Antares Vision (AV) Strategy Update summary

Introduction and strategic context

• Operates in attractive, growing markets with leadership in Pharma Track & Trace, strong inspection presence, and expanding supply chain transparency (SCT) offerings.

• 2023 marked organizational restructuring, creating four cash-generating units: Life Science & Cosmetics, FMCG, Supply Chain Transparency, and Other Business.

• Strategic plan targets 4-6% revenue CAGR and 47-55% EBITDA CAGR from 2024-2026, focusing on market opportunities, margin improvement, and cash generation.

• Committed to innovation, especially in SaaS/Smart Data, to deliver integrated end-to-end solutions.

Market outlook and positioning

• Life Science and FMCG inspection markets expected to grow at 4-5% CAGR, with Track & Trace at 8-10% and SCT at 10-15% CAGR through 2026.

• Regulatory trends drive global adoption of traceability, with over 75 countries implementing Track & Trace in pharma and more expected.

• AV Group is a leading player in fragmented Track & Trace and Inspection markets, and a relevant insurgent in SCT.

• End-to-end solutions and strong presence in both Europe and the US, with a rapidly growing installed base and over 2,500 blue-chip customers.

Strategic pillars and initiatives

• Three pillars: selective market exploitation, boosting margins and cost discipline, and unlocking cash generation.

• Key initiatives include consolidating market position, expanding service offerings, refocusing inspection machines, accelerating T&T delivery, and driving software/innovation.

• Margin improvement through pricing optimization, product mix, procurement excellence, and cost control.

• Cash generation via working capital reduction, payment term optimization, and capex discipline.