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4Q & FY 2025 FINANCIAL RESULTS February 13, 2026
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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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4Q & FY 2025 RESULTS
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The expected slowdown registered in 4Q 25 revenues impacted FY performance. The decline is related to a drop in LS&C and FMCG CGUs (both at -2% Y/Y, flattish ex. FX) CONSOLIDATED SALES -2% Y/Y (FLAT EX. FX) Important decrease in NFP mainly due to Operating Cash Flow generation, fueled by ongoing working capital management and business profitability. FX negative impact €2.2M Y/E NFP(2) €76M VS. €84M IN Y/E 24 Acceleration vs. FY 24 driven by SCT contracts (+137%, mostly multi-year renewal agreements, equivalent to a high single-digit annual growth). Ex. SCT: flat Y/Y (CGU: -7% LS&C, +10% FMCG, +4% Other) ORDER INTAKE GROWTH +19% Y/Y (+21% EX. FX) EX. SCT FLAT Y/Y FY 2025 HIGHLIGHTS1 FY 2025 SALES FLATTISH AND CONTINUOUS DECREASE IN NET DEBT. ORDERS: EQUIPMENT & SERVICE FLAT; POSITIVE TREND IN MULTI-YEAR SCT WITH HIGH SINGLE-DIGIT ANNUAL GROWTH (1): Consolidated numbers included in this presentation may be further subject to change, as the audit process has not yet been completed (2) Net Financial Position
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Recurring revenues (SCT and Services) not able to offset the decline in LS (-25% Y/Y) and FMCG (-13% Y/Y). Geographically, important slowdown in Europe (-25% Y/Y) and Italy (-23% Y/Y) CONSOLIDATED SALES -11% Y/Y 4Q 2025 HIGHLIGHTS1 4Q 2025 RESULTS SHOW A DECLINE IN SALES ORDER INTAKE FLATTISH (EXCLUDING SCT), PEAK IN RENEWALS OF MULTI-YEAR SCT CONTRACTS (1): Consolidated numbers included in this presentation may be further subject to change, as the audit process has not yet been completed Recurring Revenues (Services + SCT) posted a combined growth of +9% and accounted for 36% of total revenues vs. 30% in 4Q 24 RECURRING REVENUES +9% Y/Y 4Q growth driven by SCT contracts (+295% Y/Y, mostly multi-year renewal L4 aggreements). Ex SCT, order intake is flat (at CGU level: +10%FMCG, -6% LS&C, -42% Other) ORDER INTAKE GROWTH +43% Y/Y FLAT EX. SCT
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REVENUES BY CASH GENERATING UNIT / BU IN A NUTSHELL • FY 25 at BU level: LS&C -9% Y/Y, FMCG -2% Y/Y, SCT +4% Y/Y, Service +9% Y/Y • 4Q 25 Group sales: -11% Y/Y, due to the negative performance of LS&C and FMCG, both at CGU and BU level Life Science & Cosmetics CGU registered a slowdown in FY 25 (-2%, -16% in 4Q), due to a decrease in LS&C order intake starting from 2Q 25. The CGU is still the most relevant Unit on total sales (47%) The FMCG CGU recorded a decline of -2% Y/Y vs. the same period of last year, due to a negative performance registered in 4Q 25 (-12% Y/Y) The Supply Chain Transparency CGU, which includes Groups’ software solutions, is up 4% Y/Y in FY 25 (+7% Y/Y in 4Q 25) Focusing on the BU organization, Recurring Revenues (Services + SCT) posted a combined growth of +7% Y/Y in FY 25 (+9% in 4Q) and accounted for 42% of total revenues vs. 39% in FY 24 6
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47% 35% 16% 2% 97.9 95.7 71.3 70.0 33.5 34.8 4.8 3.6 FY 2024 FY 2025 47% 34% 17% 2% 7 FY 2025 REVENUES BY CGU Source: Antares Vision Group REVENUES BY CGU (€M) REVENUES BY CGU (%) (2)% Y/Y (25)% YoY +4% YoY (2)% YoY (2)% YoY FY24: €207.5M FY25: €204.1M LIFE SCIENCE & COSMETICS FMCG SCT Other 207.5 203.9
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33% 26% 16% 22% 2% 30% 26% 17% 25% 2% 8 FY 2025 REVENUES BY BUSINESS UNIT Source: Antares Vision Group REVENUES BY BU (€M) REVENUES BY BU (%) (25)% YoY +9% YoY +4% YoY (2)% YoY (9)% YoY 67.7 61.4 55.1 53.8 33.5 34.8 46.5 50.5 4.8 3.6 FY 2024 FY 2025 LIFE SCIENCE & COSMETICS FMCG SCT Service Other RECURRING BUSINESS 42% vs 39% IN FY 2024 (2)% Y/Y FY24: €207.5M FY25: €204.1M 207.5 203.9
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43.2 36.4 25.9 22.9 10.2 10.9 0.4 0.9 4Q 2024 4Q 2025 54% 32% 13% 1% 51% 32% 16% 1% 9 4Q 2025 REVENUES BY CGU Source: Antares Vision Group REVENUES BY CGU (€M) REVENUES BY CGU (%) (11)% Y/Y +144% YoY +7% YoY (12)% YoY (16)% YoY 79.6 4Q24: €79.6M 4Q25: €71.0M LIFE SCIENCE & COSMETICS FMCG SCT Other 71.0
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34.3 25.8 21.3 18.5 10.2 10.9 13.4 14.9 0.4 0.9 4Q 2024 4Q 2025 43% 26% 13% 17% 1% 36% 26% 16% 21% 1% 10 4Q 2025 REVENUES BY BUSINESS UNIT Source: Antares Vision Group REVENUES BY BU (€M) REVENUES BY BU (%) +144% YoY 11% YoY +7% YoY (13)% YoY (25)% YoY 4Q24: €79.6M 4Q25: €71M LIFE SCIENCE & COSMETICS FMCG SCT Service Other RECURRING BUSINESS 36% vs 30% IN 4Q 2024 79.6 71.0 (11)% Y/Y
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REVENUES BY GEOGRAPHY Europe, including Italy, confirmed as the Group's most important region with 49% of sales, despite a FY 25 decline of -7% Y/Y Italy, on a stand-alone basis, confirms the negative trend registered in 9M with a decline of -20% Y/Y in FY 25, mainly due to 2027 postponement of new serialization legislation in Pharma. Americas, the second most important region, was flattish (-0.9%), with a slight negative 4Q 25 performance (-3%); currently the region is at 38% of Group’s sales vs. 37% in FY 2024 IN A NUTSHELL • Europe only up +2% Y/Y in FY 25 due to a slowdown in 4Q (-25% Y/Y) • Africa & Middle East recorded a strong growth both in FY (+64% Y/Y) and 4Q (+67% Y/Y)
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7.9 13.0 15.0 14.5 77.2 76.5 63.6 64.9 43.7 35.1 FY 2024 FY 2025 4% 7% 37% 31% 21% 6% 7% 38%32% 17% 12 FY 2025 REVENUES BY GEOGRAPHY Source: Antares Vision Group REVENUES BY GEOGRAPHY (€M) REVENUES BY GEOGRAPHY (%) (20)% YoY +2% YoY (1)% YoY (3)% YoY +64 YoY Africa & Middle East Asia & Oceania Americas Europe Italy (2)% Y/Y FY24: €207.5M FY25: €204.1M 207.5 203.9
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3.6 6.0 5.4 5.3 29.3 28.5 26.6 19.9 14.7 11.3 4Q 2024 4Q 2025 4% 7% 37% 33% 19% 8% 8% 40% 28% 16% 13 4Q 2025 REVENUES BY GEOGRAPHY Source: Antares Vision Group REVENUES BY GEOGRAPHY (€M) REVENUES BY GEOGRAPHY (%) (23)% YoY (25)% YoY (3)% YoY (3)% YoY 67% YoY Africa & Middle East Asia & Oceania Americas Europe Italy 4Q24: €79.6M 4Q25: €71.0M 79.6 71.0 (11)% Y/Y
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CLOSING REMARKS
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15 FINAL REMARKS FY 2025 RESULTS WILL BE PUBLISHED ON 23 MARCH 2026 FY PRELIMINARY RESULTS IN LINE WITH GUIDANCE PROVIDED IN 3Q 2025 1 2 FY 25 revenues are flattish and impacted by a 4Q slowdown in LS&C and FMCG Net Debt/Adj. EBITDA: given the improvement achieved in Net Debt (€76M), the Company confirms the Net Financial Position/Adj.EBITDA ratio to be approximately 2.4x Adj. EBITDA Margin: despite FY 25 performance in revenues, the Group confirms the achievement of Adj. EBITDA Margin at the lower end of guidance provided (~16%), as a result of focus on profitability and fix costs 3
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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 +39 335 122 30 89 Alessandro.bajbadino@antaresvision.com Davide Antonioli Corporate Communication, IR & ESG Senior Davide.antonioli@antaresvision.com