Slides
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1 First-half results and revenue for the nine months ended 30 September 2026 October 2026 • Dominique Louis – Chairman & CEO • Malène Korvin – Chief Financial Officer
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2 This presentation includes forward-looking statements, which, by their very nature, involve inherent risks and uncertainties. These statements concern future financial performance and other risks relating to Assystem’s markets, as well as to its results, business levels, performance, and objectives. Actual circumstances and results could therefore differ significantly from those currently anticipated. Assystem considers that such statements are based on reasonable assumptions, but cannot and does not give any assurance that future results, business levels, performance or achievements will be consistent with those statements. The above-mentioned risks include trends in Assystem's markets, increased competition in those markets, the profitability of Assystem's expansion strategy, challenges to or loss of its intellectual property rights, its ability to establish and maintain strategic relationships in its major businesses, its ability to develop and take advantage of new software and services, and the effect of future acquisitions and investments on the Assystem share price. Due to the uncertain nature of these forward-looking statements, readers are advised that they do not constitute a guarantee by the Company or by any other entity or person as to the achievement of Assystem's objectives and projects. Neither the Company nor any other entity or person accepts any liability for the accuracy or completeness of these statements, which apply solely to this presentation. As changes are calculated based on exact figures, there may be discrepancies in the totals and percentages shown due to rounding. Disclaimer
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3 Contents. Significant events Page 4 01 Financial performance Page 7 02 Outlook for full-year 2026 Page 15 03 Appendices Page 17 04 3
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4 SIGNIFICANT EVENTS. 4
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5 Our long-term growth drivers Favourable trends in all of our nuclear market segments. Decommissioning Defence/ Installed fleet Thanks to the programmes for extending the lifespans of existing nuclear power plants, maintenance activities are a lasting driver for our business, offering steady growth and long-term visibility Fuel cycle Extension of facilities’ lifespans and investment in new fuel-cycle production capacity up until 2100 Major and increasing investments Our current markets and their trends Future growth drivers • New-build programmes for large nuclear plants • R&D projects (AMR/SMR and fusion) New-build ENERGY PRODUCTION / Our growth markets Saudi Arabia, Kazakhstan, Poland, Netherlands, Vietnam Emerging nuclear markets Established nuclear markets USA / India / Canada
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6 Solid growth momentum since the start of the year, driven by the expansion of nuclear in mature countries. SOLID MOMENTUM FOR NUCLEAR ACTIVITIES IN MATURE MARKETS • Return to strong momentum in France thanks to major civil nuclear programmes (Aval du futur and EPR2) • Robust momentum maintained in the UK, despite a high basis of comparison, mainly due to the ramp-up of new contracts in the civil nuclear and defence sectors • Lower business levels in the MECA region and India, partly stemming from non-nuclear activities, plus the end of nuclear activities in Türkiye BUSINESS DEVELOPMENT IN PROGRESS • Ongoing business development in new countries: Canada, USA, Kazakhstan, Poland, the Netherlands and Vietnam SIGNIFICANT EVENTS (9 MONTHS TO 30/09/2026)
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7 FINANCIAL PERFORMANCE. 7
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88 Revenue 9 months ended 30 September 2026. 284.8 297.6 9M 2025 9M 2026 FRANCE INTERNATIONAL • Organic growth: 0.4% • Currency effect: -2.8% • Total change: -2.4% • Organic growth/total growth: 4.5% FRANCE INTERNATIONAL NUCLEAR (7.7% growth) OTHER BREAKDOWN BY GEOGRAPHIC REGION BREAKDOWN BY BUSINESS 81% +5 pts 19% 61% +2 pts39%199.3 194.6 9M 2025 9M 2026 €492.1m, up 1.7%, o/w 2.8% organic growth
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99 Changes in revenue by quarter. 4.5% growth, entirely organic 199.3 -0.8 194.6 Slight improvement on an organic basis Q2 +0.8 FRANCE INTERNATIONAL 284.8 +4.3 297.6 9M 25 Q1 org. growth Q2 org. growth +3.8 9M 26 ▪ Continued robust momentum in the UK, despite a high basis of comparison… ▪ …offset by declines in the MECA and India regions ▪ Further acceleration in growth for Nuclear activities, both in the fuel cycle (Aval du Futur) and for new-builds (EPR2) (in €m) -4.1 Easing of currency effect 2.4% negative growth, with 0.4% organic growth 9M 25 9M 26 -2.0 Q1Q2Q1 Q3 org. growth +4.6 +0.5 Q3 Q3 +0.8 €492.1m, up 1.7%, o/w 2.8% organic growth
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10 Operating performance in first-half 2026. FIRST -HALF 2026 EBIT -A FRANCE INTERNATIONAL 20.4 21,1 The year-on-year increase in the Group’s total EBIT-A margin reflects: • a good performance in France due to (i) a higher activity ratio, (ii) greater operating leverage over fixed costs, and (iii) a strong contribution from equity-accounted investees involved in the ITER project • a decline for International operations as a result of the costs of expanding the Group's business in Canada, as well as unfavourable operating leverage in Saudi Arabia, and an adverse jaws ratio arising from the phasing of contracts H1 25 H1 26 In €m H1 2025 % of revenue H1 2026 % of revenue Group 20.4 6.2% 21.1 6.4% France 11.4 5.9% 14.0 7.0% International 11.6 8.7% 9.2 7.2% Holding company (2.6) - (2.1) - +3.4% +0.2 pt6.2% 6.4%EBITA margin 11.4 14,0 H1 25 H1 26 +22.8% +1.1 pts 5.9% 7.0% 11.6 9,2 H1 25 H1 26 -20.7% -1.5 pts 8.7% 7.2%
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11 Consolidated profit/(loss) in first-half 2026. (in €m) H1 26 EBIT-A H1 26 consolidated loss Income taxContribution of Expleo Group & MPH Share-based payments (free share plans) (19.1)21.1 (6.6) (2.6) (0.9) (3.9) 11 FROM EBIT -A TO CONSOLIDATED PROFIT/(LOSS) Other non- recurring expenses Net financial expense (1.2)
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12 (1) Including the IFRS 16 impact. (2) Before recognition of the capitalised interest on quasi-equity instruments. (3) Expleo Group's net debt excluding the impact of IFRS 16, used for the covenants applicable to borrowings maturing between September 2029 (RCF) and March 2030 (Term Loan B). 1043 1084 908 1008 1273 1387 1407 1287 652,5 644,9 9.5% 10.0% 8.2% 9.2% 9.9% 10.7% 10.5% 10.3% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 12,0% 14,0% 0 200 400 600 800 1000 1200 1400 1600 2018 2019 2020 2021 2022 2023 2024 2025 €644.9m €53.1m €(24.8)m REVENUE EBITDA (1) CONSOLIDATED PROFIT/(LOSS) (2) vs €(45.6)m -1.2% Change vs. H1 2025 +10.3% EBITDA MARGIN 8.2% +0.8 pt CONTRIBUTION TO ASSYSTEM’S FINANCIAL STATEMENTS at 30 June 2026 €(19.0)m Income and expenses from Expleo Group convertible bonds Due mars 2031 €(17.4)m share of losses not recognised by Assystem in H1 2026 Carrying amount of shares written down to zero since 31 Dec. 2024 in accordance with IAS 28 €160.0m carrying amount of convertible bonds in the statement of financial position vs €179.0m at end-2025 H1 2026 key figures for Expleo Group. H1 25 H1 26 7.4% 8.2% NET DEBT (IN €m)(3) 669592 Revenue in €m and EBITDA margin(1) 590564 656
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1313 Movements in net debt. 81.3 At 30 June 2026 Other financial cash flows At 31 Dec. 2025 59.7 (2.0) 4.5 (in €m) – Excluding the IFRS 16 impact for all data Free cash flow 19.1 €21.6m (1) Partial repayment of seller financing related to the sale of Assystem’s business in the Pacific region to this business's management team at the end of 2023. Loan repaid to the Group(1)
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14 FULL-YEAR 2026 TARGETS UPDATED. 14
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1515 Refined full-year 2026 targets. (1) On a constant scope of consolidation and currency basis, vs. the initial target of between 2% and 4% (2) EBIT-A margin: Operating profit before non-recurring items (EBIT-A – Earnings before Interest and Taxes – from Activity) including share of profit of equity-accounted investees (other than Expleo Group & MPH) divided by consolidated revenue. Organic growth of approximately 3%(1) Increasing, at around 7% of consolidated revenue CONSOLIDATED REVENUE EBIT -A MARGIN (2) The achievement of these targets is subject to there being no significant deterioration in the macro- economic, political or geopolitical environment
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16 THANK YOU. FINANCIAL CALENDAR Malène Korvin – Chief Financial Officer – mkorvin@assystem.com Jean-Baptiste Guillerme – Director of Marketing and Communications – jbguillerme@assystem.com Agnès Villeret – Komodo – Investor relations – agnes.villeret@agence-komodo.com CONTACTS Full-year 2026 revenue release Thursday 11 February 2027 (after stock market close of trading) 16
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1717 9-month 2026 revenue by quarter. (in €m) Q1 2025 Q1 2026 % change (reported) % change (organic(1)) Group 166.3 165.8 -0.3% +2.2% France 98.3 102.6 +4.4% +4.4% International 68.0 63.2 -7.1% -1.1% REVENUE Q2 2025 Q2 2026 Group 160.1 162.7 +1.6% +2.9% France 94.7 98.5 +4.0% +4.0% International 65.5 64.3 -1.8% +1.2% Q3 2025 Q3 2026 Group 157.7 163.6 +3.7% +3.4% France 91.9 96.5 +5.0% +5.0% International 65.9 67.2 +2.0% +1.2% 1. On a constant scope of consolidation and currency basis.
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1818 Breakdown of H1 2026 revenue and EBIT-A. (in €m) H1 2025 H1 2026 % change (reported) % change (organic(1)) Group(1) 326.4 328.5 +0.6% +2.5% France 193.0 201.1 +4.2% +4.2% International(1) 133.4 127.4 -4.5% +0.0% (in €m) H1 2025 % of revenue H1 2026 % of revenue Group 20.4 6.2% 21.1 6.4% France 11.4 5.9% 14.0 7.0% International 11.6 8.7% 9.2 7.2% Holding company (2.6) - (2.1) - EBIT -A REVENUE 1. On a constant scope of consolidation and currency basis.
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1919 H1 2026 condensed consolidated income statement. 1. Operating profit before non-recurring items (EBIT-A: Earnings before Interest and Taxes – from Activity) including share of profit of equity-accounted investees other than Expleo Group & MPH (€0.2m in H1 2025 and €1.3m in H1 2026). 2. As a reminder, in accordance with IAS 28, the carrying amount of Assystem’s interest in Expleo Group has been written down to zero. The share of Expleo Group’s losses not recognised by Assystem in H1 2025 amounted to €17.4m. 3. Including profit/(loss) attributable to non-controlling interests: €(0.4)m in H1 2025 and €(0.4)m in H1 2026. Profit/(loss) attributable to owners of the parent therefore totalled €4.7 million in H1 2025 and €(6.2) million in H1 2026. (in €m) Six months ended 30 June 2025 Six months ended 30 June 2026 Revenue 326.4 328.5 EBIT-A(1) 20.4 21.1 EBIT-A margin 6.2% 6.4% Non-recurring income and expenses (0.4) (0.9) Share-based payments (20.9) (2.6) Operating profit/(loss) (0.9) 17.6 Share of profit/(loss) of Expleo Group(2) 0.0 0.0 Share of profit/(loss) of MPH GS 0.1 (0.1) Income and expense from Expleo Group convertible bonds 7.5 (19.0) Net financial expense (3.4) (3.9) Income tax 1.0 (1.2) Consolidated profit/(loss) for the period(3) 4.3 (6.6)
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2020 Condensed balance sheet at 30 June 2026. • Non-current liabilities(2) • Equity Non-current assets(1) o/w goodwill: €143.0m (1) Goodwill, intangible assets, property plant and equipment, deferred tax assets, investment property and miscellaneous financial assets (2) Excluding lease liabilities and debt items Expleo Group shares and convertible bonds Right-of-use assets (IFRS 16) • Lease liabilities (IFRS 16) . 192.6 268.6 29.6 . 160.0 . 31.6 43.7 81.3 .Net WCR 29.6 • Net debt 14.8 • Dividends payable
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21 (1) HDL Development is a holding company that is 95.65% controlled by Dominique Louis, Assystem's Chairman & CEO, notably through HDL, which itself holds 0.85% of Assystem's capital. (2) Including 0.85% held by HDL and 3.45% held by Management (the Management-held shares, awarded under the AGA 2024-1 free share plan, are subject to a lock-up period expiring on 31 July 2030). Ownership structure. 58.23% HDL Development(1) 36.45% Free float(2) 5.32% Treasury shares SHAREHOLDING PATTERN • Euronext Paris Compartment B • Index: Euronext Tech Leaders, CAC Small, CAC Mid & Small, CAC Industrials, CAC All-Tradable and CAC All-Share • ISIN: FR0000074148 • Eligible for equity savings schemes (PEA) and deferred settlement service (SRD long only) • Capitalisation: €575m (share price: €36.7 at 30 September 2026) • Number of shares:15,668,216 21 ASSYSTEM SHARES at 30 September 2026
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22 ASSYSTEM.COM Copyright photos: Adobe stock - drone photo ©EDF - Agence Movement; Bernard Gaetan