September 2022

Dear all,

In a context of economic uncertainties linked to inflation and energy crises, the Group, after a first half-year of growth, should experience satisfactory growth in terms of activity in 2022 but with a notable increase in its operating costs that will weigh on its profitability in the short and medium term.

Our Group’s ability to adapt will enable us to make the necessary adjustments to continue our development both in Europe and internationally.

At the end of September, we will have the pleasure of celebrating the 90th anniversary of our main subsidiary PCM, which, with its various locations, contributes mainly to our economic and financial performance.

Mario MARTIGNONI

President – Chief Executive Officer