Slides
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ODDO BHF NEXTCAP FORUM – June 12th, 2025 A major player in the distribution of special metals
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Annexes 1. A major player in the distribution of special metals
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Sales breakdown *Worldwide footprint 3 Sales: €2bn 3,416 employees - 123 distribution centers - 24 countries Germany 32% France 10% Italy 8% The Netherlands 7% Spain 7% Other Europe 26% Outside Europe 2% North America 8% Group overview * As of March 31, 2025
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JACQUET STAPPERT IMS group 4 3 divisions North America 33% Germany 8% France 8% Other Europe 23% Outside Europe 6% Germany 42% France 6% The Netherlands 5% Other Europe 45% Outside Europe 2% Germany 38% France 14% Spain 12% Italy 11% The Netherlands 7% Other Europe 17% Sales breakdown * Stainless steel quarto plates Engineering metals Stainless steel long products €500m €500m €1,000m * Breakdown as of March 31, 2025 The Netherlands 8% Italy 8% Spain 6% Outside Europe 1%
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Carbon footprint Environmental responsibility Drachten, The Netherlands 5 Recycling and circular economy 75% of Group’s supplies come from recycled metals Systematic recovery and recycling of metal scraps and consumables
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Key figures 6 Q1 2025 : low demand and pressure on prices Sales €511m / -8.5% vs Q1.24 EBITDA €24m / 4.8% vs €19 m / 3.5 % in Q1.24 Gearing 30% vs 27% at 2024 year-end Volumes sold -5.7% vs Q1.24 €5m CAPEX (excluding external growth) Net income (Group share) €2.3m Gross margin €23.4% vs 20.3% in Q1.24
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Annexes 2. Q1 2025 results
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Price effectVolume effect Q1.25 vs Q1.24 y.o.y. 8 y.o.y. Sequential Q1.24 Q3.24Q2.24 Q4.24 Q1.25 558 511 Q1.24 Volume effect Price effect Scope effect Q1.25 -7.2% -4.1% -3.4% -6.0% -5.7% Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Sales -€47m / -8.5% In €m * Acquisition of Commerciale Fond * -5.7% -3.9% +1.1% -4.8% -2.3%-3.6%+1.2%+0.5%
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9 JACQUET STAPPERT IMS group Sales by division 48% 28% 24% In €m In €m In €m * Acquisition of Commerciale Fond Q1.24 Volume effect Price effect Q1.25 123 +1.0% -2.0% 122 Q1.24 Volume effect Price effect Q1.25 144150 -0.9% -3.4% * Q1.24 Volume effect Price effect Scope effect Q1.25 250 +2.2%290 -11.2% -4.9%
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10 Divisions In €m In % of sales JACQUET STAPPERT IMS group In % of sales In €m Gross margin €119m (23.4% of sales) 114 119 Q1.24 Q1.25 20.3% 23.4% 31 33 Q1.24 Q1.25 27.4%25.2% 24 30 Q1.24 Q1.25 21.2%15.7% 59 56 Q1.24 Q1.25 22.3%20.3%
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In €m In % of sales 11 Current operating expenses excluding depreciation and amortization and provisions €95m / 18.6% of sales -0.8% at constant scope 94 -1 1 1 95 Q1.24 Variable costs and remuneration Fixed costs and remuneration Scope Q1.25 16.9% 18.6%
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Adj. operating income by division In €m In €m In % of sales JACQUET STAPPERT IMS group In % of sales Adj. operating income €14m (2.8 % of sales) In €m In % of sales 12 Operating margins EBITDA 4.8% of sales vs 3.5% Q1.2024 EBITDA €24m (4.8% of sales) 19 24 Q1.24 Q1.25 3.5% 4.8% 9 14 Q1.24 Q1.25 1.6% 2.8% +€6m -€2m+€1m 5 3 Q1.24 Q1.25 1.8% 1.2% 1 8 Q1.24 Q1.25 1.0% 5.5% 3 4 Q1.24 Q1.25 4 2.4% 3.6% +€5m +€5m Var. Q1.25 vs Q1.24
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In €m Q1.24 Q1.25 Sales 558.3 510.9 EBITDA 19.3 24.5 in % of sales 3.5% 4.8% Adjusted operating income 9.1 14.4 in % of sales 1.6% 2.8% Non-recurring items and gains on disposals 4.7 0.1 Operating income 13.8 14.5 Financial result (4.9) (5.9) Corporate income tax (5.2) (5.7) Income tax rate 58.4% 66.1% Minority interests (0.9) (0.6) Net income (Group share) 2.7 2.3 13 31% excluding deferred tax and non-recognition of certain tax carry-forward Income statement Net income (Group share) €2m
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Cash flow / Balance sheet as of March 31, 2025 Gearing 30.3% In €m In €m 14 Operating cash flow -€4m 331 603 654 198 73 7869 Non-current assets (incl. goodwill €70m and real estate €170m) Net operating WCR (of which inventories: €599m) Shareholders’ equity Net debt Provisions, provisions for employee benefit obligations & others Lease obligationsRight-of-use 175 -15 19 5 5 9 198 Net debt Dec. 31, 24 Operating cash flow before change in WCR Change in WCR Capital expenditures Interest paid Rents, share buybacks, and others Net debt Mar. 31, 25 Operating cash flow: -€4m
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Maturity In €m Authorized at 31.03.25 Used at 31.03.2025 % used 2025 2026- 2027 2028- 2029 2030 and beyond Syndicated revolving loan 2027 160 - 0% - - - - Schuldscheindarlehen 2026 100 100 100% - 100 - - Schuldscheindarlehen 2029 72 72 100% - - 72 - Term loans PPR 2031 95 95 100% - 3 48 45 Term loans 93 93 100% 21 44 27 2 Other lines of credit 146 37 25% 28 9 - - JACQUET METALS SA borrowings 667 397 60% 49 156 146 47 Operational lines of credit (letter of credit, etc.) 162 50 31% 50 - - - Factoring 44 2 5% 2 - - - Assets financing (term loans, etc.) 44 44 100% 6 19 12 7 Subsidiaries borrowings 249 96 39% 59 19 12 7 Total 916 494 54% 108 175 158 54 The Group has €296m in cash and €916m in lines of credit of which 54% is used. The €146 million Schuldscheindarlehen (SSD) (repayable at maturity in July 2026) was repaid in advance in the amount of €66 million, and the €80 million remaining balance refinanced in April 2025 by a new SSD (repayable at maturity in April 2030). As of March 31, 2025, all borrowings covenants were in compliance. 15 Borrowings as of March 31, 2025
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Appendices
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JACQUET STAPPERT IMS group 17 Sectors Chemistry Agri-food industry Gas treatment and storage Pharmaceutical industry Environment Energy Fabricated metal products Machinery & equipment Transportation Energy (wind turbines, etc.) Quarto plates Engineering metals Long products Stainless steel
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JACQUET METALSSuppliers 18 Added value 20 suppliers: ± 50% of purchases Delivery time: 2 to 12 months Purchase prices Storage of special metals Managing price fluctuations Finishing services Customers 65,000 customers Average invoice < €3,000 Delivery time ± 1 week
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19 In €m Q1.24 Q1.25 Sales 558 511 Gross margin 114 119 in % of sales 20.3% 23.4 % Current operating expenses (94) (95) Net depreciation and amortization (11) (11) Net provisions 0 1 Gains on disposals of non-current assets 0 0 Other non-current income and expenses 4 - Operating income 14 15 Financial result (5) (6) Income before tax 9 9 Corporate income tax (5) (6) Consolidated net income 4 3 Net income (Group share) 3 2 Earnings per share in circulation (€) 0.12 0.10 Income statement
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20 In €m 31.12.24 31.03.25 Goodwill 70 70 Net non-current assets 264 261 Right-of-use assets 73 69 Net inventory 615 599 Net trade receivables 188 254 Other assets 114 107 Cash & cash equivalents 356 296 Total assets 1,680 1,655 Shareholders’ equity 658 654 Provisions (incl. provisions for employee benefit obligations) 88 86 Trade payables 239 250 Borrowings 531 494 Other liabilities 82 93 Lease liabilities 82 78 Total equity and liabilities 1,680 1,655 Balance sheet
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Euronext Paris ISIN : FR0000033904