Azienda Bresciana Petroli Nocivelli S p A : Nocivelli abp closes the year with strong growth across all indicators

PRESS RELEASE

NOCIVELLI ABP CLOSES THE YEAR WITH STRONG GROWTH ACROSS ALL INDICATORS

REVENUES UP 43.1% TO EURO 73.9 MILLION, EBITDA INCREASES TO 15.3 MILLION AND NET

PROFIT TO 10.6 MILLION

Dividend of Euro 0.049 per share proposed

• Value of Production: Euro 75.1 million, +22.4% (Euro 61.3 million in FY 21/22)
• Revenues: Euro 73.9 million, +43.1% (Euro 51.7 million in FY 21/22)
• EBITDA: Euro 15.3 million, EBITDA margin 20.4% (Euro 13.9 million in FY 21/22)
• EBIT: Euro 13.4 million, EBIT margin 17.9% (Euro 12.4 million in FY 21/22)
• Net Profit: Euro 10.6 million, +10.9% (Euro 9.6 million in FY 21/22)
• Net cash position of Euro 40.1 million (cash positive of Euro 39.7 million at June 30, 2022)
• Shareholders' Equity: Euro 62.8 million (Euro 53.7 million at June 30, 2022)
• Backlog of Euro 800 million at September 2023 with visibility to 2033
• Proposed dividend distribution of Euro 0.049 per share
• Ordinary and Extraordinary Shareholders' Meeting called for October 27, 2023.

Castegnato (Brescia), September 26, 2023 - The Board of Directors of ABP Nocivelli S.p.A. (ABP:IM), an Esco Company and the nationwide Public-PrivatePartnership clinic and hospital construction leader, listed on the Euronext Growth Milan segment, has approved the FY 22/23 statutory and consolidated financial statements.

Nicola Turra, Chief Executive Officer of A.B.P. Nocivelli: "Today we approved figures that show strong revenue growth and significant margins, confirming the company's ability to adapt its operations quickly to generate and maintain profitability, even against unfavorable or unpredictable outside environments.

We tapped into several opportunities that arose in the plant operations area, our core business, while continuing to develop Public Private Partnership proposals capable of adding to our substantial order book, which has reached Euro 800 million with contracts until 2033. In this regard, I am delighted to underline the unique nature of the backlog, which distinguishes us in the market and means we can rely on relevant profitability over the next 10 years. This is a powerful differentiator which leads to cash generation and greater value for the Company.

The quarters ahead will see us providing services to a number of Italy's major energy operators. As such, we are confident that we will continue to see growth in line with what we have achieved this year."

Bruno Nocivelli, Chairperson of the Board of Directors of A.B.P. Nocivelli: "These results are a source of great satisfaction for the whole team. My thanks, and those of the entire Board of Directors, go to the people of Nocivelli ABP, who have made it possible to achieve growth once again and to confirm Nocivelli's leadership. This is a doubly significant thank you, as these results were achieved during a period that saw volatile markets for energy companies due both to inflation and - in particular - to constant fluctuations in energy prices. Our business model has repeatedly proven to be the right one, and will also be the main foundation for growth in

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the years to come. It will work alongside our specialized skills and ability to establish long-term relationships, both of which are important factors that will allow us to seize significant opportunities."

FY 22/23 CONSOLIDATED HIGHLIGHTS

Value of Production of Euro 75.1 million (Euro 61.3 million in FY 21/22). Sales revenues totaled Euro 73.9 million (Euro 51.7 million in FY 21/22). The increase is mainly attributable to the completion of work under contracts begun in the previous year.

Personnel Expense amounted to Euro 4.7 million, almost in line with costs incurred in FY 21/22. The average headcount during the financial year was 86.

EBITDA of Euro 15.3 million, up 9.6% on FY21/22 (Euro 13.9 million) due to the increase in orders acquired and the improved margin on orders already contracted. The EBITDA Margin was consequently 20.4% (22.7%in FY 21/22).

EBIT of Euro 13.4 million, up 8.7% on FY 21/22 (Euro 12.4 million).

Net Profit of Euro 10.6 million, rising 10.9% on FY 21/22 (Euro 9.6 million).

The Net Cash Position was cash positive for Euro 40.1 million (Euro 39.7 million at June 30, 2022), substantially unchanged compared to the previous year due to the working capital dynamics linked (i) to the increase in work execution activity, with a consequent increase in the collection times of trade receivables and a reduction in the payment times of debts to suppliers ; (ii) the failure to collect over 2 million VAT credits due to delays accumulated by the revenue agency.

Shareholders' equity of Euro 62.8 million rose 14.1% on Euro 53.7 million at June 30, 2022, confirming the Group's excellent solidity.

PARENT COMPANY ABP NOCIVELLI S.P.A. FY 22/23 KEY FINANCIAL HIGHLIGHTS

Value of Production of Euro 74.2 million (Euro 60.3 million in FY 21/22).

EBITDA of Euro 14.9 million (Euro 13.4 million in FY 21/22), with EBIT of Euro 13.1 million (Euro 11.9 million in FY 21/22), confirming the strong revenue margin.

Net Profit of Euro 10.3 million (Euro 9.2 million in FY 21/22).

Net Cash Position of Euro 38.4 million (Euro 38.6 million at June 30, 2022).

Shareholders' equity of Euro 60.6 million (Euro 51.7 million at June 30, 2022).

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PROPOSAL FOR THE ALLOCATION OF THE NET PROFIT FOR THE YEAR

The Board of Directors approved the proposal to the Shareholders' Meeting for the following allocation of the net profit of Euro 10,331,785.00.

• the distribution of a dividend of Euro 0.049 per share (approx. Euro 1,492,050.00 in total)
• The allocation of the residual part of the profit for the year to reserves.

The coupon date is scheduled for 13/11/2023, with record date 14/11/2023 and payment 15/11/2023.

OUTLOOK

The Group's industrial, commercial and service activities continue on schedule. Already contracted services are continuing in line with that assumed, maintaining the expected profitability, thanks to the careful management of activities for the implementation of works, both due to the optimization of services and raw material procurement activities. Although already having a backlog of about Euro 800 million, the Parent Company continues to participate in the main tender procedures, paying particular attention to those tenders that allow the conclusion of agreements with public administrations aimed at upgrading health care and hospital facilities, which as obsolete and inadequate, require modernization in order to meet not only the demand of the regions, but also the new needs that have emerged as a result of the pandemic. The Company has already been classified as a "Supplier" to a number of major state-held companies for which it has already won numerous tenders involving energy upgrading works and is pursuing further activities aimed at obtaining additional qualifications, which can open up extremely interesting prospects for the future. In addition, the Company is tapping into the opportunities arising from the National Recovery and Resilience Plan funds that are finally being used by government agencies. The Company has, in fact, already won tenders for works that can be financed with National Recovery and Resilience Plan funds amounting to approximately 30 million. The financial implications of these awards should materialize over the next three fiscal years. The Company also continues to monitor opportunities in this area as they arise in order to promptly convert them.

SHAREHOLDERS

MEETING

CALL

AND

FILING

OF

DOCUMENTATION

The Board of Directors has called the Ordinary Shareholders' Meeting for October 27, 2023 and, where necessary, at the date and times to be announced in the relative call notice to be published according to the means and deadlines set out by the applicable rules and regulations. The Shareholders' Meeting call notice, which shall be published according to the statutory law and By-Law deadlines, shall indicate also the method to participate at the Shareholders' Meeting. The documentation relating to the matters on the agenda will be made available at the Company's registered office and on the website www.abpnocivelli.com (Investor Relations section) in accordance with the applicable rules.

The key consolidated and statutory financial statements comprising the Income Statement, Statement of Financial Position and the Net Financial Position for the FY to June 30, 2023 are presented below.

This Press Release is available on the company website at www.abpnocivelli.com, in the "Investor Relations/Press Releases" section and at www.1info.it.

CONFERENCE CALL WITH THE FINANCIAL MARKET FOR THE PRESENTATION OF THE ANNUAL CONSOLIDATED RESULTS AT JUNE 30, 2023

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On September 26, 2023 at 3PM, Nocivelli ABP's management will hold a conference call to present the annual consolidated results to the financial community and the press.

You may participate in the conference call by connecting to the following link: meet.google.com/ipy-jevx-xhi

The support documentation shall be published in the "Investor Relations" section on the company website (www.abpnocivelli.it) before the conference call.

Overview of Nocivelli ABP

The Nocivelli ABP Group was founded in Castegnato (Brescia) in 1963 and initially traded in petroleum products and lubricants. In 1988 it diversified into the construction of technological, mechanical and electrical systems, in addition to civil and industrial construction and Facility Management. The Nocivelli Group comprises the parent company ABP Nocivelli S.p.A. and the wholly-owned subsidiary RPP srl Run Power Plants, acquired in 2016, specializing in the design, manufacture, supply, installation and maintenance of LED lighting. The Group is headquartered in Castegnato (BS) and has operations in Brescia, Chieti Scalo and Ponderano (Biella). RPP is based in Castenedolo (BS). Bruno Nocivelli is the Chairperson of the Board of Directors, while Nicola Turra serves as Chief Executive Officer. The Group's Year Results at June 20, 2023 report a value of production of Euro 75.1 million, EBITDA of Euro 15.3 million and a net profit of Euro 10.6 million.

Contacts:
ABP Nocivelli S.p.A.	Investor Relations Manager
Strada Padana Superiore	Alessandra Perego
n. 67 25045 Castegnato (BS)	Tel: + 39 030 2142011
www.abpnocivelli.com	Email:[e-mail]
IR & Media Relations Advisors
TWIN Srl
Mara Di Giorgio
Tel: [phone]
Email: [e-mail]
Chiara Bortolato
Tel: [phone]
Email:[e-mail]
Euronext Growth Advisor
Banca Mediolanum SpA
Tel. [phone]
Email:[e-mail]

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RECLASSIFIED CONSOLIDATED INCOME STATEMENT in Euro thousands

	Account		FY 22/23	%		FY 21/22	%			Change	Change%
	VALUE OF PRODUCTION			75.058.636			100,00		61.329.564			100,00			13.729.072		22,39%
					%				%
	- Consumption of raw materials	16.649.094		22,18 % 12.772.025		20,83 %	3.877.069	30,36%
	- General expenses	37.603.261		50,10 % 27.802.840		45,33 %	9.800.421	35,25%
	VALUE ADDED			20.806.280			27,72 %		20.754.699			33,84 %			51,581		0,25%
	- Personnel expense	4.659.722		6,21%	4.950.105		8,07 %	-290,383	(5,87) %
	- Other operating expense	870,366		1,16%	1.871.505		3,05%	(1.001.139)	(53,49) %
	EBITDA			15.276.192			20,35 %		13.933.089			22,72 %			1.343.103		9,64%
	- Amortisation, depreciation and impairments	1.838.002		2,45 %	1.572.083		2,56 %	265,919	16,92 %
	CORE EBIT (Net Operating Margin)			13.438.190			17,90 %		12.361.006			20,16 %			1.077.184		8,71 %
	RESULT BEFORE FINANCIAL INCOME/CHARGES			13.438.190			17,90 %		12.361.006			20,16 %			1.077.184		8,71 %
	+Financial income	774,791		1,03 %	574,433		0,94 %	200,358	34,88 %
	EBIT (Current Margin before financial charges)			14.212.982			18,94 %		12.935.439			21,09 %			1.277.543		9,88 %
	+Financial charges	-289,66		(0,39) %	-169,211		(0,28) %	-120,449	(71,18) %
	RESULT BEFORE ADJUSTMENTS OF FINANCIAL ASSETS			13.923.322			18,55 %		12.766.228			20,82 %			1.157.094		9,06 %
	AND LIABILITIES
	PROFIT BEFORE TAXES	13.923.322		18,55 % 12.766.228		20,82 %	1.157.094	9,06 %
	-Income taxes	3.332.139		4,44 %	3.212.464		5,24 %	119,675	3,73 %
	NET INCOME			10.591.183			14,11 %		9.553.764			15,58 %			1.037.419		10,86 %

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