New Risk • May 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.3% Last year net profit margin: 6.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Profit margins are more than 30% lower than last year (4.3% net profit margin). Reported Earnings • May 22
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.20. Revenue: €23.5m (up 6.6% from 1Q 2025). Net income: €3.39m (up 130% from 1Q 2025). Profit margin: 14% (up from 6.7% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Machinery industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 5% per year. Annonce • May 20
GEVORKYAN, s.r.o., Annual General Meeting, Jun 26, 2026 GEVORKYAN, s.r.o., Annual General Meeting, Jun 26, 2026, at 15:00 Central European Standard Time. Location: zizkova 7803/9, 811 02 bratislava, slovak republic., Slovakia Annonce • Apr 23
GEVORKYAN, s.r.o. (SEP:GEV) acquired Sinteris Industria Prodotti Sinterizzati Spa. GEVORKYAN, s.r.o. (SEP:GEV) acquired Sinteris Industria Prodotti Sinterizzati Spa on April 22, 2026. GEVORKYAN became the 100% owner of Gevorkyan Sinteris Italia S.r.l. all assets of the Italian powder metallurgy plant originally operating under the
Sinteris brand were simultaneously acquired on the basis of the concluded transaction, including tangible and intangible assets and the registered brand. Sinteris is becoming part of the GEVORKYAN Group.
GEVORKYAN, s.r.o. (SEP:GEV) completed the acquisition of Sinteris Industria Prodotti Sinterizzati Spa on April 22, 2026. New Risk • Apr 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risk Share price has been volatile over the past 3 months (4.6% average weekly change). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Kč196, the stock trades at a trailing P/E ratio of 34.6x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč301 per share. Annonce • Mar 19
Gevorkyan Force Defence Announces Successful Firing Trials and Completion of Unique Pistol Project GEVORKYAN Force Defence, as part of development within the subsidiary, carried out tests and the first firing trials with products developed for MSM (The Czechoslovak Group), with positive results and without any reservations. This step provides a solid foundation for expanding the cooperation. The company is currently receiving new projects for products for additional ammunition calibres. Another milestone in the development of next-generation products for the defence industry is the completion of a project for a major Swiss customer. It is a unique pistol that combines advanced design, performance and low weight thanks to modern materials. Development on this project took place in close cooperation between the R&D teams of both companies and was carried out over the course of several months. In the coming weeks, the new weapon, in which 14 products from GEVORKYAN are used, will be exhibited at international trade fairs. The new product is of interest to everyone who requires discretion, durability, performance and low weight from a weapon. New Risk • Mar 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Czech stocks, typically moving 4.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (108% net debt to equity). Share price has been volatile over the past 3 months (4.1% average weekly change). Annonce • Mar 12
GEVORKYAN, s.r.o. Provides Earnings Guidance for 2026-2029 GEVORKYAN, s.r.o. provided earnings guidance for 2026-2029. For the period, the company estimated annual revenue growth of 10-17%. Buy Or Sell Opportunity • Dec 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to Kč246. The fair value is estimated to be Kč204, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Nov 21
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €19.4m (down 17% from 3Q 2024). Net income: €1.47m (down 16% from 3Q 2024). Profit margin: 7.6% (up from 7.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Metals and Mining industry in Europe. Annonce • Nov 17
GEVORKYAN, s.r.o. to Report Q3, 2025 Results on Nov 19, 2025 GEVORKYAN, s.r.o. announced that they will report Q3, 2025 results at 8:00 AM, Central European Standard Time on Nov 19, 2025 New Risk • Nov 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (109% net debt to equity). Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Annonce • Sep 18
GEVORKYAN, s.r.o. Provides Earnings Guidance for the Fiscal Year 2025 GEVORKYAN, s.r.o. provided earnings guidance for the fiscal year 2025. For the year, the company estimated revenue growth of 11%–18%. New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Czech stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (109% net debt to equity). Share price has been volatile over the past 3 months (4.3% average weekly change). Annonce • May 21
GEVORKYAN, s.r.o., Annual General Meeting, Jun 20, 2025 GEVORKYAN, s.r.o., Annual General Meeting, Jun 20, 2025, at 15:00 Central European Standard Time. Location: at zizkova 7803/9, 811 02, bratislava, Slovakia Annonce • May 16
GEVORKYAN, a.s Provides Earnings Guidance for the Year 2025, 2026, 2027, 2028 and 2029 GEVORKYAN, a.s provided earnings guidance for the year 2025, 2026, 2027, 2028 and 2029. For 2025, the company expects revenue to be EUR 82,500,000 and EBIT to be EUR 13,126,000.
For 2026, the company expects revenue to be EUR 94,200,000 and EBIT to be EUR 15,311,000.
For 2027, the company expects revenue to be EUR 106,500,000 and EBIT to be EUR 18,154,000.
For 2028, the company expects revenue to be EUR 117,400,000 and EBIT to be EUR 20,992,000.
For 2029, the company expects revenue to be EUR 121,800,000 and EBIT to be EUR 21,809,000. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: €0.27 (vs €0.23 in FY 2023) Full year 2024 results: EPS: €0.27 (up from €0.23 in FY 2023). Revenue: €94.2m (up 23% from FY 2023). Net income: €4.57m (up 22% from FY 2023). Profit margin: 4.9% (in line with FY 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Reported Earnings • Nov 21
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €23.5m (up 23% from 3Q 2023). Net income: €1.75m (up €1.82m from 3Q 2023). Profit margin: 7.4% (up from net loss in 3Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. New Risk • Sep 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.9% Last year net profit margin: 6.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (99% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Large one-off items impacting financial results. New Risk • Jun 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risk Large one-off items impacting financial results. New Risk • Dec 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Jul 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). 
