Corporate Presentation
Financial Statements 14 May 2025
1927
Giovanni Annoni Aldo Fumagalli Romario
1960
Alessandro e Renzo Annoni Giulio e Ugo Fumagalli Romario
1998
Giovanni, Marco Annoni
Aldo, Giulio, Matteo Fumagalli Romario
1927
Founded
1960
Gas plants for industry
1987
European expansion
1989
Birth of Vivisol Srl
1998
Listing to the Milano Stock Exchange
2010
Entry in India
2015
Entry in Brasil
2021
Entry in Cina
FAMILIY
1927
MANAGEMENT
Giovanni Annoni Aldo Fumagalli Romario
1960
Alessandro e Renzo Annoni Giulio e Ugo Fumagalli Romario
1966
Franco Nardini
1998
Giovanni, Marco Annoni
Aldo, Giulio, Matteo Fumagalli Romario
1998
Andrea Monti Giulio Bottes
2025
Daniele Forni Claudio Garbellini
SOL GROUP | Home Care & Technical Gases
Our business (2024)
Home Care
38%62%
Health Care
Technical Gases (Industries)
Manufacturing, food, agriculture, industrial and environmental applications
Medicinal gases & services for hospitals
11%
Technical Gases (Hospitals)
Medicotechnical assistance and care for patients in their homes
SOL GROUP | Numbers (2024)
Where we operate
Sales [M€] EBITDA [M€] & Margin [%]
Sales 1Q_2025: 433,9 M€ (+12,7%)
CAGR '92-'24: +8%
Organic: +6%
M&A: +2%
International
Domestic
1.800
1.600
1.400
1.200
1.000
800
600
400
200
0
1992 1996 1999 2002 2005 2008 2011 2014 2017 2020 2024
2011
2012
2013
2014 2015 2016 2017
2018
2019
2020
2021
2022
2023
2024
450
Ebitda
404
382
328
255
261
211
187
168 167
130 132
132
143
148
23%
23%
22% 22%
22%
24%
26%
22%
22%
23%
23%
24%
26%
25%
400
350
300
250
200
150
100
50
0
Constant but measured investments Maintaining Returns - ROCE [%]
%
Net Debt/EBITDA
Capex/Sales (M&A included)
1,5
1,6
1,5
1,6
1,5
1,3
1,4
1,3
1,4
1,2 1,2
1,0
1,1 1,1
21%
21%
16% 16%
16%
17%
16%
18%
14%
16%
16% 16% 15%
12%
15,1%
14,9%
15,1%
10,7%
8,8%
9,2%
9,9%
10,0%
11,1%
15,9%
9,5%
9,6%
10,8%
12,9%
75 2,4 20
70 15
65
60
55
50
45
40
35
30
25
20
15
10
5
0
2011 2012 2013 2014 2015
2016 2017 2018
2019 2020
2021
2022
2023
2024
2,1
1,8
1,5
1,2
0,9
0,6
0,3
0,0
10
5
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Growing our dividend - DPS [c€]
39,0
33,0
24,0 37,0
15,0
17,5
22,0
8,1
8,4
10,0 10,0
12,0
17,5
3,9
4,7
5,4
6,1 6,7
15,0
5,4 6,1
6,7
6,8
8,1
9,5
10,0 11,0
40
35
30
25
20
15
10
5
0
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
SOL GROUP | Seized opportunities despite difficult contexts
Mergers and acquisitions (2023-2024)
FRANCE - HC
GERMANY - TG & HC
REINFORCEMENT of presence through
. SOMNOMEDICS in HC (2023)
Over
65 M€of JV / partnerships
in 2023/24
SPAIN - TG
REINFORCEMENT through
MIDIPERF (nutrition) (2023)
. WONSAK KOHLENSAURE in TG (2023)
. SOLEOMED in HC (2024)
. p.a.c. GASSERVICE in TG (2024)
POLAND - HC
REINFORCEMENT of presence through MAGNUS (2023)
INTERNATIONALIZATION of presence
through SISEMED (hospitals' service) (2024)
ITALY - HC
DIVERSIFICATION through
COF (2023) POR GROUP (2024)
(orthosis and prosthesis)
ROMANIA - HC
INTERNATIONALIZATION
through MEDAIR (2024)
(mechanical ventilation)
SWITZERLAND - HC
REINFORCEMENT through SPITEX ALOHA (2024)
ECUADOR & PERU - TG INTERNATIONALISATION through SWISSGAS DEL ECUADOR (Ecuador)
ICP (Peru) (2023)
BRAZIL - HC
REINFORCEMENT of presence through PRONEP (2024)
GREECE - HC
REINFORCEMENT of presence through ANAPNOI IKE (2023)
8
SOL GROUP | Our plans for the future
Our six pillars
Growing and constantly evolving
Digitalisation as part of the development in every field
Getting enriched by the diversity of business, people, countries
Sustainability as integrated part of the daily activities, to be built day by day
Finding new opportunities and challenges in
un-expected scenarios
Human factor as key point for the Group development
The world of
Sustainability
SOL GROUP | Sustainability
Governance & People (2024)
SOL GROUP BOARD
PERSONNEL COMPOSITION
7.291
People
27%
15%
Under 30
6
MEN
6
WOMEN
42%
of WOMEN
58%
of MEN
Over 50
28%
41-50
years old
7.291
People
30%
30-40
years old
Independence: 5/12 non-family and not executive members.
NEW ENTRIES
Continuity: 6/12 have more than 10 years of service in the group.
Renewal: 6/12 have less than 5 years of service in the group.
54%
of WOMEN
46%
1.933
New entries in 2024
of MEN
2023 Data
SOL GROUP | Sustainability
Environment
Carbon Disclosure Project
Achieved "B" ranking on our very first submission (2022) and confirmed in 2023.
MSCI "A"
The SOL Group has reached A rating in 2024 (previously holding BBB).
EcoVadis
lver
The Group has confirmed the Si EcoVadis Sustainability medal ranking in the top 25%.
cal
Morningstar Sustainalytics Top 18 ranked out of 570 chemi companies in 2023.
O2
Climate Leader 2023
Selected companies based on C emission containment in last 5 years.
Selection from STATISTA database (over 70 mln companies' data) of companies
TRANSPARENTLY disclosing environmental data, evaluated on:
REVENUE GROWTH
Revenue growth in 2021-2023:
Relative growth
Growth compared to industry medians
FINANCIAL STABILITY
Financial statements:
Piotroski F-Score (company stability)
Altman Z-Score (likelihood to file for bankruptcy)
Number of profitable years
ESG
Standardized KPIs:
Carbon scope emission (1 2 3)
Waste intensity
Water use
Green energy production
Hydro
16 hydroelectric plants in:
Albania (2012), Bosnia
Herzegovina (2016), North Macedonia (2012) and Slovenia
(2002).
Wind
The Indian company GREEN ASU PLANT PRIVATE LIMITED
(2022), powers all its plants with
self-generated renewable energy from its own wind farm
(6 wind plants).
Solar
We invested in the installation of photovoltaic panels in India and we are planning further investments on some production plants of the Group.
Achievements
69% of the power used is from renewable
Vivisol UK is carbon neutral since 2020
75% of the power used is from own hydroelectric plants production
30% of the power used is from renewable
The world of
Technical Gases
2023
Ecuador and Peru
1985
First plant outside Italy
2010
India
2021
China
2015
Morocco
1927
First 2 plants
2013
Turkey
Resilience and Growth (2024)
Diverse Client Share [%]
Resilient Sales Progression [M€]
1%
Environment
3%
Oil & Gas
11%
Food
12%
Metal
15%
Other
23%
Hospitals
19%Metal Fabrication
850
CAGR
+6%
800
750
700
650
600
550
500
450
400
350
300
250
200
Production, Ceramic, Glass
17%Chemical, Pharma
150
100
50
0
2001 2005 2010 2015 2020 2024
SOL | Technical Gases
Our clients - Industry
FOOD
& BEVERAGE
METAL PRODUCTION
METAL FABRICATION
CHEMISTRY & PHARMA
OIL & GAS
ENERGY & ENVIRONMENT
SPECIALITY GASES
Agriculture
Fish & meat
Fruit & vegetables
Milk & derivates
Bread and pastries
Beverages
Wine & oil
Catering
Aluminium
Precious metal processing
Glass, ceramic, cement, lime
Thermal treatments
Automotive
Aeronautical & railway construction
Shipyards
Construction sites
Boilers
Pharmaceutical specialties
Cosmetics
Herbalism
Plastics & rubber
Extraction
Transport & pipelines
Refining
Purification
Waste Management
Incineration
Research
Electronics
Chemical
Our clients - Hospitals & Clinics
TECHNICAL GASES
PRODUCTS: • GAS: O2, N2, CO2, N2O, He, NOx
SERVICES: • Total Gas Management (Control, Maintenance, Security Trainings)
Cryobanking (Conservation)
Cryomanagement (Transportation)
DIVERSIFIED
PRODUCTS: • Medical Device (Manufacturing)
Gas Distribution Plants (Design & Realization)
SERVICES: • Sterilization
Clinical engineering (Maintenance of electronic equipment)
Ambulance design and fit-out
Primary Production Plants (2024)
47 Primary Production Plants: units that produce gases from raw materials (as electric energy, atmospheric air, natural gas, calcium carbide, ammonium nitrate).
Max distribution area 400 km.
2023Ecuador & Peru
2021
China
2010India
2015Morocco
Mantova - Italy
Piombino - Italy
Verona - Italy
Augusta - Italy
Feluy - Belgium
Frankfurt - Germany
Varna - Bulgaria
Kavadarci - North Macedonia
Air Separation Units
Jesenice - Slovenia
Trichy - India
Ranipet - India
Indapur - India
Bangalore - India
Biowanze Novara Burgbrohl
Falconara Zeitz Florina Bitola Petrovo
PLANT | SOURCE |
Falconara | Chemical plant |
Novara | Chemical plant |
Devnya | Chemical plant |
Bitola | Well |
Petrovo | Well |
BurgBrohl | Well |
Florina | Well |
Ihtiman | Bioethanol production |
Zeitz | Bioethanol production |
Biowanze | Bioethanol production |
Devnja- Bulgaria
Wanze, Belgium
Falconara- Italy
Wanze, Belgium
Zeitz- Germany
Novara- Italy
Ihtiman- Bulgaria
26
SOL | Technical Gases
2021China
2010India
2015Morocco
Secondary Production Plants (2024)
76 Secondary Transformation Units (filling stations): units dedicated to fill cylinders, storage and distribute gases. Moreover, they produce ultra-pure gases and gas mixtures.
Max transportation distance 150km.
2023Ecuador & Peru
SECONDARY plants
Filling Stations
Budapest, Ungheria
SOL | Technical Gases
Resilience & Growth
Investing in Emerging Economies
Opportunity from re-shoring
Recent BofA research showed exponential growth in mentions of reshoring on company results calls
Environmental Impact Opportunities
CARBON AVOIDANCE
Smelting
Bottling
Cooling
Sewage treatment
CLEAN FUEL
Bio-methane
Hydrogen
FOOD WASTAGE, AGRICULTURE
Packaging
Greenhouse
Aquaculture yields
The world of
Home Care
Attachments
Disclaimer
SOL S.p.A. published this content on June 05, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 05, 2025 at 07:28 UTC.
