IMA Group is world leader in the design and manufacture of automatic machines for the processing and packaging of pharmaceuticals, cosmetics, food, tea, coffee and much more. IMA’s mission is to invest in technologies that will improve the quality of life on the planet, reduce food waste, increase access to more effective drugs and allow greater respect for the environment. IMA is in the heart of the Packaging Valley, the advanced mechanics and industrial automation cluster in Emilia-Romagna, Italy, and its philosophy is based on research and innovation. Since 1961, for more than 50 years the company has produced hi-tech automatic machines for the processing and packaging of pharmaceuticals, cosmetics, food, tea and coffee Its position of leadership is the result of significant investment in R&D, regular and constructive dialogue with the end users in its sectors and the Group’s ability to expand internationally, conquering new markets. Official website: http://www.ima.it

1. THE IMA GROUP
June 2020

2. Welcome to the IMA Group

3. IMA at a glance 4
The IMA Group: an integrated ecosystem 5
Vision and Mission 6
Main steps 7
IMA in the World 14
Balanced Offer 16
Revenue Sources 17
Main customers 18
Trend of the sales 19
Consolidated income statement 20
Index
THE IMA GROUP
3

4. • Founded in 1961, IMA is world leader in the design and manufacture of
automatic machines for the processing and packaging of pharmaceuticals, cosmetics,
food, tea and coffee.
• Global pharmaceutical supplier with the widest range of state-of-the-art
processing and packaging systems.
• About 6,200 employees, about 2,400 of them based abroad.
• The IMA Group closed 2019 with consolidated revenue of around 1.6 billion
euros, an increase of 6.3% on 2018.
• About 90% of turnover is destined for export.
• Worldwide sales and service network.
• Cutting-edge R&D laboratories and continuous product innovation with more than
1,700 patents and patent applications in the world.
• Listed on the Milan Stock Exchange since 1995 and starting from 2001 on the
STAR segment. The Vacchi family is the largest shareholder, who holds 51.5%
stake of IMA.
THE IMA GROUP
IMA at a glance
Innovation, awareness, ability
4

5. 5
The IMA Group: an integrated ecosystem
THE IMA GROUP

6. • IMA's philosophy is based on research and innovation. For more than 50 years,
the company has produced hi-tech automatic machines for the pharmaceutical,
cosmetics, tea, coffee and food industries.
• Its position of leadership is the result of significant investment in R&D, regular
and constructive dialogue with the end users in its sectors and the Group's ability to
expand internationally, conquering new markets.
• IMA’s work is based on the responsibility towards the community and awareness
of the important economic and social impact that may result from the decisions and
choices made.
• IMA fosters an environmentally friendly attitude with a view to achieving
sustainable development.
THE IMA GROUP
Vision and Mission
6

7. ‘60
• I.M.A. Industria Macchine Automatiche is established in Bologna in 1961. The first
machine designed by IMA is for the packaging of powdery products into folded paper
envelopes.
• The Vacchi family purchases 52% of IMA in 1963, promoting its industrial growth and
development. In those years IMA launches the production of automatic tea bagging
machines, a sector in which IMA is now the undisputed world leader.
‘70
• IMA starts manufacturing automatic machines for the packaging of pharmaceutical
products, by launching a blister machine.
‘80
• Setting up of branch offices in Europe and the USA and acquisition of well-known Italian
companies (Zanasi and Farmomac) manufacturing packaging machines for the
pharmaceutical sector.
THE IMA GROUP
Main Steps
1. Ideas take shape
7

8. ‘90
• Acquisition of Win.Pack, BFB, Libra and Precision Gears (India).
• Joint-venture with Omori (Japan), opening of a branch office in Beijing and setting up of two
joint-ventures in China.
• Listing of IMA on the Milan Stock Exchange in 1995.
• IMA's Quality System is awarded ISO 9001 Certification.
2000
• Acquisition of Kilian (Germany), GS Coating, Ico and Co.ma.di.s.
• IMA enters the STAR (Prime Quality Stocks) segment of the Milan Stock Exchange in 2001.
• Setting up of the third joint-venture in China.
• Opening of branch offices in Thailand, Spain and Brazil.
• Acquisition of the US Packaging Systems Holding, owners of Nova Packaging Systems, world
leader in counting machines and holding company of Swiftpack Automation (UK).
• Acquisition of VIMA Impianti, Zanchetta and PharmaSiena Service.
• Acquisition of the freeze-drying machinery business of the BOC Edwards Pharmaceutical
Systems Group, undisputed leader in this sector, and of Edwards Tianli Pharmaceutical
Systems (China).
THE IMA GROUP
2. Growth and consolidation
Main Steps
8

9. 2010 – 2012
• The freeze drying machinery business of the BOC Edwards Pharmaceutical Systems
Group is re-named IMA Life, with plants in the Netherlands, the USA and China.
• In 2010 IMA acquires a majority stake in GIMA, a packaging company based near
Bologna, Italy, which operates prevalently in food & beverage and personal care.
• In 2010 IMA signs an agreement for the acquisition of the “Dairy & Convenience Food”
division of the Sympak Corazza Group.
• In 2011 IMA completes the closing of the “Dairy & Convenience Food” division and
purchases the “Chocolate & Confectionery” business of the Sympak Corazza Group.
• In 2011 IMA and SACMI sign an agreement to share the newco “CMH”, dedicated to
the chocolate industry.
• Setting up of the Group's new organisational structure featuring two main brands: IMA
Industries (machines for the packaging of tea, coffee, food and cosmetic products) and
IMA Pharma (machines for the processing and packaging of pharmaceutical products).
THE IMA GROUP
Main Steps
3. Latest acquisitions and alliances
9

10. 2013
• Acquisition of a 40% interest in the ILAPAK Group (Switzerland).
• Acquisition of a 59% interest in Shanghai Tianyan Pharmaceutical Machinery (China).
• Sale of the entire investment in Stephan Machinery.
• Sale of the entire investment in IMA Kilian.
• IMA's investment in the ILAPAK Group rises to 51%.
2014
• IMA's investment in the ILAPAK Group rises to 81%.
• Sale of the investment in Zibo IMA Xinhua Pharmatech.
• Acquisition of a minority equity interest of CONTINUUS Pharmaceuticals.
• On 15 December 2014 IMA signs an agreement for the acquisition of BENHIL, ERCA,
HASSIA, HAMBA and GASTI (OYSTAR Group).
THE IMA GROUP
Main Steps
3. Latest acquisitions and alliances
10

11. 2015
• Agreement signed for the acquisition of a stake in Teknoweb Converting.
• Completion of acquisition of BENHIL, ERCA, HASSIA, HAMBA and GASTI (OYSTAR Group).
• Completion of acquisition of a stake in Teknoweb Converting.
• Sale of the holding in CMH.
2016
• Agreement signed for the acquisition of the Medtech businesses of Komax Group and
Telerobot.
• Completion of acquisition of the Medtech business of Komax Group.
• IMA increases its interest in the Dairy&Food Group to 100%.
• Completion of acquisition of Telerobot.
• Agreement signed for the acquisition of an 80% interest in Mapster and a minority stake
in Petroncini.
• Agreement signed for the acquisition of a stake in MAI S.A.
THE IMA GROUP
Main Steps
3. Latest acquisitions and alliances
11

12. 2017
• Completion of acquisition of a stake in MAI S.A.
• Completion of acquisition of an 80% interest in Mapster.
• Agreement signed for the acquisition of a 60% stake in EUROSICMA.
• Completion of acquisition of a 60% stake in EUROSICMA.
2018
• IMA has exercised its option to buy a further 31% of Petroncini.
• Agreement signed for the acquisition of a 82.5% stake in Tissue Machinery
Company (TMC).
• Completion of acquisition of a 82.5% stake in Tissue Machinery Company (TMC).
• Agreement signed for the acquisition of a 70% stake in Ciemme.
• Completion of acquisition of a 70% stake in Ciemme.
THE IMA GROUP
Main Steps
3. Latest acquisitions and alliances
12

13. 2019
• Agreement signed for the acquisition of a 70% stake in Spreafico Automation and
a 61.45% stake in Tecmar S.A.
• Completion of acquisition of a 70% stake in Spreafico Automation and a 61.45%
stake in Tecmar S.A.
• Agreement signed for the acquisition from Charme Capital Partners SGR of the
majority of ATOP, world leader in industrial automation for the production of
electric motors for E-traction.
• Closing reached for the acquisition from Charme Capital Partners SGR of the
majority of ATOP, world leader in industrial automation for the production of
electric motors for E-traction.
• Acquired 60% of Perfect Pack.
THE IMA GROUP
Main Steps
3. Latest acquisitions and alliances
13

14. 14
Production Plants
IMA manufactures equipment in 45 production plants located in Italy, Germany,
Switzerland, UK, USA, India, Malaysia, China and Argentina.
IMA: a synthesis of industrial experiences
from all over the world
THE IMA GROUP
China:
IMA Life (Beijing)
Pharmaceutical Systems
IMA Life (Shanghai)
Pharmaceutical Machinery
Ilapak (Beijing) Packaging
Machinery
India:
Hassia Packaging
IMA-PG India
Malaysia:
IMA Automation Malaysia
Italy:
IMA S.p.A.
Atop
Ciemme
Co.ma.di.s.
Corazza
Eurosicma
Eurotekna
Ilapak Italia
Perfect Pack
Petroncini Impianti
Pharmasiena
Spreafico Automation
Teknoweb Converting
Telerobot
Tissue Machinery
Company
USA:
IMA North America
IMA Life North America
IMA Automation USA
Delta Systems & Automation
Valley Tissue Packaging
Germany: Benhil
UK: IMA Swiftpack
Switzerland: Ilapak International; IMA Medtech Switzerland
Argentina:
IMA MAI
Tecmar

15. 15
IMA in the world: a global network
for high technology selling
Presence in about 80 countries with headquarters in Italy, branches in Europe, Middle East,
North America, South America, Asia and representative offices in Central and East Europe
and more than 50 local agents.
Sales Representatives
After Sales Assistance
IMA provides world-wide technical assistance through its headquarters in Italy,
branches and local agents.
THE IMA GROUP

16. Tea, Food &
Other
45.7%
Tobacco
packaging
12.2%
Pharmaceutical
42.1%
16
Balanced Offer
THE IMA GROUP
20192018
Total sales: € 1,500.4 million Total sales: € 1,595.5 million
Tea, Food &
Other
50.4%
Tobacco
packaging
5.7%
Pharmaceutical
43.9%

17. 17
• Significant share of the Group’s earnings generated by after-sale services, spare
parts and equipment, which are higher-margin and recurring in nature (30% of
overall revenues).
• Geographically well diversified revenue sources.
Revenue Sources
THE IMA GROUP
Revenues by Nature 2019 Revenues by Geography 2019
After Market
Sales
30.0%
New Sales
70.0%
Rest of the
world
10.9%
Italy
12.1%
Rest of Europe
6.8%
E.U.
28.3%North America
19.7%
Rest of Asia
14.2%
China
8.0%

18. 18
Some of IMA’s main customers
Abbott
Actavis
Ahmad Tea
Amgen
Arla Foods
Astellas
AstraZeneca
Bahlsen
Baxter
Bayer
Bel Group
Bigelow Tea
Boehringer Ingelheim
Bristol-Myers Squibb
British American Tobacco
Cadbury Adams
Chiquita
Chupa Chups
Cloverhill Bakery
ConAgra Foods
CooperVision
Danone
Delpharm
Eisai
Eli Lilly
Fabbri 1905
Ferrero
Gedeon Richter
General Mills
GlaxoSmithKline
Groupe Lactalis
Grünenthal
Group Bimbo
Group Siro
Halter
Hospira
Johnson & Johnson
JVC
Kraft
Krka
Land O’Lakes
L’Oréal
Laurens Spethmann Holding
Lipton
Lotte
Mars Incorporated
Menarini
Merck & Co.
Miratorg
Mission Foodservice
Mondelez International
Müller
Nestlé
NextPharma
Nice Pak
Novartis
Novo Nordisk
Nypro
Orimi Trade
Patheon
Pepperidge Farm
Perfetti Van Melle
Pfizer
Philip Morris
Procter & Gamble
Reckitt Benckiser
Roche
Sanofi
Sara Lee
Savencia
Seaquist Closures
Servier
Takeda
Technicolor
Tetley
Tetra Pak
Teva
The Coca Cola Company
Twinings
UCB
Unilever
Western Digital
Witor’s
Wrigley
Zambon
Zoetis
THE IMA GROUP

19. Trend of the sales
19
Trend of the sales
Trend of the salesTHE IMA GROUP
TOBACCO PACKAGING TOTAL
2015 2016
Euro/million
2019
TEA, FOOD & OTHER PHARMACEUTICAL
20182017
Restated

20. 20
Consolidated income statement
THE IMA GROUP
IMA 2019 % 2018 % change %
Euro/million
Revenue 1,595.5 100.0% 1,500.4 100.0% 6.3%
Cost of sales (1,014.3) -63.6% (928.3) -61.9% 9.3%
Industrial gross profit 581.2 36.4% 572.1 38.1% 1.6%
R&D costs (53.9) -3.4% (55.3) -3.7% -2.5%
Commercial and sales costs (143.5) -9.0% (136.7) -9.1% 5.0%
General and administrative costs (183.7) -11.5% (163.6) -10.9% 12.3%
Operating profit (EBIT) before non-recurring items 200.1 12.5% 216.5 14.4% -7.6%
Non-recurring items (7.6) -0.5% (6.4) -0.4% 18.8%
Operating profit (EBIT) 192.5 12.1% 210.1 14.0% -8.4%
Net financial income (expense) 36.6 2.3% (0.5) 0.0% n.s.
Profit (loss) from investments accounted for using the equity method (4.7) -0.3% 2.4 0.2% n.s.
Taxes (54.8) -3.4% (61.2) -4.1% -10.5%
Net profit from continuing operations 169.6 10.6% 150.8 10.1% 12.5%
Profit (loss) from discontinued operations/disposal groups – 0.0% (26.2) -1.7% -100.0%
Profit (loss) attributable to non-controlling interests (0.4) 0.0% (20.6) -1.4% -98.1%
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 169.2 10.6% 104.0 6.9% 62.7%
EBITDA BEFORE NON-RECURRING ITEMS 281.0 17.6% 260.0 17.3% 8.1%
EBITDA 273.4 17.1% 253.6 16.9% 7.8%
31.12.2019 vs. 31.12.2018

21. This document has been prepared by IMA for information purposes only
and for use in presentations of the Group’s results and strategies. The data
and information contained herein have not been independently verified.
For further details on IMA Group reference should be made to publicly
available information, including the Annual Report and the Semi-Annual
and Quarterly Reports.
No representation or warranty, expressed or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information or opinions contained herein.
None of the company, its advisors or representatives shall have any
liability whatsoever (in negligence or otherwise) for any loss howsoever
arising from any use of this document or its contents or otherwise arising
in connection with this document. The forward-looking information
contained herein has been prepared on the basis of a number of
assumptions which may prove to be incorrect and, accordingly, actual
results may vary.
This document does not constitute an offer or invitation to purchase or
subscribe for any shares and no part of it shall form the basis of or be
relied upon in connection with any contract or commitment whatsoever.
The information herein may not be reproduced or published in whole or in
part, for any purpose, or distributed to any other party.
By accepting this document you agree to be bound by the foregoing
limitations.
June 2020
Disclaimers
THE IMA GROUP
21

22. Thank you for your attention
22