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9M & 3Q 2025 FINANCIAL RESULTS November 13, 2025
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DISCLOSURE This document has been prepared by Antares Vision S.p.A for use during meetings with investors and financial analysts and is solely for information purposes. The information set out here in has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the “Group”), as well as any of their directors, officers, employees, advisers or agents (the “Group Representatives”) accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group) which could cause a material difference between forward-looking information and actual future results. The information set out in this document is provided as of the date indicated here in. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements. Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neither this entire document or a portion of it may constitute a recommendation to affect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations.
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9M & 3Q 2025 RESULTS
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Solid growth of all BUs, with exception of “Other”. Geographically, Europe with Italy is up +4%, Americas +1%. 3Q sales up over +7% Y/Y 9M CONSOLIDATED SALES +5% Y/Y (+6% EX. FX) Excluding FX impact (approximately €2.1M), 9M 2025 NFP equal to €82.8M, slightly better than Y/E 2024 9M 2025 NFP AT €85M VS. €83.7 AT Y/E 2024 9M growth mainly driven by SCT contracts (+65% Y/Y, mostly multi-year renewal L4 agreements, equivalent to a high single-digit annual growth). Ex. SCT: +1% Y/Y (-11% LS & C, +12% FMCG and +1% Service) 9M NEW ORDERS GROWTH +9% Y/Y (+11% EX FX), EX. SCT +1% Y/Y HIGHLIGHTS 9M 2025 SALES MAINTAINED THE POSITIVE TREND 9M ORDERS: EQUIPMENT & SERVICE FLAT, POSITIVE TREND OF MULTI-YEAR SCT CONTRACTS
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REVENUES BY CASH GENERATING UNIT / BU – 9M 2025 IN A NUTSHELL • In 9M 25 at BU level: LS&C +6% Y/Y, FMCG +5% Y/Y, SCT +5% Y/Y, Service +8% Y/Y • 3Q 25 Group sales +7.3% Y/Y (+10% ex. FX); strong performance of LS&C both at CGU and BU level (+11% and +25% Y/Y respectively); In 9M 2025 the Life Science & Cosmetics CGU registered a high single-digit growth (+9% Y/Y), confirming the positive trend of 2Q. The CGU is still the most relevant Unit on total sales (45%) Both in 9M and 3Q 2025, the FMCG CGU recorded an increase of +4% vs. the same period of last year The Supply Chain Transparency CGU, which includes Groups’ software solutions, is up 5% in 9M 25 Focusing on the Business Unit organization, Recurring Revenues (Services + SCT) posted a combined growth of +7% in 9M 25 and accounted for 45% of total revenues vs. 44% in 9M 24 5
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54.8 59.5 45.7 47.4 23.0 24.1 4.4 2.7 9M 2024 9M 2025 43% 36% 18% 3% 45% 35% 18% 2% 6 REVENUES BY CGU – 9M 2025 Source: Antares Vision Group REVENUES BY CGU (€M) REVENUES BY CGU (%) +5% Y/Y Other (38)% Y/Y SCT +5% Y/Y FMCG +4% Y/Y LS&C +9% Y/Y 127.9 133.7 9M25: €133.7m 9M24: €127.9m LIFE SCIENCE & COSMETICS FMCG SCT Other
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17.6 19.6 14.5 15.1 7.6 7.6 0.7 0.9 3Q 2024 3Q 2025 44% 36% 18% 2% 45% 35% 18% 2% 7 REVENUES BY CGU – 3Q 2025 Source: Antares Vision Group REVENUES BY CGU (€M) REVENUES BY CGU (%) +7% Y/Y Other +32% Y/Y SCT +1% Y/Y FMCG +4% Y/Y LS&C +11% Y/Y 40.3 43.3 3Q24: €40.3m 3Q25: €43.3m LIFE SCIENCE & COSMETICS FMCG SCT Other
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26% 27%18% 26% 3% 9M24: €127.9m 27% 26%18% 27% 2% 8 REVENUES BY BU – 9M 2025 Source: Antares Vision Group REVENUES BY BU (€M) REVENUES BY BU (%) Other (38)% Y/Y Service +8% Y/Y SCT +5% Y/Y FMCG +5% Y/Y LS&C +6% Y/Y 33.6 35.8 33.9 35.5 23.0 24.1 33.0 35.6 4.4 2.7 9M 2024 9M 2025 +5% Y/Y 9M25: €133.7m LIFE SCIENCE & COSMETICS FMCG SCT Service Other RECURRING BUSINESS 45% vs 44% IN 9M 2024 127.9 133.7
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24% 27%19% 28% 2% 28% 26% 18% 26% 2% 9 REVENUES BY BU – 3Q 2025 Source: Antares Vision Group REVENUES BY BU (€M) REVENUES BY BU (%) Other +32% Y/Y Service +3% Y/Y SCT +1% Y/Y FMCG (1)% Y/Y LS&C +25% Y/Y 9.7 12.1 11.2 11.1 7.6 7.6 11.2 11.5 0.7 0.9 3Q 2024 3Q 2025 40.3 43.3 +7% Y/Y 3Q24: €40.3m 3Q25: €43.3m LIFE SCIENCE & COSMETICS FMCG SCT Service Other RECURRING BUSINESS 44% vs 47% IN 3Q 2024
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REVENUES BY GEOGRAPHY Europe, including Italy, confirmed as the Group's most important region, with a 9M 25 growth of +4% Y/Y and revenues accounting for 52% of sales, in line with 9M 24 Italy, on a stand-alone basis, confirms the negative trend registered in 1H with a decline of -18% Y/Y, mainly due to 2027 postponement of new serialization legislation in Pharma. Americas, the second most important region, recorded a slightly positive growth (+1.1%), with a soft 3Q 25 performance (-0.7%); currently the region is at 36% of Group’s sales vs. 37% in 9M 2024 IN A NUTSHELL • Continuous double-digit growth in Europe, with +22% Y/Y in 9M 25. • Americas slightly positive in 9M (+1.1% Y/Y), due to a soft 3Q revenues (-0.7% Y/Y).
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4.3 7.0 9.6 9.3 47.9 48.5 37.0 45.0 29.0 23.9 9M 2024 9M 2025 3% 7% 38% 29% 23% 5% 7% 36% 34% 18% 11 REVENUES BY GEOGRAPHY – 9M 2025 Source: Antares Vision Group REVENUES BY GEOGRAPHY (€M) REVENUES BY GEOGRAPHY (%) +5% Y/Y Italy (18)% Y/Y Europe +22% Y/Y Americas +1% Y/Y Asia & Oceania (3)% Y/Y Africa & Middle East +62% Y/Y Africa & Middle East Asia & Oceania Americas Europe Italy 9M24: €127.9 9M25: €133.7m 133.7 127.9
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1.1 2.9 2.7 2.6 15.2 15.1 12.5 15.5 8.8 7.2 3Q 2024 3Q 2025 3% 7% 37% 31% 22% 7% 6% 35% 36% 16% 12 REVENUES BY GEOGRAPHY – 3Q 2025 Source: Antares Vision Group REVENUES BY GEOGRAPHY (€M) REVENUES BY GEOGRAPHY (%) +2.9% Y/Y Italy (18)% Y/Y Europe+24% Y/Y Americas (1)% Y/Y Asia & Oceania (4)% Y/Y Africa & Middle East +159% Y/Y Africa & Middle East Asia & Oceania Americas Europe Italy 3Q24: €40.3m 3Q25: €43.3m 40.3 43.3
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CLOSING REMARKS
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14 UPDATED FY 2025 GUIDANCE (1) Revenues growth is now expected flattish or slightly positive Net Debt/EBITDA: as a result of the revised economic targets highlighted above and keeping the absolute PFN forecast in line with the business plan, the Company expects the PFN/EBITDA ratio to be around 2.2x - 2.5x (including FX effect) 1 2 3 Excluding SCT contracts, 3Q 2025 confirmed a slowdown in orders (-4% Y/Y), mainly due to the uncertain geopolitical scenario. The decrease is mainly related to the LS&C BU (-8% Y/Y), confirming the inversion trend already seen in 2Q. This gap in order intake will affect the achievement of 4Q revenue target. Therefore, the Group now anticipates the following targets for FY 2025: Adjusted EBITDA margin: despite the slowdown in revenues, the Group foresees to achieve an EBITDA margin at the lower end of the guidance provided (16-18%), as a result of careful management on margins and fixed costs (1): based on FX assumption €/$ 1.05
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© 2024 Antares Vision Group. This presentation, including any supporting materials, is owned by Antares Vision Group and is for the sole use of the intended Antares Vision Group audience or other intended recipients. This presentation may not be further copied or distributed without express written permission of Antares Vision Group. Alessandro Baj Badino Head of Investor Relations & Corporate Communication Alessandro.bajbadino@antaresvision.com Davide Antonioli Corporate Communication, IR & ESG Senior Davide.antonioli@antaresvision.com