Piovan approves consolidated financial statements and draft financial statements

Piovan’s Board of Directors has approved the group's consolidated financial statements and the draft financial statements for the 2024 financial year, including the sustainability report. Total consolidated revenues and other income amount to 571.8 million euros, in line with 2023, while net profit stands at 46.3 million euros. The consolidated adjusted Ebitda of 78.5 million euros remains substantially stable compared to 31 December 2023, while consolidated Ebit (operating profit) stands at 63.4 million euros, down from 68.6 million euros as of 31 December 2023. This decrease is primarily due to non-recurring costs incurred during 2024, mainly related to the acceleration of incentive plans following the acquisition by Investindustrial. The consolidated adjusted net result, a new indicator introduced in 2024, stands at 47.7 million euros, marking a decrease of 0.7 million euros (-1.1%) compared to 31 December 2023. The Group confirms its excellent cash generation, with a negative net financial position of 32.4 million euros as of 31 December 2024, compared to a negative position of 57.8 million euros in December 2023.

The Technical Polymers division recorded a revenue decline of 1.8%, despite signs of recovery, while the Service division grew by 1.6%, driven by the group’s expansion strategy. The Food & Industrial Applications division saw a growth of 21.0%, with excellent prospects for 2025 due to key projects and an expanding customer base. Geographically, the EMEA region saw a 6.4% increase compared to 2023, driven by market share gains and the expansion of the Food & Powders sector. Asia recorded a 30.1% increase, thanks to the consolidation of NuVu and a growing market, while revenue declines were recorded in the Americas, with a -7.5% and -14.8% decrease in North and South America, respectively. In China, Piovan inaugurated its new headquarters in Suzhou (Jiangsu) in January 2025 – a 15,000-square-metre facility with a total investment exceeding 10 million euros. The new site will provide systems, engineering consultancy, training, and after-sales assistance to all subsidiaries in the APAC region. In India, on 6 February 2025, the group completed the acquisition of 50% of Penta Auto Feeding Limited from Kabra Extrusiontechnik Limited, thus attaining full ownership of the company. The remaining 50% of Penta India was already owned by Penta, a wholly owned subsidiary of Piovan. Furthermore, in 2024, the group had acquired an additional 1% in NuVu Conair Private, bringing its total stake to 51%. Finally, the group recently achieved a significant improvement in its CDP-Climate Change rating, rising from C in 2023 to B in 2024.

"Despite a challenging and uncertain macroeconomic environment, the Group continues to consolidate its growth, achieving financial performance that surpasses the record results of 2023. In a year of great changes, we have laid the foundations for the Group’s future development while remaining faithful to our three historic core pillars: customers, people, and innovation,” said Nicola Piovan, Executive Chairman of Piovan. “The results demonstrate that the Group is solidifying its global leadership, thanks to a mix of organic and external growth. Our new plants in China and Cuneo strengthen our market presence, while our expansion in India - through the acquisition of control over Nu-Vu Conair and, more recently, Penta Auto Feeding India - supports our growth in the most promising markets. We continue to invest in gaining market share through a targeted strategy and a constant search for new development opportunities,” added CEO Filippo Zuppichin.