Piovan S p A : Periodic Financial Information at March 31, 2024

PERIODIC

FINANCIAL INFORMATION

at March 31, 2024

Index
GOVERNANCE OF PIOVAN S.P.A	3
PIOVAN GROUP	8
GROUP PERFORMANCE	13
General economic overview	14
Significant events in the period	16
Group performance overview	19
Events after March 31, 2024	28
Outlook	30
Other information	32
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES AT MARCH 31, 2024....	33
Consolidated Financial Statements at March 31, 2024	34
Notes to the consolidated financial information	39
Notes to the consolidated statement of financial position	46
Notes to the Consolidated Statement of Profit and Loss	59
Other information	65

1

Piovan Group - Periodic Financial Information at March 31, 2024

COMPANY INFORMATION OF THE PARENT COMPANY PIOVAN S.P.A.

Registered Office: Via delle Industrie 16 - 30036 S. Maria di Sala (Venice) Italy

Telephone: [phone]

Certified e-mail: [e-mail]

E-mail: [e-mail]

Website: www.piovan.com

Share capital: Euro 6,000,000 fully paid-in

Tax No.: 02307730289 VAT No.: 02700490275

Venice Economic & Administrative Registration No. 235320

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Piovan Group - Periodic Financial Information at March 31, 2024

3

GOVERNANCE OF PIOVAN S.P.A.

Piovan Group - Periodic Financial Information at March 31, 2024

Piovan S.p.a. ("the Company" or "the Parent Company") is the parent company of the group of the same name and headquartered in Via delle Industrie 16, Santa Maria di Sala (Venice), Italy. The Company's Board of Directors and Board of Statutory Auditors are as follows.

Board of Directors

In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.

Name	In charge
Nicola Piovan	Executive Chairman
Filippo Zuppichin	Chief Executive Officer
Marco Maria Fumagalli (*) (**)	Independent Director
Manuela Grattoni (*)	Independent Director
Mario Cesari (*)	Independent Director
Antonella Lillo (*)	Independent Director
Maurizio Bazzo (*)	Independent Director

1. Independent Director pursuant to Article 147-ter, paragraph 4 of the CFA and recommendation No. 7 of the Corporate Governance Code.
   (**) Director appointed Lead Independent Director as per recommendation No. 13 of the Corporate Governance Code.

In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.

Name	In charge
Nicola Piovan	Executive Chairman
Filippo Zuppichin	Chief Executive Officer
Marco Maria Fumagalli (*) (**)	Independent Director
Manuela Grattoni (*)	Independent Director
Alessandra Bianchi (*)	Independent Director
Mario Cesari (*)	Independent Director
Antonella Lillo (*)	Independent Director

1. Independent Director pursuant to Article 147-ter, paragraph 4 of the CFA and recommendation No. 7 of the Corporate Governance Code.
   (**) Director appointed Lead Independent Director as per recommendation No. 13 of the Corporate Governance Code.

Board of Statutory Auditors

In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.

Name	In charge
Carmen Pezzuto	Chairman
Luca Bassan	Statutory Auditor
Patrizia Santonocito	Statutory Auditor
Kristian Sartor	Alternate Auditor
Stefania Targa	Alternate Auditor

In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.

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Piovan Group - Periodic Financial Information at March 31, 2024

Name	In charge
Carmen Pezzuto	Chairman
Luca Bassan	Statutory Auditor
Diletta Selvaggia Elena Stendardi	Statutory Auditor
Stefania Targa	Alternate Auditor
Federica De Pieri	Alternate Auditor

Control, Risks and Sustainability Committee

In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.

Name

In charge

Antonella Lillo	Chairman
Marco Maria Fumagalli
Mario Cesari

In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.

Name

In charge

Marco Maria Fumagalli	Chairman
Mario Cesari
Manuela Grattoni

Nomination and Remuneration Committee

In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.

Name

In charge

Manuela Grattoni	Chairman
Marco Maria Fumagalli
Antonella Lillo

In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.

Name

Manuela Grattoni

Alessandra Bianchi

Antonella Lillo

In charge

Chairman

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Piovan Group - Periodic Financial Information at March 31, 2024

Related Parties Committee

In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.

Name

In charge

Marco Maria Fumagalli	Chairman
Manuela Grattoni
Mario Cesari

In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.

Name

In charge

Antonella Lillo	Chairman
Marco Maria Fumagalli
Mario Cesari

Supervisory Board (Organismo di Vigilanza)

In office from August 2, 2021, to August 1, 2024

Name

Patrizia Santonocito

Giovanni Boldrin

Chiara Zilio

In charge

Chairman

Ms. Santonocito resigned as the Chair of the Supervisory Board, effective April 30, 2024, for personal reasons. The Board of Directors - noting this decision - on May 14, 2024 will appoint Ms. Diletta Stendardi to replace Ms. Santonocito. Following this appointment, the composition of the Supervisory Board changes, as presented in the table below.

In Office until August 1, 2024

Name

In charge

Diletta Selvaggia Elena Stendardi	Chairman
Giovanni Boldrin
Chiara Zilio

Corporate Financial Reporting Officer

Giovanni Rigodanza, in office until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.

Independent Audit Firm

Deloitte & Touche S.p.A., in office until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.

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Piovan Group - Periodic Financial Information at March 31, 2024

Significant shareholders

Based on the shareholders' register, through communications received in accordance with Article 120 of Legislative Decree No. 58/98 and other information available to the company, the shareholders of Piovan S.p.A. with holdings of greater than 5% at the approval date of the Interim Report at March 31, 2024 were:

				% of ordinary		% of voting		% of ordinary		% of voting
	Declarant		Direct shareholder	share capital		share capital		share capital		share capital
				(*)		(**)		(***)		(****)
	Nicola Piovan		Pentafin S.p.A	58.350		68.962		61.174		71.419
	7INDUSTRIES HOLDING BV		7INDUSTRIES HOLDING	9.205		6.859		9.650		7.104
		BV

(*) Total No. ordinary shares: 53,600,000, including Piovan S.p.A. treasury shares equal to 2,474,475.

1. Share capital expressed as number of votes as per Article 120, paragraph 1 of Legislative Decree No. 58 of February 24, 1998 ("CFA") including Piovan S.p.A. treasury shares.
   (***) Total No. ordinary shares: 51,125,525, excluding the Piovan S.p.A. treasury shares.

(****) Share capital expressed as number of votes as per Article 120, paragraph 1 of Legislative Decree No. 58 of February 24, 1998 ("CFA"), excluding Piovan S.p.A. treasury shares.

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Piovan Group - Periodic Financial Information at March 31, 2024

PIOVAN GROUP

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Piovan Group - Periodic Financial Information at March 31, 2024

The Piovan Group operates in Italy and internationally in the production of systems for the automation of production processes for the storage, transport and treatment of polymers, recycled plastics and bio-resins ("Technical Polymers"), automation systems for the storage and transport of food fluids and food and non-food powders ("Food Systems & Industrial Applications"), and technical assistance and marketing of spare parts and services ("Services"). The Group is a global leader in the Technical Polymers market in the design and production of plants and control systems for the automation of all phases of the polymers, recycled plastics and bio-resins production cycle. In particular, over recent years the Group has been particularly engaged in developing and producing systems to automate production processes for the circular economy for recycling and reusing plastic and for the production of plastics which are naturally compostable.

History

The Group began operating in the early 1930's, when Costante Piovan founded a small workshop in Padua specializing in precision mechanics and molds for the manufacture of metal sheets.

In 1964, Luigi Piovan began a process of market diversification, and the Group moved into auxiliary machinery for the plastics industry. It introduced the first granulator to the Italian market, and this was followed by the Convair dryer and the Convector feeder for injection molding machines. The Group increasingly specialized in the design and production of automation systems for the storage, transport and treatment of plastics, and in 1969 moved its main production plant to Santa Maria di Sala (Venice).

Between 1970 and 1980, the Group expanded gradually in both geographical distribution - establishing its first foreign subsidiary Piovan Germania in 1974 - and its range of products and technologies. This came to include a complete range of machines used in the automation process for the storage, transport and processing of plastics, laying the foundations for future worldwide leadership. During the same period, the Company also launched its first line of refrigerators, and introduced the market's first centralized system for granule feeding, dosing and dehumidification.

This was also a time of significant production growth within the Group, which, from a generalist foundation, soon began to develop specific expertise in the application of plastics to the packaging, automotive, consumer and construction markets. This laid the groundwork for future specializations in customer industrial processes, and the consequent ability to offer innovative solutions. Anticipating future market trends, the Company also developed its first plant supervision and control software, which guarantees constant monitoring of machine operativity.

During the 1990's, the Group continued to grow globally and to improve its technological and qualitative expertise, gaining ISO 9001 certification and expanding its commercial and production capacities in overseas markets by opening new subsidiaries.

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Piovan Group - Periodic Financial Information at March 31, 2024