SAES Getters S p A : The Board of Directors approved the consolidated results of the first quarter of 2024

SAES Group - Press Release

PRESS RELEASE

Milan, May 14, 2024

GROWING REVENUE, MAINLY DRIVEN BY THE CHEMICALS AND HIGH VACUUM DIVISIONS

RESULTS PENALIZED BY NON-RECURRING COSTS OF €23.9 MILLION

• Consolidated revenue equal to €29 million, up by 1.9% compared to €28.5 million in 1Q 2023 despite the penalizing exchange rate effect
• Consolidated gross profit equal to €11.7 million (40.5% of revenue) in 1Q 2024, compared to €12.6 million (44.2% of revenue) in 1Q 2023
• Consolidated operating profit negative and equal to -€26.6 million in 1Q 2024, of which non- recurring costs amounted to €23.9 million
• Consolidated EBITDA negative and equal to -€24.1 million in 1Q 2024, again penalized by non- recurring costs (€23.9 million)
• Positive financial management of €8 million in 1Q 2024
• Consolidated result negative and equal to -€14.8 million
• Positive consolidated net financial position of €754.6 million as at March 31, 2024

The Board of Directors of SAES Getters S.p.A., gathered today in Milan, approved the consolidated results of the first quarter of 2024 (January 1 - March 31).

In the first quarter of 2024 the SAES Group® recorded consolidated revenue equal to €29 million, up by 1.9% (+€0.5 million) compared to €28.5 million in the corresponding quarter of 2023.

Excluding the exchange rate effect, negative and equal to -1.2%(-€0.4 million) the organic change was positive and equal to +3.1% (+€0.9 million), driven in particular by the Chemicals Division (organic growth of +€1.6 million, made possible by the significant increase in sales in the consumer electronics segment, the current market for the products of this Division) and by the High Vacuum Division (organic growth of +€0.6 million, thanks to the strong sales of NEG pumps in the particle accelerators and scientific instruments). The Packaging Division recorded a stable quarter (the increase in volumes was offset by a drop in sale prices, related to the reduction in the cost of raw materials). Instead, the Industrial Division recorded an organic reduction in revenue of -7.5%(-€1.4 million): the growth in sales of SMA wires for mobile applications was not enough to offset the negative gap in the defense sector (temporary slowdown in shipments attributable to updates of some testing procedures) and the trend of structural decrease in more mature businesses (in particular, getters for thermos).

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SAES Group - Press Release

Thousands of euros (except %)

			Total	Organic	Exchange
			rate
Divions and Businesses	1Q 2024	1Q 2023	difference	change
effect
			(% )	(% )
			(% )
Getters & Dispensers	8,824	11,463	-23.0%	-21.7%	-1.3%
Sintered Materials	2,425	2,278	6.5%	7.8%	-1.3%
SMA Materials	5,473	4,583	19.4%	20.3%	-0.9%
SAES Industrial	16,722	18,324	-8.7%	-7.5%	-1.2%
High Vacuum Solutions	7,099	6,594	7.7%	9.8%	-2.1%
SAES High Vacuum	7,099	6,594	7.7%	9.8%	-2.1%
Functional Chemicals	3,552	1,923	84.7%	84.7%	0.0%
SAES Chemicals	3,552	1,923	84.7%	84.7%	0.0%
Packaging Solutions	1,597	1,608	-0.7%	-0.7%	0.0%
SAES Packaging	1,597	1,608	-0.7%	-0.7%	0.0%
Not Allocated	24	11	118.2%	118.2%	0.0%
Consolidated revenue	28,994	28,460	1.9%	3.1%	-1.2%

Consolidated gross profit1 was equal to €11.7 million in the first quarter of 2024, compared to €12.6 million in the corresponding period of 2023: the decrease was mainly concentrated in the Industrial Division and was in line with the revenue trend. To a lesser extent, also the Packaging Division recorded a worsening gross profit, penalized by a more aggressive pricing policy and by the higher incidence of industrial costs (in particular, increase in the cost of gas and labor costs due to the lack of recourse to temporary redundancy payments, from which the Division had benefited in the first quarter of 2023). The currency effect was negative for -€0.3 million; please also note, in 2024, extraordinary costs for severance amounting to €0.1 million.

Gross profit margin2 decreased from 44.2% to 40.5%, again penalized by the decrease in margins in the Industrial and in the Packaging Divisions.

Consolidated operating profit was negative and amounted to -€26.6 million in the first quarter of 2024, penalized by non-recurring costs of €23.9 million (isopensione for employees equal to €13.6 million; costs related to the departure of the Deputy CEO & Group CFO amounting to €9.7 million; costs for the departure of other employees amounting to €0.6 million), net of which the operating loss would have been equal to - €2.8 million. This loss compares with a pro-forma operating loss with adjusted severance costs amounting to -€2.2 million (operating loss of-€3 million and non-recurring severance costs of €0.8 million). The slight worsening was in line with the decrease in gross profit. The currency effect was negative for -€0.2 million.

Thousands of euros

	SAES Industrial	SAES High Vacuum	SEAS Chemicals	SAES Packaging	Not Allocated	TOTAL
	1Q 2024	1Q 2023	1Q 2024	1Q 2023	1Q 2024	1Q 2023	1Q 2024	1Q 2023	1Q 2024	1Q 2023	1Q 2024	1Q 2023
Revenue	16,722	18,324	7,099	6,594	3,552	1,923	1,597	1,608	24	11	28,994	28,460
Cost of sales	(8,873)	(8,945)	(3,830)	(3,671)	(2,769)	(1,658)	(1,759)	(1,558)	(27)	(58)	(17,258)	(15,890)
Gross profit	7,849	9,379	3,269	2,923	783	265	(162)	50	(3)	(47)	11,736	12,570
% on revenue	46.9%	51.2%	46.0%	44.3%	22.0%	13.8%	-10.1%	3.1%	n.s.	n.s.	40.5%	44.2%
Operating expenses and other income	(3,262)	(3,591)	(2,160)	(2,039)	(740)	(437)	(768)	(722)	(31,447)	(8,822)	(38,377)	(15,611)
Operating profit (loss)	4,587	5,788	1,109	884	43	(172)	(930)	(672)	(31,450)	(8,869)	(26,641)	(3,041)
% on revenue	27.4%	31.6%	15.6%	13.4%	1.2%	-8.9%	-58.2%	-41.8%	n.s.	n.s.	-91.9%	-10.7%

• Calculated as the difference between revenue and industrial costs directly and indirectly attributable to the products sold.
  2 Calculated as the ratio between gross profit and revenue.

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SAES Group - Press Release

Consolidated EBITDA3 was negative and equal to -€24.1 million, compared to a still negative value of -€0.5 million in the first quarter of 2023. Excluding non-recurring operating expenses4 in both quarters, the EBITDA would have been substantially in balance (-€0.2 million) and compares with a pro-forma EBITDA of the first quarter of 2023 equal to +€0.3 million: the slight decrease was mainly attributable to the decrease in the Industrial Division, only partially offset by the improvement in the Chemicals and High Vacuum Divisions.

Thousands of euros

	1Q 2024	1Q 2023
Operating profit (*)	(26,641)	(3,041)
Depreciation of property, plant and equipment	(2,302)	(2,224)
and amortisation of intangible assets
Depreciation of right-of-use assets	(274)	(299)
EBITDA (*)	(24,065)	(518)
% of revenue	-83.0%	-1.8%

(*) 1Q 2024 non recurring costs:

-employee "isopensione" of €13.6 million;

-costs related to the departure of the Deputy CEO & Group CFO, amounting to €9.7 million;

-costs for the departure of other employees amounting to €0.6 million. In 1Q 2023: €0.8 million for severance.

Result for the period was negative and equal to -€14.8 million in the first quarter of 2024 and compares with a result of +€5.2 million in the first quarter of 2023. However, the two figures are not perfectly comparable: in the current quarter the result was negatively influenced by the strong impact of the aforementioned non- recurring costs (-€23.9 million), partly offset by the excellent result of financial management (+€8 million, mainly represented by the interest accrued in the quarter on the Group's cash resources following the sale of the Nitinol business). In the previous quarter, the positive figure was entirely attributable to the result of the Nitinol business, sold in October 2023.

The consolidated net financial position was positive and equal to €754.6 million as at March 31, 2024, down by -18.7% compared to that at December 31, 2023 (€773.3 million): the negative change was concentrated in the operational management and was mostly related to the payment to employees of the second tranche of the Asset Sale Plan related to the extraordinary sale operation of the Nitinol business (approximately -€16 million5).

For further details, please refer to the following sections of this press release.

Significant events occurred in the first quarter of 2024

On January 18, 2024, SAES Getters S.p.A. made a payment of $5 million to the US company TAE Technologies, Inc. following the signing of a SAFE (Simple Agreement for Future Equity) and Call Option Purchase Agreement. TAE Technologies, Inc., based in California but with international presence in the EU and UK, through its subsidiary TAE Fusion Power, LLC, is developing a new nuclear fusion solution to produce clean and without harmful emissions energy. The SAFE will turn into equity upon completion of the fundraising

• EBITDA is not deemed as an accounting measure under IFRS standards; however, we believe that EBITDA is an important parameter for measuring the Group's performance and therefore it is presented as an alternative measurement. Since its calculation is not regulated by applicable accounting standards, the method applied by the Group may not be homogeneous with the ones adopted by other Groups. EBITDA is calculated as "Pre-tax profit (loss) for the year, net of exchange differences, share of the profit (loss) of equity-accounted investees, net financial expenses, as well as impairment losses on property, plant and equipment and intangible assets and amortization/depreciation".
  4 In the first quarter of 2024: employee "isopensione" of €13.6 million; costs related to the departure of the Deputy CEO & Group CFO, amounting to €9.7 million; costs for the departure of other employees amounting to €0.6 million. In the first quarter of 2023: €0.8 million for severance.
  5 Also including the payment of 50% of the tax and contribution adjustments linked to the regional and municipal surcharges on the voluntary 30% reduction of the incentive, proposed by the Executive Directors and Managers with Strategic Responsibilities.

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SAES Group - Press Release

transaction launched by TAE at the end of 2023 and SAES will become a preferred investor in TAE, with the aim of fostering the adoption of its innovative getter solutions in clean nuclear fusion projects.

An additional investment in TAE Technologies, worth $2.5 million and with the same characteristics of the previous one, was authorized by the Board of Directors of SAES Getters S.p.A. on March 14, 2024 and executed after the end of the quarter, on April 16, 2024.

On January 26, 2024, following the maturity of a Credit Link Certificate (CLC) with a nominal value of €7.5 million, SAES Getters S.p.A. subscribed to two new CLCs, each one equal to €3.8 million, maturing respectively in December 2026 and in December 2028. The first CLC provides for an annual fixed rate of 3.75%, while on the second CLC a variable rate will accrue based on the 3-month Euribor (1.90% + 3-month Euribor).

On February 2, 2024 SAES Nitinol S.r.l. made a capital increase of €0.2 million in favor of the joint venture Actuator Solutions GmbH. A contribution of the same amount was made also by the German shareholder SMAIIA GmbH.

With regard to the investment completed in the EUREKA! venture capital fund, on February 7, 2024, a payment of €0.1 million was made, including both the share of the costs of the fund and the share for the continuation of the investment in the companies already in the portfolio Eye4NIR S.r.l. (the new bridge round will allow the continuation of its technological development activities) and 3DNextech S.r.l. (payment of the second tranche subject to a notification pursuant to the Golden Power legislation), as well as the new investment in RehouseIT S.r.l. (a Benefit Company with the mission of revolutionizing the construction industry, through the development of a building material with low environmental impact, designed and developed to emit up to 80% less CO2 than standard concrete).

To preserve margins from exchange rate fluctuations, on February 9, 2024, forward sales contracts on the dollar for a notional value of $11 million were signed, with an average forward exchange rate of 1.0845 against the euro. These contracts will extend to the period February - December 2024.

In February 2024, SAES Nitinol S.r.l. signed the waiver of the share of interest accrued in 2023 on the loans granted to the joint venture Actuator Solutions GmbH, amounting to €0.2 million6, to support its business continuity and accelerate its equity reconstruction. The above waiver will have no effect on the consolidated financial statements, as the financial receivable related to the interest-bearing loan (both principal and interest portion) had already been fully written off as at December 31, 2023.

On February 27, 2024 SAES Getters S.p.A. signed a trade union agreement to incentivize the voluntary exit of up to a maximum of about 40 employees at the Lainate office that will reach the regulatory requirements for pension in the next 7 years, using the tool provided for by Article 4 of Law no. 92/2012 (isopensione). A similar agreement was signed for a maximum of 50 employees of the Avezzano office on March 8, 2024. The overall costs related to the isopensione Plan are estimated at around €14 million for both locations and have been set aside in 2024 in a specific fund. This operation, once completed, will result in savings in annual personnel costs of approximately €4.5 million.

The two agreements, which are expected to be concluded by the end of 2026, come alongside the one signed for managers on December 14, 2023, whose fund, amounting to €11.4 million, had already been set aside as at December 31, 2023.

On March 5, 2024, the extension of the maturity date of the convertible loans granted to Flexterra, Inc. (principal amount of $6 million) from January 31, 2024 to March 31, 2025 was approved, as well as the payment of an additional convertible loan of a total value of $0.5 million, having the same characteristics as those already previously granted, equal to a total of $6 million (i.e., maturity on March 31, 2025 and annual

• In addition to the share of interest, equal to €2.4 million, that SAES Nitinol S.r.l. had already previously waived.

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SAES Group - Press Release

interest of 8%). Please note that, to secure the granted financing, SAES has received a lien on Flexterra's intellectual property (IP).

Flexterra has received a loan similar to that granted by SAES from another partner for a total value of $0.2 million.

On March 13, 2024 SAES Nitinol S.r.l. signed an agreement with the German partner SMAIIA GmbH for the transfer to the latter, effective from January 1, 2024, of 50% of the amount of the loan granted to the joint venture Actuator Solutions GmbH (total amount of the transferred credit equal to €4 million) for a consideration of €0.2 million. Please note that the financial credit related to the interest-bearing loan was already fully written down as at December 31, 2023.

On March 14, 2024 the Board of Directors approved the guidelines for the industrial reorganization of the Group to contain costs, as well as to rejuvenate the management and the company population in general. The initiatives are aimed at aligning the organization with the strategic needs of the coming years, that will see the Company committed to bringing to the market the results of research activities in the world of fine chemicals and, in parallel, a process of inorganic growth in activities complementary to those of the Group. In particular, the industrial initiatives already started to date mainly concern the Parent Company and are oriented towards increasing efficiency and effectiveness, as well as planning the organizational stability:

1. A rejuvenation and cost efficiency project has been launched using the isopensione scheme for managers and employees of SAES Getters S.p.A. Given some organizationally necessary replacements, a net saving of approximately €4.5 million is expected to be achieved when fully operational;
2. A project to consolidate into one single entity all the operations belonging to the High Vacuum Division has been launched, with the simultaneous set up of a center of excellence at the Lainate site;
3. Rationalization of the industrial footprint of the Industrial Division, by concentrating and strengthening the Shape Memory Alloys manufacturing at the Avezzano site, maintaining the product development activities at the Lainate site. Expansion of activities on the US market, through an organic and inorganic growth plan, mainly in the defense sector;
4. Expansion of activities related to the Chemicals division by strengthening the organizational structure aimed at entering new, particularly attractive markets, the first of which is cosmetics;
5. Starting an inorganic growth project in the Packaging division.

Please note that one of the main guidelines for organic and inorganic growth is represented by the attention to sustainability issues.

SAES Industrial Division

Consolidated revenue of the Industrial Division amounted to €16.7 million in the first quarter of 2024, down (-8.7%) compared to €18.3 million in the corresponding quarter of 2023. The currency trend recorded a negative exchange rate effect of -1.2%, net of which revenue organically decreased by -7.5%(-€1.4 million).

The organic increase in the SMA Materialsbusiness (+20.3%, equal to €0.9 million) was favored by the excellent performance of the mobile and portable sector, despite the decrease in the automotive sector, negatively influenced by overstock phenomena.

Also the Sintered Materialsbusiness appeared to be slightly growing (organic change equal to +7.8%, equal to €0.2 million), thanks to the strengthening of sales to key-customers.

On the other hand, the Getters & Dispensersbusiness recorded a strong organic decrease (-21.7% equal to -€2.5 million): the structural decline of the more traditional sectors (in particular, that of getters for thermos) added up to that in the defense business, penalized by the temporary slowdown in shipments attributable to updates to some testing procedures.

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SAES Group - Press Release

Thousands of euros (except %)

			Total	Organic	Exchange
			rate
Divions and Businesses	1Q 2024	1Q 2023	difference	change
effect
			(% )	(% )
			(% )
Getters & Dispensers	8,824	11,463	-23.0%	-21.7%	-1.3%
Sintered Materials	2,425	2,278	6.5%	7.8%	-1.3%
SMA Materials	5,473	4,583	19.4%	20.3%	-0.9%
SAES Industrial	16,722	18,324	-8.7%	-7.5%	-1.2%

Gross profit of the Industrial Division amounted to €7.8 million in the first quarter of 2024, down by -16.3% compared to €9.4 million in the corresponding period of 2023: the increase in sales in the SMA Materials business and that in the margins of the Sintered Materials business (penalized in 2023 by temporary slowdowns in production output) were not enough to offset the decrease in the Getters & Dispensers business, penalized by the aforementioned temporary slowdown in shipments in the defense segment.

Gross profit margin decreased from 51.2% to 46.9%, influenced by the above-mentioned decrease in sales of the Getters & Dispensers business.

Operating profit of the Industrial Division was equal to €4.6 million compared to €5.8 million in the first quarter of 2023: the decrease was exclusively attributable to the aforementioned reduction in the gross profit, compared to a slight decrease in operating expenses, down by €0.3 million (mainly, lower costs for variable compensation set aside by the US subsidiaries, as well as lower personnel costs differently allocated between the various Divisions in the current year).

Finally, in the first quarter of 2024, please note non-recurring costs for severance of €0.1 million. The operating margin went from 31.6% to 27.4%.

SAES High Vacuum Division

Consolidated revenue of the High Vacuum Division was equal to €7.1 million in the first quarter of 2024, up by 7.7% compared to €6.6 million in the corresponding quarter of 2023. The exchange rate effect was negative by -2.1%(-€0.1 million), net of which organic growth was equal to 9.8% (+€0.6 million).

This growth was related to the strong sales of NEG pumps, particularly in the particle accelerator and scientific instrumentation sectors, which more than offset the decrease recorded by vacuum chambers for the semiconductor industry, temporarily slowing down, and by scientific instrumentation for accelerators (postponement of an important project to the second quarter of 2024).

Thousands of euros (except %)

			Total	Organic	Exchange
			rate
Divions and Businesses	1Q 2024	1Q 2023	difference	change
effect
			(% )	(% )
			(% )
High Vacuum Solutions	7,099	6,594	7.7%	9.8%	-2.1%
SAES High Vacuum	7,099	6,594	7.7%	9.8%	-2.1%

Gross profit of the High Vacuum Division was equal to €3.3 million in the first quarter of 2024, up (+11.8%) compared to €2.9 million in the first quarter of 2023, while the gross profit margin grew from 44.3% to 46%: the increases were related to higher sales and their related economies of scale, as well as to a different product mix.

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SAES Group - Press Release

Operating profit of the High Vacuum Division was equal to €1.1 million compared to €0.9 million in the first quarter of 2023: the increase (+25.5%) was attributable to the increase in revenue and the related increase in gross profit. There was a slight increase in operating expenses (+€0.1 million, evenly spread across the main cost items).

The operating margin went from 13.4% to 15.6%.

SAES Chemicals Division

Consolidated revenue of the Chemicals Division amounted to €3.6 million in the first quarter of 2024, strongly increased (+84%, equal to €1.6 million) compared to €1.9 million in the corresponding period of 2023. There was no exchange rate effect, as sales were denominated exclusively in euro.

The excellent result, that even exceeded forecasts, was due to the significant recovery in orders in the consumer electronics segment, the main outlet market of this division.

Thousands of euros (except %)

			Total	Organic	Exchange
			rate
Divions and Businesses	1Q 2024	1Q 2023	difference	change
effect
			(% )	(% )
			(% )
Functional Chemicals	3,552	1,923	84.7%	84.7%	0.0%
SAES Chemicals	3,552	1,923	84.7%	84.7%	0.0%

Gross profit of the Chemicals Division amounted to €0.8 million in the first quarter of 2024, more than doubled compared to €0.3 million in the corresponding period of 2023, while the gross profit margin went from 13.8% to 22%: in both cases, the increase was a consequence of the recovery of the consumer electronics market.

Operating profit of the Chemicals Division was in break-even (+€43 thousand) compared to an operating loss of -€0.2 million in the first quarter of 2023: the increase in the gross profit was partially absorbed by the increase in operating expenses (in particular, a slight increase in personnel costs and an increase in transport costs, borne by the Group starting from mid-2023).

Finally, please note, in the first quarter of 2024, non-recurring costs for severance of €0.1 million. The operating margin went from -8.9% to +1.2%.

SAES Packaging Division

Consolidated revenue of the Packaging Division amounted to €1.6 million in the first quarter of 2024, in line with the first quarter of 2023. Sales were exclusively denominated in euro.

The increase in sold volumes, favored by a market recovery compared to the previous year, was offset by the reduction in the sale price, a consequence of the decrease in the cost of plastic raw materials.

Thousands of euros (except %)

			Total	Organic	Exchange
			rate
Divions and Businesses	1Q 2024	1Q 2023	difference	change
effect
			(% )	(% )
			(% )
Packaging Solutions	1,597	1,608	-0.7%	-0.7%	0.0%
SAES Packaging	1,597	1,608	-0.7%	-0.7%	0.0%

Gross profit of the Packaging Division was negative and equal to -€0.9 million (breaking even result in the corresponding quarter of 2023): the higher volumes sold, also following a more aggressive pricing policy, have not been enough to balance industrial fixed costs yet, being the latter penalized by the increase in the cost of gas.

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SAES Group - Press Release

Operating profit of the Packaging Division was negative for -€0.9 million, compared to a still negative figure of -€0.7 million in the first quarter of 2023: the worsening was exclusively attributable to the decrease in the gross profit. In the first quarter of 2024, please note non-recurring costs for severance of €19 thousand, while in the first quarter of 2023 the use of the redundancy fund (CIGO) had allowed a reduction in operating expenses of €0.1 million.

Not Allocated

Not Allocated consolidated revenue amounted to €24 thousand in the first quarter of 2024 (€11 thousand as at March 31, 2023) and referred exclusively to the initial sales related to the B!POD project, developed by the SAES Design House, for which new trade events are expected during the current year.

Also the Non Allocated gross profit, in break-even in the first quarter of 2024 compared to a slight loss (-€47 thousand) in the first quarter of 2023, referred exclusively to the new B!POD project.

The Non Allocated operating profit was negative and equal to -€31.4 million, compared to a negative amount equal to -€8.9 million. Most of the operating loss of the quarter was attributable to non- recurring costs of €23.7 million (employee isopensione of €13.6 million; costs related to the departure of the Deputy CEO & Group CFO, equal to €9.7 million; costs for the departure of other employees amounting to €0.4 million), while in the previous quarter non-recurring costs amounted to €0.8 million (severance costs). Excluding these non-recurring items in both years, 2024 recorded a slight improvement (€0.3 million).

***

Consolidated operating expenses amounted to €38.2 million in the first quarter of 2024, compared to €15.7 million in the corresponding period of the previous year. The exchange rate effect was not material, while non-recurring costs amounted respectively to €23.7 million (employee isopensione of €13.6 million; costs related to the departure of the Deputy CEO & Group CFO, equal to €9.7 million; costs for the departure of other employees equal to €0.4 million) in the first quarter of 2024 and to €0.8 million (severance costs) in the first quarter of 2023. Excluding non-recurring items from both quarters, operating expenses decreased organically by €0.3 million (mainly G&A expenses for corporate and strategic consultancy).

The balance of other income and expenses was essentially not material in both years (negative for €128 thousand in the first quarter of 2024 and positive for €63 thousand in the corresponding period of 2023). The worsening was due to the fact that the amount of the first quarter of 2023 included the income, equal to €127 thousand, related to an adjustment on the sale price of the subsidiary SAES Pure Gas, Inc. (disposal completed in 2018), following a tax refund related to the period before the sale.

The balance of financial income and expenses was positive and equal to €8 million, almost exclusively made up of interest accrued on the liquidity available to the Group following the sale of the Nitinol business at the end of 2023 (interest income both on bank current accounts and on investments in time deposits). In the corresponding quarter of 2023, the item was always positive for €1.6 million, made up of the result of securities management (positive for €2.1 million), net of interest on loans and related commissions (-€0.6 million). Please note that during 2023 the securities in the portfolio were almost completely sold to reduce the Group's exposure to the volatility of financial markets and that all existing bank loans had been paid off or repaid, using part of the proceeds deriving from the sale of the Nitinol business.

Finally, in the first quarter of 2024, please note the income of €0.2 million for the transfer of 50% of the loan in favor of the joint venture Actuator Solutions to the German partner SMAIIA GmbH, as well as the interest, equal to €0.1 million, on the financial credit related to the escrow deposit of part of the proceeds ($15 million) deriving from the sale of the Nitinol business.

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SAES Group - Press Release

The loss due to impairment of financial receivables and other financial assets amounted to €0.6 million, compared to €0.2 million in the first quarter of 2023: the increase was attributable to the write-down of the additional convertible loan granted to Flexterra in March 2024, which added up to the write-down of the interest accrued on the loans granted to the German company Rapitag GmbH and to the joint ventures Actuator Solutions GmbH and Flexterra, Inc. (the latter being the only one included in this item as at March 31, 2023).

The share of profit (loss) of equity-accounted investees, that was nil in the first quarter of 2023, was negative for -€0.2 million as at March 31,2024 and corresponded to the value of the capital increase carried out in favor of the joint venture Actuator Solutions GmbH at the beginning of February 2024.

The exchange rate income and losses recorded a positive balance equal to €0.2 million in the first quarter of 2024 (immaterial balance in the first quarter of 2023), mainly attributable to the effect of the revaluation of the dollar on the credit in USD related to the already mentioned escrow.

The pre-tax profit was negative and amounted to -€19.3 million in the first quarter of 2024, compared to an always negative figure of -€1.6 million in the first quarter of 2023: in both quarters, although with absolute values of different amounts, the operating loss, mainly made up of non-recurring charges, was partly offset by the result of financial management.

Income taxes were positive and equal to €4.5 million in the first quarter of the 2024, compared to a figure at cost and equal to -€0.1 million in the first quarter of 2023: the change was mainly attributable to the income from deferred taxes recorded by the Parent Company on the employee isopensione fund set aside in the current quarter and on the debt for phantom shares, which increased following the departure of the Deputy CEO and Group CFO.

The result from discontinued operations, net of tax effects, nil in the current year, amounted to +€6.8 million in the first quarter of 2023 and included the result of the Nitinol business in the first quarter of 2023 (+€8.1 million), net of the costs related to the sale transaction and already incurred as at March 31, 2023 (-€1.3 million, mainly for legal and consultancy expenses).

The result for the period was negative and equal to -€14.8 million, compared to a positive figure of +€5.2 million in the corresponding period of the previous year. However, the two quarters are not comparable since the positive value of 2023 was entirely attributable to the result generated by the Nitinol business, sold at the end of 2023 and net of which the result in the first quarter of 2023 would have been negative for -€1.7 million.

Earnings per share

In the first quarter of 2024 the net result per share was negative and equal to -€0.88286, compared to a profit per share equal to +€0.27787 in the corresponding period of 2023.

Euro

	1Q 2024	1Q 2023
Basic/diluted earnings per share	(0.88286)	0.18821

Net Financial Position

The consolidated net financial position was positive and equal to €754.6 million as at March 31, 2024, down by -18.7% compared to a positive net financial position of €773.3 million at December 31, 2023: the negative

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SAES Group - Press Release

change was concentrated in the operational management (-€19.8 million) and was mostly related to the payment to employees of the second tranche of the Asset Sale Plan related to the extraordinary sale operation of the Nitinol business (approximately -€16 million7). The difference was attributable to the increase in net working capital, in particular to the increase in inventory to cope with prospective sales.

Within investment activities (+€1.3 million), please note the positive value of the interest set aside on time deposits (+€6.7 million), offset by investments in other companies (-€4.9 million, mainly attributable to the investment in TAE Technologies, Inc.) and from the capex (-€1.4 million).

The financial management was negative for -€0.5 million (including minor cash outflows), while the exchange rate effect was positive for +€0.5 million.

Thousands of euros

	March 31,	December 31,	September 30,	June 30,	March 31,	December 31,
	2024	2023	2023	2023	2023	2022
Cash	9	9	9	9	9	10
Cash equivalents	59,506	101,103	31,384	86,531	41,706	42,129
Cash and cash equivalents	59,515	101,112	31,393	86,540	41,715	42,139
Securities	15,190	15,035	14,697	18,006	147,310	145,484
Derivative financial instruments	13	0	0	0	294	259
Other financial assets and other financial receivables from third parties	673,296	653,660	78,405	77,449	0	0
Current financial assets	688,499	668,695	93,102	95,455	147,604	145,743
Bank loans and borrowings	(409)	(3,007)	(74,941)	(71,463)	(67,663)	(65,302)
Current portion of non-current financial liabilities	0	0	(52,001)	(52,001)	(52,000)	(52,094)
Derivative financial instruments	0	0	(15,138)	(1,732)	0	0
Other financial liabilities	0	0	0	0	(29)	(30)
Lease liabilities	(1,144)	(1,088)	(996)	(2,397)	(2,142)	(2,545)
Current financial indebtedness	(1,553)	(4,095)	(143,076)	(127,593)	(121,834)	(119,971)
Current net financial position	746,461	765,712	(18,581)	54,402	67,485	67,911
Other financial assets with third parties	10,079	9,749	0	0	0	0
Non-current financial assets	10,079	9,749	0	0	0	0
Financial liabilities	0	0	0	0	0	(119)
Lease liabilities	(1,443)	(1,654)	(1,721)	(3,059)	(3,022)	(3,039)
Other financial liabilities	(473)	(473)	(470)	(467)	(465)	(462)
Non-current financial indebtedness	(1,916)	(2,127)	(2,191)	(3,526)	(3,487)	(3,620)
Non current net financial position	8,163	7,622	(2,191)	(3,526)	(3,487)	(3,620)
Net financial position	754,624	773,334	(20,772)	50,876	63,998	64,291

Restatement of 2023 balances

Following the sale of the Nitinol business and, in particular, of the US subsidiaries Memry Corporation and SAES Smart Materials, Inc., completed on October 2, 2023, the economic balances as at March 31, 2023, presented for comparative purposes, were reclassified compared to the figures included in the Additional periodic financial information as at March 31, 2023, to show the profit and losses related to those discontinued operations, including ancillary costs incurred for the sale, in a single item called "Profit (loss) deriving from discontinued operations, net of tax effects", in compliance with the provisions of IFRS 5.

These restatements, which had no effect on the consolidated result and shareholders' equity, are detailed in the following table.

Thousands of euros

		SAES Industrial		SAES High	SAES Medical Nitinol		SEAS Chemicals	SAES	Non Allocato			Totale
			Vacuum		Packaging
		Reclassification				Reclassification								Reclassification
	1Q 2023	due to Nitinol	1Q 2023	1Q 2023	1Q 2023	due to Nitinol		1Q 2023	1Q 2023	1Q 2023	1Q 2023		1Q 2023	due to Nitinol	1Q 2023
	business	reclassified	business		reclassified		business	reclassified
		disposal				disposal								disposal
Revenue	18,811	(487)	18,324	6,594	31,211	(31,211)		0	1,923	1,608	11	60,158	(31,698)	28,460
Cost of sales	(9,347)	402	(8,945)	(3,671)	(17,233)	17,233		0	(1,658)	(1,558)	(58)	(33,525)	17,635	(15,890)
Gross profit	9,464	(85)	9,379	2,923	13,978	(13,978)		0	265	50	(47)	26,633	(14,063)	12,570
% of revenue	50.3%	17.5%	51.2%	44.3%	44.8%	44.8%		n.a.	13.8%	3.1%	n.s.	44.3%	44.4%	44.2%
Operating expenses and other income (expenses)	(3,682)	91	(3,591)	(2,039)	(3,950)	3,950		0	(437)	(722)	(8,822)	(19,652)	4,041	(15,611)
Operating profit (loss)	5,782	6	5,788	884	10,028	(10,028)		0	(172)	(672)	(8,869)	6,981	(10,022)	(3,041)
% of revenue	30.7%	-1.2%	31.6%	13.4%	32.1%	32.1%		n.a.	-8.9%	-41.8%	n.s.		11.6%	31.6%	-10.7%
Financial income												2,374	(1)	2,373
Financial expense												(804)	69	(735)
Impairment losses of loan assets and other financial assets											(161)	0	(161)
Share of profit (loss) of equity-accounted investees												0	0	0
Exchange gains (losses)												27	(21)	6
Pre-tax profit (loss)												8,417	(9,975)	(1,558)
Income taxes												(3,251)	3,142	(109)
Profit (loss) from continuing operations												5,166	(6,833)	(1,667)
Profit (loss) from discontinued operations												0	6,833	6,833
Profit (loss) for the year												5,166	0	5,166

• Also including the payment of 50% of the tax and contribution adjustments linked to the regional and municipal surcharges on the voluntary 30% reduction of the incentive, proposed by the Executive Directors and Managers with Strategic Responsibilities.

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