IVS Group reports nine-month revenues of 2 million euro (+6.1%), Ebitda at 7 million (-9.0%)

GRAND DUCHY OF LUXEMBOURG – The Board of Directors of IVS Group S.A., convened on November 13^th, 2025, and chaired by Mr. Paolo Covre, examined and approved the Interim Financial Report on 30 September 2025, and approved the Corporate Calendar 2026.

With reference to the Group’s performance on 30 September 2025, the main economic and financial results were the following:

• Consolidated Revenues: Euro 2 million, +6.1% from Euro 542.9 million on 30 September 2024.
• EBITDA reported: Euro 7 million (-9.0%). EBITDA Adjusted: Euro 76.4 million (-8.3%).
• Consolidated Adjusted Net Profit (before minorities): Euro -0.8
• Net Financial Debt equal to Euro 495.4 million (including Euro 121.8 million debt related to IFRS 16 and excluding Euro 12.6 million VAT credit) after payment for net fixed investments of Euro 25.6 million and Euro 6.4 million for
• In 2025 were completed 11 acquisitions to date, for a value of Euro 14.3 million and pro-rata contribution to sales of Euro 13.2 million.

Sales increased in all the group’s divisions: Vending (+4.7%), Resale (+7.4%), Ho.re.ca. (+20.5%), Coin (+13.9%).

Operating margins grew in all business areas, except in vending, that see an EBITDA decrease in Italy, Spain, and Other European Markets, but increased in France. Vending results were affected by volumes decrease (-0.8% the total number of vends, net of the acquisitions contribution), by the increase in the cost of goods sold, still strong, and readvances, only in part compensated by the increase of the average selling price per vend (+5.6% at Euro 57.62 cents).

With reference to the vending performance, it should be noted that the first nine months of 2025 include 2.5 fewer working days compared to the same period in 2024. The consequent lower volumes result in a reduction in profitability of 1.4%.

Moreover, in this scenario, all major coffee roasters have increased their prices, with an effect, compared to the corresponding period in 2024, of around Euro 5.5 million on a like-for-like volume basis, corresponding to a decrease in the EBITDA margin of the vending division of 1.3%.

The net result was also influenced by higher depreciations and amortizations (+5.3 million Euro compared to 30 September 2024). Capex in fixed assets in the period were Euro 47,8 million, slightly increased from the previous year.

Prospects for the year

Overall weak industrial production and consumptions in working places are currently recovered only in part by the good trend in travel locations, linked to tourism flows, while the increase in the cost of food and beverage raw materials continued, much higher than inflation, and is gradually recovered through a rolling work to increase sales prices.

In front of unfavourable market trends, the group intensified the effort to optimise its organisation and operations, as it is confirmed by the progressive improvement of the main performance indexes (KPI), that impact, in its turn, on economic results. The policy of industrial investments and acquisitions, according to the group European strategy, is going ahead.

The Board of Directors also resolved to approve the following Corporate Calendar for 2026.

• Thursday, March 26^th, 2026: board of directors to review and approve the Annual Report 2025 draft
• Thursday, May 14^th, 2026: board of directors to review and approve the interim report as of March 31^st,2026
• Thursday, June 25^th, 2025: general shareholders meeting to approve the Annual Report 2025
• Thursday, September 10^th, 2026: board of directors to review and approve the Half Yearly Report as of June 30^th,2026
• Thursday, November 12^th, 2025: board of directors to review and approve the interim report as of September 30^th,2026

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 77% of total sales), France, Germany, Poland, Portugal, Spain and Switzerland, with around 273,400 vending machines, a network of 140 branches and around 4,600 employees. IVS Group served more than 15,000 corporate clients and public entities, with more than 980 million vends in 2024.