GSA CLOSES ITS 2022 FINANCIAL STATEMENTS WITH REVENUES RISING TO €173M AND ANNOUNCES THE ACQUISITION OF THE SPANISH GROUP PREVINSA

• In 2022 GSA's revenues reached €173m, with EBITDA of €38m and an EBITDA margin of 22%
• GSA's internationalisation campaign continues: after France, the company is also entering the Spanish market thanks to the acquisition of the second most important group specialising in fire suppression and prevention systems

ROME, and MADRID, May 15, 2023 /PRNewswire/ -- GSA Gruppo Servizi Associati, the leader in Italy and a major player in Europe in the field of fire safety and prevention, communicates the acquisition of 75% of the group Previnsa Servicios Integrales, a major Spanish operator in the field of fire protection services and systems, highly specialised technical training and safety signs.

Based in Langreo, Asturias, and with staff training centres in Madrid, Oviedo and Valencia, for over 20 years Previnsa has specialised in offering its customers technical services related to the world of fire safety and protection systems. The acquisition of Previnsa makes it possible for GSA to expand its business lines thanks to the 3 sectors in which the former is specialised: fire monitoring and prevention in nuclear power plants (in fact, Previnsa manages fire safety at Iberdrola's Cofrentes nuclear power plant); staff training and safety at work, even in complex situations: working at height, chemical emergencies, maritime safety, wind farms, thermonuclear power plants (Endesa as well is among the main customers); production and marketing of work safety signs and accessories (Leroy Merlin is one of the main customers).

The acquisition of Previnsa is in line with GSA's strategic development plan, which envisages the expansion of the services offered to its customers, the company's internationalisation, and thus the opportunity to export its business model to Spain as well, with specific reference to fire monitoring in tunnels and hospitals.

In 2022, Previnsa generated revenues of €17.7m (+18% compared to 2021) with EBITDA of around €2m (+25% compared to the previous year).

At the same time, the shareholders' meeting of GSA approved the financial statements for 2022 with consolidated revenues of €173m (€168m in 2021) and EBITDA of €38m (€35.5m in 2021). Net financial position stood at €95m compared to €121m in the previous year.

Thanks to the transaction involving Previnsa and to other targets which are currently being negotiated, business in 2023 is expected to consolidate further for GSA.

Both the strategy and the achievement of these initial important targets were realised on the basis of the development lines defined with the entry (in October 2021) into GSA's capital, with a majority stake of 67.5%, of the Eurizon ITER investment funds in partnership with Alpe Invest and Armonia Italy Fund, which hold a 18.4% and 12.3% stake respectively.

In addition, the acquisition undertaken at the end of 2021 of OPI S.r.l., based in the Marche region, confirmed expectations, recording, after the merger with GSA Firesafe, revenues for 2022 of €8m and EBITDA of €1.5m.

As noted by Alessandro Pedone, Founder of the Company and Executive Deputy Chairman: "Thanks also to the acquisition of Previnsa, GSA is positioned as a leading European player in the safety sector, and is ready to further strengthen its presence in Italy. Its service offer in the field of safety is growing and currently ranges from engineering to execution. GSA is increasingly an aggregator of outstanding entrepreneurial businesses".

"The transaction involving Previnsa is perfectly in line with the strategies of GSA's Long-term Plan, both in terms of the Company's internationalisation and the technological expansion and upgrade of its service offer, also addressing new sectors, albeit still related to the world of Safety" – commented Antonio Musacchio, Chief Executive Officer of GSA.

GSA - Gruppo Servizi Associati S.p.A.

GSA - Gruppo Servizi Associati is a multiservice company founded in 1997 and active throughout Europe. It is the leader in Italy, among the key players on the continent in the field of health and safety at work and fire monitoring, as well as an ELITE company on the Italian stock exchange. GSA specialises in all segments of the Safety Chain to protect critical infrastructure, public buildings and industrial plants.

The company has its registered office in Rome, its head office in Udine and further sites in Milan, Genoa, Aosta, Florence, Naples, Bari, Cagliari, and Oristano. In addition, there are branches in Chamonix and Lyon in France. With a broad presence on the territory and over 5,000 employees, GSA is among the leaders in Europe thanks to engineered services, the introduction of technological innovations and patents and its global approach. Bearing witness to and acknowledging the outstanding progress made by GSA, in 2018 Armònia Sgr, the leading private equity firm, took a stake in the company's share capital and, in 2021, ITEЯ Capital Partners acquired 67.5% of GSA for an Enterprise Value of Euro 250 million. In 2021, ITEЯ Capital Partners facilitated and managed the entry of the Eurizon ITER funds, which are under Eurizon Capital SGR – the asset management company of the Intesa Sanpaolo Group. The company is active on two main business lines: the Safety division and the Facility division. During 2020, GSA guaranteed the safety of structures such as the Giovanni XXIII hospital in Bergamo and the Spallanzani hospital in Rome. In addition, it manages the fire safety arrangements for major infrastructure such as the Mont Blanc Tunnel and the Gran Sasso Tunnel, providing services also to important public and private entities such as the Lombardy Region, Fincantieri, Autostrade per l'Italia and all the main public hospital facilities in the regions of Sardinia, Tuscany, and Friuli Venezia Giulia.

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