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Board of Directors approves Q1 2023 Consolidated Results

Milan, 11 May 2023

BOARD OF DIRECTORS APPROVES Q1 2023 CONSOLIDATED RESULTS

Revenues and Adjusted EBITDA in line with 2023 guidance

Revenues up 8.4% from the first quarter 2022

Strong operating profitability with Adjusted EBITDA Margin at 21.5%

Ramp-up of the Energy Transition business (related to green hydrogen) continues with revenues at 5.9 times the 2022 figure and EBITDA Margin of 20%.

RESIGNATION OF THE GROUP CHIEF FINANCIAL OFFICER

Key consolidated results for the quarter:

  • Revenues: Euro 216.9 million (Euro 200.1 million in Q1 2022, +8.4%)
  • Adjusted EBITDA : Euro 46.7 million (Euro 55.2 million in Q1 2022, -15.5%)
  • Net profit: Euro 25.0 million (Euro 26.5 million in Q1 2022, -5.8%)
  • Positive cash and cash equivalents of Euro 10.1 million, compared to cash and cash equivalents of Euro 51.3 million as of December 31, 2022.

Plans were launched to expand the group's production capacity of the plants in Japan, China, the US and Germany and activities started to build the Gigafactory in Cernusco sul Naviglio, Milan.