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GRAND DUCHY OF LUXEMBOURG – The Board of Directors of IVS Group S.A. convened on May 15th, 2025, and chaired by Mr. Paolo Covre, examined and approved the Interim Financial Report at March 31st, 2025, as summarised below. Consolidated Revenues: Euro 190.0 million, +3.7% from Euro 183.2 million at 31 March 2024. EBITDA reported: Euro 25.5 million. Adjusted EBITDA: Euro 25.1 million Consolidated Net Result: Euro -0.5 million. Adjusted Net Results: Euro -1.0 million.
Net Financial Debt equal to Euro 473 million, (including Euro 115 million debt related to IFRS 16). We remind that Lavazza Group holds 49% of the company’s capital.
Completed 4 acquisitions in the first quarter 2025 in Italy and Poland, for a value of Euro 6.3 million.
IVS Group: operating performances
Consolidated revenues in first quarter 2025 reached Euro 190.0 million, +3.7% compared to Euro 183.2 million in first quarter 2024.
The operating businesses showed the following turnover performances (before intra group elisions).
1) Vending business (including four areas: Italy, France, Spain and other countries): Euro 147.8 million, +2.6% compared to 144.1 million at 31 March 2024, further divided into the following markets: (i) Italy (Euro 114.9 million, -3.2%), (ii) France (Euro 16.8 million, +21.0%), (iii) Spain (Euro 12.6 million, +28.8%), (iv) other Europe markets (Euro 5.4 million, +40.6%).
2) Resale business: Euro 27.8 million, +1.0% from Euro 27.5 million compared to the first quarter of 2024.
3) Ho.re.ca. business: Euro 7.7 million, +28.3% from Euro 6.0 million compared to the first quarter of 2024.
4) Coinservice business: Euro 10.9 million, +10.1% from Euro 9.9 million compared to the first quarter of 2024.
The four acquisitions completed in Italy, for a consideration of Euro 6.3 million, generated sales in the first quarter 2025, from the date of the acquisition, of Euro 2.0 million.
The total number of vends at 31 March 2025 was equal to 249.6 million (-1.8% compared to 254.1 million at March 2024). Average price per vend (net of VAT) was equal to Euro 55.46 cents, +4.6% from Euro 53.05 cents in the same period of 2024.
The overall decrease in volumes in the vending business was compensated by the increase of the average selling price in all the markets, and by the acquisition’s effects, especially those completed abroad during 2024, whilst Italy showed a negative change in volumes of 6.6% compared to first quarter 2024, not compensated by the average selling price increase (+2.8% in Italy).
EBITDA reported, equal to Euro 25.5 million, decreased by 11.6% compared to Euro 28.9 million at March 2024. Adjusted EBITDA is equal to Euro 25.1 million, -13.7% from Euro 29.1 million at March 2024.
During the period, as already happened in the last part of 2024, the increase in the cost of goods sold (+8.3%) and in labour cost (+7.6% also due to contract renewals), significantly affected profitability. As the positive effect of selling price increase is gradual compared to the sudden and strong costs increase, there was a total decrease of Adj. EBITDA margin on sales of 2.9%.
Considering also increased depreciations compared to March 2024, EBIT Reported decreased to Euro 4.1 million (from Euro 9.3 million) and Adjusted EBIT increased to Euro 3.7 million (from Euro 9.5 million).
Consolidated Net Results at March 2025 is equal to Euro -0.5 million (before Euro 0.3 million net result attributable to minorities) compared to Euro 2.7 million of 2024. The Net Result Adjusted for the exceptional items is equal to Euro -1.0 million, from Euro 3.4 million at March 2024.
Net Financial Position (“NFP”), is equal to Euro -473.0 million (including Euro 115 million debt deriving from rent and leasing contracts according to the definitions of IFRS 16). At 31 December 2024 NFP was Euro -441.5 million (with 88.8 million IFRS16 effects). The debt increase in attributable to higher IFR16 items for around 33 million, mostly related to future payments of positioning fees for the renewed multi-year contract with the important client Grandi Stazioni (large railways stations) and to lease contracts on real estates.
During the first quarter 2025, the group generated an operating cash-flow of Euro 21.3 million (+5.4% from Euro 20.2 million in first quarter 2024). Net Payments for Capex were Euro 7.1 million and Euro 5.6 million for acquisitions. Net financial debt includes Euro 4.2 million of interests accrued, from the last interest payment (mid-October 2024), on the bonds expiring in October 2026.
VAT credits (not included in NFP) are Euro 14.7 million. Other significant events occurred after 31 March 2025 and prospects for the year.
In the core vending business, are still evident the negative effects of industrial production decrease of the latest months, in the large factories, with “cassa integrazione” (temporary unemployment) going up, hours worked going down, and consequent impact on consumptions, like-for-like at vending machines.
Market segments non linked with industrial manufacturing, as airports, railways, universities, are more resilient, but they weigh less than manufacturing sector. Moreover, the increase in the cost of goods sold (both coffee and other products) and labor contracts renewal, sudden and significant, will be gradually recovered and absorbed, considering the time and workforce commitment required to renew contracts and apply the increased selling prices on the whole vending machines network.
As expected, the group is expanding and diversifying its presence on foreign EU markets and in new business segments, already showing good results. However, the return on these new and sizeable investments will increase gradually, along size and scale economy’s growth in new businesses and markets.
Antonio Tartaro e Massimo Paravisi, Co-CEO di IVS Group, comment as follows the results of the first quarter 2025: “In a really difficult economic scenario, all around Europe, IVS Group confirms the intent and capacity to develop its business, maintaining good operating margins and cash-flow, although diluted by decreased volumes and costs increase. As announced after the strategic transaction with Lavazza group started in 2024, IVS continues to invest remarkably, at continental level, strengthening its core vending market share, but also in new high potential near businesses. It is a strategy that will see us engaged in the medium term and will lay the base to increase our capacity to create in increase the Group value”.
About IVS Group
IVS Group S.A. is the Italian leader and the second player in Europe in the business of automatic and semi-automatic vending machines for the supply of hot and cold drinks and snacks (vending).
The vending business is mainly carried out in Italy (around 80% of total sales), France, Germany, Poland, Portugal, Spain and Switzerland, with around 278,700 vending machines, a network of 134 branches and over 4,600 employees. IVS Group served more than 15,000 corporate clients and public entities, with more than 980 million vends in 2024.
