Results at 30 September 2024: Piovan stationary

The board of directors of Piovan approved the consolidated financial results for the first nine months of 202, with total consolidated revenues and other income amounting to 419.9 million euros, -1.7% compared to 30 September 2023. Consolidated adjusted net profit for the first nine months of 2024 was 32.7 million euros, 7.8% of total revenues and other income (+4.1% compared to the first nine months of 2023). Consolidated adjusted Ebitda topped 55.7 million euros, stable compared to 30 September 2023 (13.3% of revenues and other income), while consolidated Ebit, excluding the effects of the IPEG Purchase Price Allocation (“PPA”) and the NuVu PPA, amounted to Eur 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 euros (negative 87.3 million euros at 30 September 2023), confirming the excellent cash generation. Basic earnings per share were 0.66 euros 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 coverage, 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.

In terms of business segment, the revenues in Technical Polymers 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. The Food & Industrial Applications instead recorded an 11.5% growth compared to the first nine months of 2023 thanks to an increase in the backlog for major projects and the expansion of the customer base. The Services are too grew by 2.3% compared to the same period last year, as a result of the Group's growth strategy in this segment, which continues to perform well

As regards geographic areas, revenues were up in the APAC market (+14.9%), in line with the Group's interests and with the consolidation of NuVu, as well as the pickup of business in China; market share gains were recorded in EMEA (+3.6%) as well, while the market declines in North America (-7.3%) and South America (-15.7%) reflect the decline in orders and the drop in demand.