division A tailored strategy to maximise value extraction from each division, focusing on synergies, new product releases and geographical expansion Division(1) Strategic Focus 2026-28 Sales CAGR Mid-single- digit(2) Grow on commercial synergies and new product releases on the core hospital business, while a dedicated sales structure targets the fastest-growing verticals Transfusion Medicine Scale the newly built global transfusion medicine platform, with market share recovery in collection driving pull-through across the full product line High-single-digit Safety Keep expanding through new product introductions and geographic reach High-single-digit Life Sciences Scale through wider distribution, a complete filtration portfolio and direct qualification with pharma customers High-single-digit Energy & Mobility Stabilise the traditional fuel base on US re-shoring and hybrid resilience, while venting and hydrogen build the next growth leg Low-single-digit MedTech (1) The Healthcare & Life Sciences division is represented by the three reporting segments: MedTech, Transfusion Medicine and Life Sciences (2) Excluding the impact of the partial phase-out of haemodialysis business GVS Group Mid-single-digit
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 8 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 Increase market share with US customers, re- shoring productions in North America from China / the Far East. New products based on GVS's founding expertise in air filtration Medical Air EVA & polyolefin PVC- free bags for infusion, parenteral nutrition, drug-delivery and bioprocessing, scaled globally through a dedicated sales team Advanced Pharmaceutical Packaging MedTech: Dedicated Sales Effort into Bioprocessing Commercial synergies and new products drive the core hospital business, while a dedicated sales structure targets the fastest-growing verticals Release new products and accelerate cross selling opportunities leveraging the enhanced product portfolio. New projects on IV filters Filters and Components GVS’s Increased production capacity for microporous (PES, Nylon, PVDF) and track-etched (polycarbonate, polyester) membranes for life-science and diagnostic applications Membranes GVS’s Vertical integration from membrane into in-house production of validated cartridge filters for sterile bioprocess filtration in pharmaceutical applications Cartridges M&A Synergies (new products, cross-selling) Dedicated Sales Structure MedTech Growth Strategyby Segment Target: mid-single-digit sales CAGR 2026-28, excluding the impact of the partial phase-out of haemodialysis Core MedTech Hospital Products Fast-Growing Bioprocessing Applications
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 9 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 Transfusion Medicine: Building a Global Platform Scaling a global transfusion medicine platform in a €1bn addressable market: share recovery in collection and new product launches are the catalysts for growth €1.0bn Global addressable market 2026 ~6.5% → ~8% GVS global market share 2026 → 2028 High-single-digit Total TM sales CAGR 2026-28 — Mgmt case Where the growth comes from — 2026-28 The platform logic: collection pulls the full product line through 1 Win collection US share recovery with the two key accounts (from 2026 and 2027) plus new geographies builds global collection scale 2 Pull the full line through Each collection win pulls solutions, processing and transfusion products, lifting value per set and stickiness 3 Scale the platform OEM programmes turn the installed base into a global, self-reinforcing platform Collection Market share recovery, new product launch Processing Portfolio upgrades OEM 4 new OEM projects Transfusion Geographic expansion Target: high-single-digit sales CAGR 2026-28, moving from ~6.5% to ~8% share of the addressable whole blood global market
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 10 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 Safety: New Products and New Markets Fueling Further Growth After three years of consistent growth, Safety keeps expanding: an improved portfolio and a wider geographic footprint will drive the next growth phase Elipse Full Face Mask + New Portfolio Add-Ons Full face mask now on the market, completing the Elipse platform with best-in-class comfort. Next: upgrades to the existing range and new launches to complete the platform Core Markets + New Frontiers Consolidation of Europe and the US — respirators in Europe, reusable masks in the US — plus accelerated expansion in Asia/Pacific (new branch in Australia) and South America Target: high-single-digit growth in Safety, driven by an improved product range and a broader global footprint New Products Geographical Expansion
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 11 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 Life Sciences: Scaling a Premium Filtration Platform Life Sciences is scaling through wider distribution, a completed filtration portfolio and direct qualification with pharma customers, sustaining premium positioning while volumes accelerate 1 Broader distribution reach Deepen partnerships with the large global distributors and cross-sell the recently launched families across their installed base 2 Complete filtration portfolio Round out the range — PFAS-free family, filter vials and multilayer filters — to become the one-stop filtration supplier for Life Sciences 3 Premium price positioning Filtration know-how defends premium pricing, while general labware consumables drive volume and widen customer access 4 Direct penetration of pharma Convert ongoing validations with pharma customers into recurring volumes, supported by in-house bioprocessing and microbiology production Target: high-single-digit sales CAGR 2026-28, with a growing share of recurring, validated pharma volumes
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 12 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 Energy & Mobility: Stabilised Base, New Growth Engines (1) Global installed electrolysis capacity doubled in 2025 to exceed 4 GW, with more than 2.5 GW under construction targeting operation in 2026. More than 100 GW of announced capacity requires final investment decisions by end-2027 to have any prospect of operating by 2030. Source: IEA, Global Hydrogen Review 2026 (revised version, July 2026), Chapter 3 After years of combustion engine-driven erosion, FY2026 marked a rebound in traditional fuel orders: US re- shoring stabilises the base, while venting and hydrogen membranes build the next growth leg Stabilising the Base Re-shoring and hybrids underpin traditional fuel Tariffs and geopolitical uncertainty are pushing US customers to bring production back from Asia; GVS's long- standing North American footprint makes it a ready local partner, while hybrid platforms keep combustion-engine content on the vehicle for longer Compounding Growth Venting grows with electrification and electronics Venting solutions for electronic applications keep compounding, supported by rising electronic content per vehicle and by new customers won beyond the automotive perimeter Exploiting the Hydrogen Opportunity Hydrogen membranes open a new vertical Production line completed and the membrane now under validation with leading customers; first sales expected in 2027, ramping up as global electrolyser capacity is installed(1) Target: low-single-digit sales CAGR 2026-28, with a progressively higher share of sales from venting and hydrogen applications
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 13 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 EBITDA FY 2026 Organic Growth Cost Increase EBITDA FY 2028 Margin Expansion: 100 bps driven by organic growth +100 BPS EBITDA MARGIN EXPANSION ~27% Mid single digit revenue growth, incl. 1.5% pricing per year Further 100bps of margin expansion by 2028, led by pricing and operating leverage +2.5% annual cost inflation ~26%
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 14 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 NFP 31-Dec-26 Operating Cash-Flow Delta NWC Taxes Capex Net Financ. Costs Leasing Renew. NFP 31-Dec-28 Deleverage Path: 1x Target Leverage Ratio by 2028 €m LEVERAGE RATIO(1)~2x ~1x (1) Leverage ratio calculated as NFP / L12M Adjusted EBITDA In line with sales growth 26% tax rate ~7% of sales ~3.5% average cost of debt GVS to continue on its consistent deleveraging path towards a lean, M&A-ready capital structure, supported by strong operating cash flow, controlled NWC and stable CAPEX
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 15 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 Road to 2030: Growth Engines Beyond the Plan 2030 Growth Engines The Bioprocessing Play In MedTech and Life Sciences The Next Product Generation In Transfusion Medicine The Hydrogen Membrane In Energy The Best-in-Class Product Portfolio In Safety The Humanoid Robot Frontier In Mobility
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ibdroot\projects\IBD-LN\fiberglass2019\643420_1\7. Marketing Materials\03 Analyst Presentation\Project Vicky_Analyst Presentation_ v55.pptx 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 16 31,78,120 0,176,240 155,194,230 127,127,127 255,255,255 89,89,89 69,130,156Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table Highlights Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 0,137,210 200,200,200 47,117,181 127,127,127 215,221,235 141,186,226 189,215,238 Body Text Background Message Box Table Highlights Titles,. Headings 241,245,247 0,132,180 241,245,247 223,233,238 Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at GVS S.p.A., Emanuele Stanco, declares that the accounting information contained herein correspond to document results, books and accounting records. This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on GVS S.p.A.’s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of GVS S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price, and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. GVS S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by GVS S.p.A. or any of its subsidiaries, in Italy pursuant to Section 1, let t) letter (t) of Legislative Decree no. 58 of February 24, 1998, or in any other country or state. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. The reader should consult any further disclosures GVS may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange. Disclaimer