Slides
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First-half 2026 results
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#01 Key messages Contents #02 #03 #04 Financial performance Market environment and highlights Guidance and conclusions 10 September 2026
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3 Key messages #01 02. Financial performance 03. Market environment and highlights 04. Guidance and conclusions
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#1. Key messages 4 10 September 2026 BUSINESS GROWTH GROWTH IN ADJUSTED RESULTS Adjusted HPBIT2: €6.32 m up 25% Adjusted op. marg.2: 16.1% down 20 bp Adj. attributable net income3: €5 m up 29.5% Adjusted EPS3: €0.26 up 30.7% (1) Like for like: Based on a comparable scope and at constant exchange rates (see details on page 6). (2) Adjusted headline profit before interest & tax: Recurring operating income before restructuring costs and excluding the impact of performance share plans. Adjusted operating margin (OPM): Adjusted headline PBIT/Gross profit. (3) Adjusted attributable net income: Attributable net income excluding the net after -tax impact of performance share plans, excluding other net after-tax operating income and expenses, and excluding net income from assets held for sale and discontinued operations. Adjusted earnings per share: Adjusted attributable net income per share based on an average number of shares of 19,469,002 at 30 June 2026. (4) Op. CF: Operating cash flow excluding IFRS 16. (5) Net cash excluding operating working capital: Cash and cash equivalents less gross current and non -current financial debt, excluding operating working capital (€77.62 m at 30 June 2026). > Increase in gross profit attributable to the acquisitions of Sogec and Budgetbox as well as the strong momentum of the Retail Activation division in France with the development of the HighCo Nifty and HighCo Merely solutions. > Increase in adjusted results and EPS. > Other operating income and expenses: restructuring and workforce downsizing at Sogec businesses (€5.54 m at 30 June 2026). > 2026 Guidance revised. OP. CF4: €6.49 m up €2.85 m NET CASH excluding operating WC5: €6.01 m up €0.86 m (vs 31 Dec. 2025) FINANCIAL POSITION REMAINS STRONG Good performance in H1 2026 Q2 2026 GROSS PROFIT €19.29 m up 27% reported €15.61 m up 2.8% like for like1 H1 2026 GROSS PROFIT €39.21 m up 26.7% reported €31.79 m up 2.7% like for like1
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5 Financial performance #02 01. Key messages 03. Market environment and highlights 04. Guidance and conclusions
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#2. Financial performance H1 2026 Gross Profit > H1 2026 gross profit totalled €39.21 m on a reported basis and €31.79 m like for like1 (up 2.7%). 1 Like for like: Based on a comparable scope and at constant exchange rates (i.e. applying the average exchange rate over the period to data from the compared period). H1 2026 reported +2.7% +€0.83 m H1 2025 10 September 2026 6 +€7.43 m H1 2026 LFL1 €30.96 m €31.79 m €39.21 m Acquisitions Sogec & Budgetbox +26.7% Q1 Q2 +26.4% +27.0%
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7 10 September 2026 Gross profit by geographical area FRANCE > Growth in France and decline in International business: - France: Up 6.1% LFL to €28.54 m, 89.8% of the Group’s gross profit. - Belgium: Down 22.5% LFL to €2.79 m, 8.8% of the Group’s gross profit. - Spain: Down 0.6% LFL to €0.46 m, 1.4% of the Group’s gross profit. INTERNATIONAL H1 2025 H1 2026 -10.1% H1 2025 -20.0% H1 2026 LFL -7.9%1 (1) LFL: Historical like-for-like data. (2) LFL data: See definition on p. 6. +6.1%2 France 89,8% Belgium 8,8% Spain 1,4% #2. Financial performance
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Retail Agencies 19.5% Retail Media 15.3%Retail Activation 65.2% Retail Agencies 24.0% Retail Media 8.6%Retail Activation 67.4% 10 September 2026 Gross profit by business activity H1 2026 Reported (€39.21 m) > Growth in all core businesses in the first half of 2026: - Retail Agencies up 1.4% to €7.64 m. - Retail Media up 7.8% LFL to €2.72 m. - Retail Activation up 2.5% to €21.42 m LFL, accounting for two-thirds of the Group’s gross profit. > Reminder: in reported gross profit, Sogec is included under the Retail Activation division and Budgetbox under the Retail Media division. +22.3% +1.4% +137.7% 8 #2. Financial performance H1 2026 LFL (€31.79 m) +1.4% +7.8% +2.5% H1 2025 +2.7% +26.7% Retail Agencies 24.3% Retail Media 8.2%Retail Activation 67.5%
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10 September 2026 Operating profit margin (€ m) H1 2026 H1 2025 Change Gross profit 39.21 30.96 +26.7% Operating overheads (32.89) (25.90) +27.0% Adjusted headline PBIT 6.32 5.05 +25.0% Adjusted operating margin (Adjusted HPBIT/GP) 16.1% 16.3% -20 bp > Increase in H1 2026 adjusted headline PBIT: up 25% to €6.32 m. > Adjusted operating margin of more than 16%. #2. Financial performance 9
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10 September 2026 Operating profit margin by geographical area (€ m) H1 2026 H1 2025 Change Adjusted headline PBIT1 France 6.39 4.68 +36.4% Adjusted headline PBIT1 International (0.07) 0.37 -118.5% Adjusted headline PBIT1 Group 6.32 5.05 +25.0% Adjusted Group operating margin2 16.1% 16.3% -20 bp > France2: Business growth brought a significant rise in headline PBIT (up 36.4% vs H1 2025). > International2: Sharp decline in headline PBIT (down 118.5% vs H1 2025). > Adjusted operating margin in France of 17.8%. (1) See definition on p. 4. (2) Head office costs allocated on a pro rata basis of the gross profit generated by geographical area. #2. Financial performance 10
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#2. Financial performance 10 September 2026 Operating profit margin (€ m) H1 2026 H1 2025 Change Adjusted headline PBIT1 6.32 5.05 +25.0% Restructuring costs (0.24) (0.02) Adjusted recurring operating income 6.07 5.04 +20.5% Cost of performance share plans (1.30) (0.29) Recurring operating income 4.78 4.75 +0.4% Other operating income and expenses (5.54) - > With adjusted headline PBIT and restructuring costs over the period, adjusted recurring operating income totalled €6.07 m, up 20.5%. > With performance share plans at a cost of €1.3 m, recurring operating income amounted to €4.78 m, rising 0.4%. > Other operating income and expenses: the cost of the Sogec restructuring was €5.54 m. (1) See definition on p. 4. 11
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#2. Financial performance 10 September 2026 Operating profit margin (1) DREETS: Regional Directorate for the Economy, Employment, Labour and Social Solidarity 12 28 Jan. 2026 Job protection plan launched Feb./ March 2026 Presentation and consultation with the Social and Economic Committee April 2026 Review by the DREETS1 30 June 2026 40 redundancy notifications May 2026 Implementation of job protection plan after approval from the DREETS H2 2026 17 redundancy notifications and 7 transfers 30 June 2028 End of procedure “Other operating income and expenses”: restructuring of Sogec businesses > Restructuring of Sogec businesses for a total net provision of €5.54 m at 30 June 2026 with: - Workforce downsizing and job protection plan involving 64 employees. - Transfer of Sogec’s production site in Villebon-sur-Yvette to HighCo’s Aix-en-Provence site. - Operations handled at a single site in Morocco.
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#2. Financial performance 10 September 2026 Operating profit margin (€ m) H1 2026 H1 2025 Change Adjusted headline PBIT1 6.32 5.05 +25.0% Restructuring costs (0.24) (0.02) Adjusted recurring operating income 6.07 5.04 +20.5% Cost of performance share plans (1.30) (0.29) Recurring operating income 4.78 4.75 +0.4% Other operating income and expenses (5.54) - Operating income (0.76) 4.75 -116.0% > The cost of restructuring Sogec’s businesses, totalling €5.54 m, was recognised under Other operating income and expenses. This resulted in a 116% drop in operating income, which came out negative at €0.76 m. (1) See definition on p. 4. 13
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#2. Financial performance 10 September 2026 Net profit margin > With income from cash and cash equivalents of €0.85 m and an interest expense on borrowings of €0.30 m, the cost of net financial debt resulted in income of €0.36 m, down from income of €0.76 m in H1 2025. > Adjusted attributable net income of €5 m, up 29.5% from H1 2025. (€ m) H1 2026 H1 2025 Change Operating income (0.76) 4.75 -116.0% Cost of net debt and other financial income and expenses 0.36 0.76 Income tax expense (0.48) (1.77) Share in associates 0.02 0.00 Net income from held-for-sale and discontinued operations - 1.22 Net income (0.85) 4.97 -117.1% Net income attributable to owners of the parent (0.94) 4.46 -121.0% Adjusted net income attributable to owners of the parent1 5.00 3.86 +29.5% (1) See definition on p. 4. 14
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15 10 September 2026 Earnings per share Adjusted EPS1 & Adjusted diluted EPS1 > Adjusted EPS and adjusted diluted EPS for H1 2026 were up 30.7% to €0.26. H1 2025 H1 2026 €0.26 €0.20 +30.7% (1) Adjusted earnings per share: Attributable net income per share excluding the net after -tax cost of performance share plans, excluding other net after-tax operating income and expenses, and excluding net after-tax income per share from assets held for sale and discontinued operations, based on an average number of shares of 19,469 ,002 at 30 June 2026 and 19,643,917 at 30 June 2025. #2. Financial performance
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16 #2. Financial performance 10 September 2026 Financial structure (€ m) 30 June 2026 31 Dec. 2025 Change Cash and cash equivalents 100.50 94.98 +5.52 Of which Operating working capital 77.62 71.69 +5.94 Cash from operating activities 22.87 23.29 (0.42) Gross debt 16.87 18.15 (1.28) Of which bank loans and other financial debt 16.87 18.15 (1.28) Net cash 83.63 76.83 +6.80 Net cash excluding operating working capital 6.01 5.14 +0.86 > Excluding operating working capital, the Group posted net cash of €6.01 m, up €0.86 m with respect to 31 December 2025.
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#2. Financial performance 10 September 2026 Financial structure (1) Net cash excluding operating working capital: see definition on page 4. NET CASH excl. operating WC1 at 30 June 2026 NET CASH excl. operating WC1 at 31 Dec. 2025 €6.01 m CAPEX (€0.38 m) €7.97 m REPMT. LEASE DEBT (€1.48 m) DIVIDENDS (€4.96 m) > Net cash excluding operating working capital totalled €6.01m, up €0.86 m, with cash inflows of €6.49 m (mainly operating cash flow excluding the favourable impact of IFRS 16) and cash outflows of €5.62 m (mainly comprised of the payout of the 2025 dividend balance). OP. CASH FLOW 17 €5.14 m OTHER (€0.28 m)
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#2. Financial performance 10/09/2026 Share performance at 2 September 2026 > The HCO share price (€3.57 at the close of trading on 2 September 2026) fell 2.5% year on year, compared to increases of 7.5% and 5.7% for the CAC Small and CAC Mid & Small respectively. Share performance over the past three years1 Change with respect to benchmark indices Since 1 January 2026 -0.6% Year on year +7.5%+5.7% 0.0% -2.5% CAC Mid & Small HighCoCAC Small -9.4%(1) (1) In accordance with Euronext Paris market rules, historical prices and volumes (in number of shares) were adjusted after the e x-dividend date of the interim payout on 3 September 2025. Historical volumes in capital (euros) remain unchanged. 18 0 € 1 € 2 € 3 € 4 € 5 € - 20 40 60 80 100 120 140 sept.-23 mars-24 sept.-24 mars-25 sept.-25 mars-26 sept.-26 CAC Mid & Small CAC Small HCO € 3.57
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#2. Financial performance 10 September 2026 Treasury shares 1 Sept. 2026 30 June 2026 31 Dec. 2025 Number of existing shares 20,455,403 20,455,403 20,455,403 Maximum number of potential performance shares 1,496,000 1,496,000 1,934,800 Number of treasury shares (641,119) (628,838) (1,061,579) O/w treasury shares in the liquidity contract (70,116) (57,835) (51,776) > Treasury shares at 1 September 2026 represented 3.1% of total share ownership. > The maximum number of potential performance shares at this date represented 7.3% of the number of existing shares. > 438,800 performance shares vested on 27 May 2026. 19
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20 WPP GBP1Management Eximium2 0 bp -210bps Treasury shares0 bpFree float +220 bp 0 bp -10 bp #2. Financial performance Share ownership structure at 1 September 2026 Share ownership structure at 1 September 2026 > The change in HighCo’s share ownership structure since 31 December 2025 is a direct result of the vesting of performance shares held by management. No shares were repurchased over the period as part of the share buyback programme. (1) GBP: Gérard de Bartillat Participations. (2) Eximium: Company controlled by the Baulé family according to the most recent declaration of threshold crossing filed with the AMF on 1 August 2017. Change in ownership in basis points since 31 December 2025 20 Free float 37,6% WPP 37,4% Eximium 11,3% Management 5,6% GBP 5,0% Treasury shares 3,1%
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#2. Financial performance 10 September 2026 Change in main financial indicators in H1 2026 (€ m) 30 June 2026 H1 2026 / H1 2025 change Reported gross profit 39.21 +26.7% Gross profit LFL 31.79 +2.7% Adjusted headline PBIT 6.32 +25.0% Adjusted operating margin 16.1% -20 bp Operating income (0.76) -116.0% Adjusted net income attributable to owners of the parent1 5.00 +29.5% Adjusted earnings per share attributable to owners of the parent2 €0.26 +30.7% Cash flow excluding IFRS 16 6.49 +€2.85 m Net cash excluding operating working capital 6.01 +€0.86 m (1) Adjusted attributable net income: Attributable net income excluding the net after -tax impact of performance share plans, excluding other net after-tax operating income and expenses, and excluding net income from assets held for sale and discontinued operations. (2) Adjusted earnings per share: Attributable net income per share excluding the net after -tax impacts of performance share plans, excluding other net after-tax operating income and expenses, and excluding net after-tax income per share from assets held for sale and discontinued operations, based on an average number of shares of 19,469,002 at 30 June 2026. 2121
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22 Market environment and highlights #03 01. Key messages 02. Financial performance 04. Guidance and conclusions
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#3.1 Market environment 23
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Positive trends on the consumer goods market (consumer goods and self-service produce) 24 +2.4% H1 2026 change in value Consumer Goods Source: LSA (July 2026) – LSA (August 2026) STABLE PRICES GROWTH
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Different perception of French consumers 25 Perceived inflation Up 9.25% in 2025 Actual inflation Up 0.80% in 2025 Consumer Goods vs Source: France Inter (July 2026) – Banque de France (July 2026)
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Lasting changes in buying behaviour 26 Consumer Goods 54% use promotions (up 3 points since January) 81% of French people say they are “tightening their belts” for food spending Source: CB News (May 2026)
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Restructure continues in the large food retail market 27 Retail 1,084 stores came under a new retailer between 2024 and 2026 68% more convenience food stores since 2015 54.5% market share held by independent stores CONSOLIDATION INDEPENDENTS CONVENIENCE 3 trends: Source: LSA (July 2026)
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#3.2 Highlights 28
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29 2026 reported data. 19.5% of Group GP Up 1.4% vs H1 2025 Retail Agencies division
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• HighCo won the bid launched by CARTERCASH, a chain belonging to Mobivia group that offers low-cost spare parts, tyres, accessories and maintenance services. • Over the next two years, HighCo’s teams will support the retailer in designing and rolling out its communication. • The first campaign was launched in June 2026. HighCo x Carter-Cash 30 Retail Agencies
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HighCo x Basic-Fit 31 Retail Agencies • HighCo won the bid launched by Basic-Fit, Europe’s largest fitness chain. • HighCo’s teams handle the retailer’s communication on TikTok (strategy and content creation). • Basic-Fit wants to boost its presence on this social media to strengthen ties with its community and develop business across its 900clubs based in France.
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Retail Media division 32 15.3% of Group GP Up 137.7% reported Up 7.8% LFL vs H1 2025 2026 reported data.
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• Unlimitail has enlisted HighCo to sell digital space on its screens installed in Carrefour Market stores. • With this new collaboration, HighCo is extending its coverage to new (peri-urban and rural) areas and is enhancing the appeal of its offering. • As with Monoprix, the Group maintains its data-driven approach, with access to the retailer’s transactional data to measure the impact of DOOH campaigns on store sales. HighCo x Carrefour 33 Retail Media Visual X
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HighCo x Jacquet 34 Retail Media • The Jacquet brand has chosen Budgetbox to develop a targeted promotional campaign aimed at attracting new buyers and boosting sales in its Maxi Tranches product line. 715,000 contacts reached 133% of target achieved 53% new customer retention* * 53% of “recruited” buyers made at least one repeat purchase from the product line within the three months following the cam paign. “We significantly overshot our targets, with an excellent repeat purchase rate, proof of the campaign’s lasting impact on our sales and market penetration.” Ségolène Faucher – Product Manager at Jacquet
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Retail Activation division 35 65.2% of Group GP 2026 reported data. Up 22.3% reported Up 2.5% LFL vs H1 2025
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• HighCo rolled out a promotional campaign on the E.Leclerc Drive website and app during the Football World Cup. • Every order was rewarded with a prize (one- month subscription to the M6+ TV channel or €10 to be used on the Photo E.Leclerc website). And each purchase of a partner product gave buyers the chance to win a gift card for a “football holiday”. Special event: World Cup 36 Retail Activation 850,000 prizes available
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• HighCo set up a large-scale omnichannel game designed around the Fort Boyard licence. • In-store and online purchases put buyers in the running to win Fort Boyard games, vouchers, a day-trip to the Fort, and more! Fort Boyard campaign 37 Retail Activation > 920,000 prizes
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• Strong growth in the volume of e-coupons processed, driven by the increase in promotional offers on retailers’ proprietary channels. E-coupons 38 Retail Activation Up 120% Volume of e-coupons processed in H1 2026 (vs H1 2025)
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• HighCo Nifty mobile coupons continue to develop in pharmacies: HighCo Nifty mobile coupons 39 Retail Activation 100% des pharmacies connectées OUI 80% des pharmacies utilisatrices -> concrètement ça veut dire que 80% des points de vente ont déjà fait passer au moins un coupon en caisse OUI + 1 million de coupons utilisés à date -> depuis quelle date ? entre Janvier et Juillet 2026 + de 50 laboratoires partenaires avec + de 160 offres -> ça veut dire que 50 labos ont travaillé avec nous depuis le début de l’année ? Les 160 offres ont été ouvertes entre aujourd’hui et quelle date ?entre Janvier et Juillet 2026 + de 3 millions de générosité distribués -> depuis quelle date ? entre Janvier et Juillet 2026 En moyenne + de 20 offres disponibles / mois entre Janvier et Juillet 2026 100% of pharmacies connected 3/4 pharmacies use the coupons x8 number of coupons used in H1 2026 (vs H1 2025) x4 increase in offers available in H1 2026 (vs H1 2025)
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• The HighCo Merely platform for monitoring business action plans is used by a wide variety of retailers: Carrefour, Leroy Merlin and Feu Vert. • The ability of HighCo’s teams to adapt to retailers’ needs gives the platform the versatility that will enable it to broaden its growth prospects on the market. HighCo Merely platform 40 Retail Activation #DIY #AutoMaintenan ce #Food Large Food Retail Special ised Retail
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41 Guidance and Conclusions #04 01. Key messages 02. Financial performance 03. Market environment and highlights
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42 Cash allocation SOGEC Restructuring and workforce downsizing in progress (> €5 m in 2026-2027) CAPEX Less than €1 m H1 2026: €0.36 m 2025: €1.01 m CONTINUATION OF SHARE BUYBACK PROGRAMME Around €1 m H1 2026: no buybacks 2025: €1.13 m CSR strategy Leading by EXAMPLE in terms of HR, social and environmental performance ROLL-OUT of CSR strategy across three identified pillars Employee ENGAGEMENT Guidance 10 September 2026 #4. GUIDANCE AND CONCLUSIONS Businesses GROSS PROFIT Revised from “higher than €78 m” to “higher than €77 m” Growth revised from “higher than 17%” to “higher than 15%” vs 2025 reported 2025 reported: €66.65 m / up 9.2% 2025 LFL: €62.10 m / up 1.8% ADJUSTED OPERATING MARGIN Revised from “higher than 12%” to “close to 13%” 2025: 12.1%
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43 10 September 2026 #4. GUIDANCE AND CONCLUSIONS With like-for-like growth in gross profit of 2.7% and financial results on the rise, HighCo delivered a good performance in the first half of the year, driven in particular by the Retail Activation division in France. Thanks to all our teams’ action and engagement, the integration of Sogec’s operating flows and the transfer of its operations to Aix-en-Provence were successful. Our strategy to refocus our activities and transform our business, under way since 2025, will begin to pay off. As a result, the Group expects a significant improvement in its profitability with adjusted operating margin of more than 15% as of 2027. Conclusion
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Appendices
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Cécile COLLINA-HUE Managing Director and Management Board member comfi@highco.com Investor relation contacts Addresses 8. rue Catherine de la Rochefoucauld 75009 Paris Tel : +33 (0)1 77 75 65 06 Headquarter: 365. avenue Archimède – CS 60346 13799 Aix-en-Provence Cedex Tel : +33 (0)4 42 24 58 24 10 September 2026
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Financial reporting calendar 2026 Publication takes place after market close. o Q3 and 9-month YTD 2026 Gross Profit: Wednesday, 21 October 2026 o Q4 and FY 2026 Gross Profit: Wednesday, 27 January 2027 10 September 2026
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Breakdown of gross profit by geographic area France 91,7% Belgium 7,1% Spain 1,2% 10 September 2026
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Consolidated income statement (in € thousands, except for earnings per share) 30/06/2026 30/06/2025 Sales 57 650 45 033 Purchases and external charges (25 385) (19 395) Personnel expenses (23 197) (16 903) Taxes (513) (531) Depreciation and amortization (1 698) (2 413) Other current operating income 61 76 Other current operating expenses (2 144) (1 114) Recurring operating income 4 775 4 753 Other operating income and expenses (5 536) - Operating income (761) 4 753 Financial income 847 820 Gross cost of financial debt (396) (54) Net cost of financial debt 451 767 Other financial income 32 1 Other financial costs (122) (4) Income tax expense (475) (1 768) Share of income of associates 23 3 Net income from continuing operations (852) 3 752 Net income from non-current assets held for sale and discontinued operations - 1 222 Net income (852) 4 975 – HighCo shareholders (938) 4 458 – Minority interest 87 516 Basic earnings per share attributable to HighCo from continuing operations in euros 1 -0.05 0.17 Diluted net earnings per share attributable to HighCo from continuing operations in euros 2 -0.05 0.17 Basic earnings per share attributable to HighCo shareholders in euros 1 -0.05 0.23 Diluted net earnings per share attributable to HighCo shareholders in euros 2 -0.05 0.23 (1) Based on an average number of shares of 19 469 002 at June 30, 2026 and 19 643 917 at June 30, 2025. (2) Based on an average number of shares of 19 469 002 at June 30, 2026 and 19 643 917 at June 30, 2025. 10 September 2026
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Consolidated balance sheet Assets (in € thousands) 30/06/2026 31/12/2025 Non-current assets Goodwill 72 424 72 424 Net intangible assets 685 922 Net tangible assets 1 382 1 342 Right-of-use assets related to leases 12 284 3 656 Investments in associates 72 49 Other non-current financial assets 122 250 Other non-current assets - - Deferred income tax assets 1 773 1 967 Total non-current assets 88 742 80 610 Current assets Inventories and work in progress 29 35 Advances and prepayments 312 66 Trade and other receivables 28 397 27 544 Other current assets 5 036 3 436 Tax receivables due 1 598 129 Tax receivables 5 126 4 250 Cash and cash equivalents 100 495 94 975 Total current assets 140 993 130 435 Assets held for sale - - Total assets 229 735 211 045 Liabilities (in € thousands) 30/06/2026 31/12/2025 Shareholders’ equity Ordinary shares 10 228 10 228 Share premium 21 715 21 715 Other reserves 37 671 36 848 Net income for the year (938) 4 846 Group shareholders’ equity 68 675 73 636 Minority interest in equity (33) (120) Total shareholders’ equity 68 641 73 516 Non-current liabilities Borrowings 14 143 15 429 Non-current lease liabilities 10 280 2 108 Provisions for liabilities and charges 5 289 5 918 Other non-current liabilities - - Total non-current liabilities 29 711 23 454 Current liabilities Financial debt 2 722 2 716 Current lease liabilities 2 170 1 693 Provisions for liabilities and charges 7 847 2 006 Trade and other payables 21 210 18 097 Other current liabilities 89 594 81 001 Tax debts payable 622 1 092 Tax debts 7 217 7 470 Total current liabilities 131 383 114 075 Total debts 161 094 137 529 Liabilities directly associated with assets held for sale - - Total liabilities 229 735 211 045 10 September 2026
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Consolidated cash flow statement (in € thousands) 30/06/2026 31/12/2025 30/06/2025 Net income (852) 5 280 4 975 Net income from discontinued operations - (611) (1 222) Depreciation and provisions charges (net) 7 053 5 577 2 178 Income and expenses arising from share-base payments 951 1 315 185 Dividends from associates - - - Remeasurement (Fair Value) 0 - - Share of profit of associates (23) (3) (3) Deferred tax 194 (207) (436) Elimination of net financial debt costs 388 230 - Gain or loss on sales of assets 261 (2) (0) Net cash from operating activities - before changes in working capital 7 973 11 579 5 676 Changes in working capital 5 936 6 927 1 564 Net cash from operating activities 13 908 18 506 7 240 Purchases of fixed assets (383) (1 010) (466) Proceeds from disposal of fixed assets - 3 2 Change in other non-current assets 2 24 (0) Net cash allocated to subsidiary acquisitions/disposals - 8 551 13 694 Net cash from investing activities (382) 7 567 13 231 Dividends paid to shareholders (4 958) (24 820) (5 158) New loans - 18 000 - Net financial interest paid on loans (283) - - Net financial interest paid on leases (99) (88) - Repayment of loans (1 286) - - Repayment of lease liabilities (1 381) (3 755) (2 038) Treasury shares - (1 129) - Net cash from financing activities (8 007) (11 792) (7 196) Foreign exchange impact 0 (1) (1) Net cash inflow (outflow) 5 520 14 280 13 274 Cash and cash equivalents at the beginning of the period 94 975 80 695 80 695 Cash and cash equivalents at the end of the period 100 495 94 975 93 968 Change 5 520 14 280 13 274 10 September 2026